About Mark Sarro Areas of Expertise Qualifications Contact Privacy |
Dr. Sarro's experience in securities cases includes the estimation of damaged shares and economic damages, loss causation, and related issues in class-actions and individual cases, including: Corporate Derivative Suit Mark led the analysis for an independent review of the reports of the Special Committee of the Board of a publicly-traded company and the Special Committee's consultants. Mark worked with a testifying expert asked to evaluate the reliability of the reports' approaches and findings in response to derivative claims by the company's founder (also a large shareholder) regarding actions by its Board and former Chairman and CEO. Broadly, the claims related to the management of the company and the effect of its management and alleged misreporting on the company's performance and market value. Telecommunications Bankruptcy Mark provided consulting services to a team engaged on behalf of the Special Committee to the Board of Directors for a major international telecommunications provider in bankruptcy proceedings and the subject of an SEC inquiry. Mark worked on the forensic analysis of the economics, financial reporting and accounting associated with the company's bankruptcy. He also consulted on the business justification of certain transactions and the appropriateness of the accounting for these transactions. The project involved econometric event study analysis and the estimation of the impact of quarterly earnings announcements on equity prices and enterprise value. Welding Fumes and Vioxx Class Actions Mark performed valuation and stock price analyses involving the ability of many large corporations to pay economic and punitive damages to individuals harmed by (1) the drug Vioxx and (2) defective and toxic products used widely in the manufacture of capital goods, machine tools and automotive products. The analysis included event studies, DCF valuation, market models, loss causation, earnings response, and related issues. Mark filed an affidavit in the welding fumes litigation regarding the corporate histories of the companies involved in the litigation. Software Company Securities Cases Mark assisted in the calculation of damaged shares and economic damages in a 10b5 related breach of fiduciary responsibility case against a major accounting firm. The owners of a closely held software business sued the company's accountants (who were also the accountants and auditors for a public company that acquired the defendant's business interests) alleging a breach of professional and fiduciary duty in connection with financial statements relied on in he merger. The case settled after the Massachusetts Appeals Court cited expert testimony based on the analysis. In a separate case, Mark did similar analysis involving a large computer software development firm. In addition to damages and loss causation analysis, the research examined the extent to which the officers of the software development firm had an incentive and reasonable basis for allegedly false and misleadingly optimistic statements about the timing and quality of a long-awaited software product. Healthcare Securities Case Mark worked with a testifying expert who produced a report on loss causation in a large-scale securities fraud case in the health care industry. The analysis and report evaluated the institutional process of accounting disclosure and evaluated alternative theories of the extent of damages in light of the nature of certain accounting measures and critical disclosures concerning the systems and controls of the defendant company. There was a major settlement of the case prior to the close of discovery. |
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