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Amgen Inc.’s Acquisition of Horizon Therapeutics plc



AMGEN INC.’S ACQUISITION OF HORIZON THERAPEUTICS PLC


Counsel for Amgen retained Darius Lakdawalla of the University of Southern
California to analyze the FTC’s claims.

Read More
Yesim Richardson Interview with Consulting Magazine



YESIM RICHARDSON INTERVIEW WITH CONSULTING MAGAZINE


Firm president discusses legal trends, opportunities, and what's next for
Cornerstone Research.

Read More
Arkansas Teacher Retirement System et al. v. Goldman Sachs Group Inc. et al.



ARKANSAS TEACHER RETIREMENT SYSTEM ET AL. V. GOLDMAN SACHS GROUP INC. ET AL.


The Second Circuit Court of Appeals instructed the district court to decertify
the class in this long running securities class action litigation.

Read More



FEATURED EXPERTS

 * LAURA T. STARKS

 * ERIC L. TALLEY

 * LYNNETTE KELLY

 * PAUL ZUREK


FEATURED EXPERTS



LAURA T. STARKS

GEORGE KOZMETSKY CENTENNIAL DISTINGUISHED UNIVERSITY CHAIR AND PROFESSOR OF
FINANCE,
MCCOMBS SCHOOL OF BUSINESS,
UNIVERSITY OF TEXAS AT AUSTIN

Laura Starks is an expert on capital markets; financial institutions; investment
management; corporate finance; and environmental, social, and governance (ESG)
issues. Her research covers a range of topics related to asset pricing, mutual
funds, retirement plans, and corporate finance. Professor Starks’s ESG expertise
includes ESG measurement, climate risk, board diversity, and impact investing.
She was one of the first professors to develop courses on ESG investing, which
she has been teaching for the past ten years to undergraduate and graduate
students.

In her expert testimony, Professor Starks has addressed a variety of
allegations. These issues have included retirement plan fees, institutional
investing, mutual fund management and fees, employee stock options, spin-offs,
investment prudence, board prudence, ESG-related issues including corporate
governance, securities lending, and information effects on financial markets.

Professor Starks currently serves on the Academic Advisory Board of
FTSE-Russell, the Academic Network Advisory Committee for Principles for
Responsible Investment (PRI), the Academic Advisory Board for AIF Global, the
Academic Advisory Council for the Pacific Center for Asset Management, and the
Advisory Board of Texas Wall Street Women.

For many years, Professor Starks was an independent director for CREF Retirement
Accounts and TIAA-CREF Mutual Funds. She served on the Investment Advisory
Committee for the Employees Retirement System of Texas, the Board of Governors
of the Investment Company Institute, and the Governing Council of the
Independent Directors Council. In addition, she has been a member of the
Strategy Council and the Expert Panel for the Norwegian Government Pension Fund
(the largest sovereign wealth fund in the world).

Professor Starks is the current president of the American Finance Association,
and has also served on its board of directors. In addition, she has been
president and a member of the boards of directors for the Financial Management
Association, the Society for Financial Studies, and the Western Finance
Association. Professor Starks previously edited the Review of Financial Studies,
and has served as an associate editor for the Journal of Finance, Financial
Management, and the Journal of Financial Services Research, among others.

Professor Starks has published her research in leading journals. She has
received numerous awards for her research, including the 2021 Moskowitz Prize,
the premier global prize for research in sustainable finance. Professor Starks
is also an award-winning educator, and has taught courses in corporate finance
and investments, among other topics. She presents her research at academic and
practitioner events all over the world.

View Bio


FEATURED EXPERTS



ERIC L. TALLEY

ISIDOR AND SEVILLE SULZBACHER PROFESSOR OF LAW,
COLUMBIA LAW SCHOOL,
COLUMBIA UNIVERSITY

Eric Talley is an authority on corporate governance, business ethics, and the
fiduciary duties of officers and directors. He consults and provides expert
testimony on breach of contract matters and internal investigations, as well as
corporate transactions and mergers and acquisitions. The issues he addresses
include allegations of corporate opportunity appropriation, misappropriation of
assets, and insider trading.

In addition, Professor Talley analyzes organizational structures, as well as
issues relating to the corporate form, alter ego, limited liability, and
piercing the corporate veil. He also conducts damages estimates for property and
contractual losses.

He has provided testimony in U.S. district, superior, and bankruptcy courts. The
venues where he has submitted testimony include the Chancery Division of the
High Court of Justice in the United Kingdom and both U.S. and international
arbitrations. Professor Talley’s consulting and expert testimony involves
several industries, including banking and other financial institutions,
healthcare, high technology, insurance, utilities, and life sciences.

He speaks regularly to corporate boards and regulators on issues pertaining to
fiduciary duty, governance, and finance. Professor Talley is also a frequent
commentator in the national media on topics related to corporate management,
mergers and acquisitions, and securities. A former senior economist at the RAND
Corporation, his research has been published in numerous law and economics
journals. Professor Talley also coedited the volume Experimental Law and
Economics on human behavior and its interaction with legal and regulatory
environments.


View Bio


FEATURED EXPERTS



LYNNETTE KELLY

FORMER PRESIDENT AND CEO,
MUNICIPAL SECURITIES RULEMAKING BOARD (MSRB)

A recognized expert on municipal finance and governance, Lynnette Kelly has more
than thirty years of legal, regulatory, governance, and technology experience in
the fixed income markets.

Ms. Kelly’s expertise covers a range of municipal finance topics, including
infrastructure finance, broker-dealer regulation, disclosures and investor
protections, pricing and issuance of municipal debt, market practices, and
FinTech. She has testified before Congress about market regulation and policies,
and submitted written testimony to congressional committees.

Ms. Kelly has served on multiple boards of directors. In these roles, she has
developed substantial expertise with ESG issues, FinTech, and regulatory and
external audits and investigations. She holds Directorship Certification from
the National Association of Corporate Directors (NACD) and is an NACD Governance
Fellow.

Ms. Kelly served as president and CEO of the Municipal Securities Rulemaking
Board (MSRB) for over a decade. In that role, she developed strategic
initiatives to respond to Dodd-Frank financial reform legislation, and to
advance the MSRB’s mission as the principal regulator of the municipal
securities market. In particular, Ms. Kelly launched the Electronic Municipal
Market Access (EMMA) website, the official source of trade data and disclosure
documents for the municipal securities market.

Prior to her tenure at the MSRB, Ms. Kelly served as senior vice president and
associate general counsel at the Securities Industry and Financial Markets
Association (SIFMA). At both the MSRB and SIFMA, she worked on issues involving
banks, broker-dealers, investment advisors, and other participants in the
municipal market. Earlier in her career, Ms. Kelly served as general counsel of
the Municipal Assistance Corporation for the City of New York.

Ms. Kelly has written articles for business and academic publications, and also
serves as contributing editor to the Municipal Finance Journal. She speaks
frequently at industry, business, and academic conferences and has been a guest
lecturer at Georgetown University and the University of Chicago. A variety of
mainstream media outlets have cited her as an expert. Ms. Kelly has received
several honors for her industry contributions, including the Municipal Forum of
New York’s Public Service Award for leadership in the municipal market.

Ms. Kelly serves on the board of trustees of the Financial Accounting
Foundation, which oversees the Financial Accounting Standards Board (FASB) and
the Governmental Accounting Standards Board (GASB). She was also a member of the
audit committee of Common Securitization Solutions, a FinTech joint venture of
Fannie Mae and Freddie Mac. Ms. Kelly’s other board experience includes the
Milken Institute Center for Financial Markets Excellence and Equity in Public
Finance Advisory Council, and the University of Chicago Center for Municipal
Finance.

She has completed executive education programs at Harvard Business School; The
Wharton School, University of Pennsylvania; and the Kennedy School of
Government, Harvard University.

View Bio


FEATURED EXPERTS



PAUL ZUREK

VICE PRESIDENT,
CORNERSTONE RESEARCH;
LECTURER IN LAW,
STANFORD LAW SCHOOL

Paul Zurek is a financial economist specializing in securities, valuation,
financial markets, risk management, and statistical analysis. Dr. Zurek consults
to clients at all stages of litigation across a range of industries. He is also
an experienced expert witness and provides expert testimony in large, complex
matters.

As a consultant, Dr. Zurek leads teams and supports clients and experts in civil
litigation, government and regulatory investigations, and international
arbitration. He has significant trial experience, in the U.S. (including in
state and federal courts and the Delaware Court of Chancery) and internationally
(including the Grand Court of the Cayman Islands and the U.K. High Court of
Justice). Dr. Zurek also has substantial expertise with shareholder litigation
matters involving billions of dollars of claimed damages, including in
shareholder matters outside the U.S.

As an expert witness, Dr. Zurek provides testimony on Rule 10b-5, Section 11/12,
and Section 14 claims at the class certification and merits stages. He has also
opined on security and business valuation. Dr. Zurek has submitted expert
reports and declarations that address trading and trade execution, market
efficiency, price impact, loss causation, valuation, and damages. He has
testified in numerous depositions and arbitrations and presented in mediations
and regulatory proceedings.

Dr. Zurek teaches corporate finance and valuation courses at Stanford Law
School, and previously taught finance and economics to undergraduates, M.B.A.
students, and executives at The Wharton School. He researches, publishes, and
presents on securities, investments, and valuation topics. Dr. Zurek coauthored
“Market Approach or Comparables”, which appears in multiple editions of the
Guide to Damages in International Arbitration, published by the Global
Arbitration Review. He contributed a chapter on mutual fund returns and
strategies to Commodities: Markets, Performance, and Strategies (Oxford
University Press).

Dr. Zurek’s representative experience includes:

SECURITIES

 * Addressing issues involving both S. and international securities, including
   control person and insider trading (Section 20A) claims, and federal Rule
   10b-5, Section 11/12, and Section 14 matters
 * Analyzing market efficiency, price impact, loss causation, and damages to
   class members
 * Supporting multiple experts in In re BP p.l.c. Securities Litigation, in
   which the court twice denied class certification on Comcast grounds
 * Providing expert testimony in Indiana Public Retirement System v. AAC
   Holdings, in which class certification was denied for one claim in the
   securities class action

VALUATION

 * Valuing companies and financial institutions (including hedge funds and
   private equity managers, FinTech, medical and pharmaceutical, and other
   businesses) in commercial disputes, appraisal and bankruptcy proceedings, and
   arbitrations; experience spans federal and state courts, including the
   Delaware Court of Chancery, and appraisal matters in the Cayman Islands
 * Valuing securities, such as a large portfolio of over-the-counter (OTC)
   derivatives in an International Swaps and Derivatives Association (ISDA)
   close-out

FINANCIAL MARKETS

 * Analyzing equity, fixed income, and foreign exchange (FX) markets, both
   exchanges and OTC markets
 * Evaluating alleged fraudulent trading, including developing algorithms to
   identify unauthorized trading and computing damages
 * Assessing high-frequency trading models and examining trading patterns
   related to alleged market manipulation and short squeezes
 * Analyzing transaction execution and issues related to best execution in
   various instruments
 * Analyzing transactions in antitrust matters alleging collusive and
   manipulative behavior

RISK MANAGEMENT AND DERIVATIVES

 * Evaluating market, operational, and compliance risk management procedures at
   financial institutions
 * Quantitatively analyzing risks embedded in financial portfolios using
   Value-at-Risk (VAR) and simulation methods
 * Evaluating risks and returns of hedge fund, private equity, and mutual fund
   investment strategies
 * Assessing rating agency models of default in collateralized debt obligation
   (CDO) portfolios

Dr. Zurek coheads Cornerstone Research’s M&A, valuation, and bankruptcy focus
area and has led the firm’s fixed income and derivatives initiatives. He serves
on the firm’s risk management and capital funding committees.

Before joining Cornerstone Research, Dr. Zurek worked in M&A at a global
investment bank and a consulting company offering business and banking
simulations. He also served as a director and on the asset and liability
committee of a credit union.

View Bio
View All Experts

ABOUT US

For more than thirty years, Cornerstone Research staff have provided economic
and financial analysis in all phases of commercial litigation and regulatory
proceedings.

Learn More

DIVERSITY, EQUITY, AND INCLUSION

The varied backgrounds, experiences, and perspectives of our people strengthen
our firm and enrich the support we provide to our clients and experts.

Learn More

PRO BONO

Cornerstone Research is committed to making a positive impact in the communities
where we live and work.

Learn More


FEATURED

View All
5 October 2023


GCR LIVE: COMPETITION LITIGATION 2023

Liam Colley will join a panel titled ‘Economic expert evidence – pleasing no
one? Lessons from BT & Royal Mail Trucks Judgment’ at this annual comp...

22 September 2023


FIFTEENTH ANNUAL CONFERENCE ON ANTITRUST ECONOMICS AND COMPETITION POLICY

Cornerstone Research affiliated experts Nathan Miller, William Rogerson, and
Andrew Sweeting will speak at this conference in Chicago.

21 September 2023


NATIONAL SECURITY AND DIGITAL ASSETS SEMINAR

Anup Malani will moderate a panel titled, “Digital Assets and National Economic
Power: Truths, Myths, and Grey Areas” at this half-day event.

20 September 2023


50TH ANNUAL CONFERENCE ON INTERNATIONAL ANTITRUST LAW AND POLICY, AND ANTITRUST
ECONOMICS WORKSHOP

Cornerstone Research affiliated experts and senior staff will present at this
annual conference at Fordham University School of Law.

19 September 2023


CORNERSTONE RESEARCH STAFF AND AFFILIATED EXPERTS SUBMIT COMMENTS ON THE JOINT
FTC-DOJ DRAFT MERGER GUIDELINES

The Federal Trade Commission and the Department of Justice’s Antitrust Division
launched a joint public inquiry to solicit comments from the public...

19 September 2023


SECURITIES ENFORCEMENT FORUM CENTRAL 2023

Abe Chernin discusses “Digital Assets and Cryptocurrency – Regulation and
Enforcement of Exchanges, Crypto Lending, NFTs and More” at this annual c...

18 September 2023


11TH BILL KOVACIC ANTITRUST SALON

Bob Majure will participate in a panel titled, “At Last, the Ultimate Merger
Guidelines?” at this annual thought leadership event.

18 September 2023


CORNERSTONE RESEARCH ANNOUNCES PROMOTIONS TO PRINCIPAL

The firm advanced eleven senior staff to principal across multiple practices.

18 September 2023


CORNERSTONE RESEARCH ANNOUNCES PROMOTIONS TO SENIOR VICE PRESIDENT

The firm advanced practice coheads Kostis Hatzitaskos and Bryan Ricchetti and
Chicago office head John Simon to senior vice president.

13 September 2023


EC INVESTIGATION INTO CLOUD TECHNOLOGY COMPANY MERGER

The European Commission cleared this merger after an investigation.

PreviousNext


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