Securities Law: Fraud-on-the-Market Theory Demystified

Neal Marder is a partner in Winston & Strawn’s Los Angeles office, chair of the firm’s national class actions practice, and co-chair of Winston’s securities litigation practice. He concentrates his practice on class and mass actions, bet-the-company litigation, and complex business and commercial litigation.

Mr. Marder has a diverse general civil litigation practice and handles disputes in federal and state courts across the country and represents clients around the world. He regularly represents Fortune 100 companies and officers and directors in lawsuits involving business and consumer torts, class actions, mass torts, securities fraud, shareholder derivative suits, white collar, RICO, antitrust, unfair competition, as well as matters involving claims of breach of fiduciary duty arising out of M&A transactions. He has also conducted internal investigations for clients under investigation by the Department of Justice (DOJ) and Securities and Exchange Commission (SEC).

Jennifer focuses her litigation practice on state and federal securities litigation, officer and director liability, internal investigations, and class actions. She has successfully defended public companies, investment banks, and executives in suits filed by shareholders. Her experience includes derivative suits, shareholder class actions, disputes between master limited partnerships and their limited partners, internal investigations, and individual shareholder claims in state and federal court and arbitration. Jennifer also has significant experience in defending shareholder and consumer class actions, both within Texas and across the country. Jennifer is a frequent speaker and author on issues relating to securities litigation and the attorney-client privilege. Jennifer has been named by Texas Rising Stars in business litigation in each of the last eight years. Jennifer currently serves as Hiring Partner for the Austin office.

Scott Rahn is a shareholder in GT’s Los Angeles office. He focuses his practice on representing international and regional financial services companies, including investment banks, private banks, broker-dealers, trust companies, investment companies, investment advisors, and hedge funds in litigated matters in federal and state courts, as well as arbitral forums such as the Financial Services Industry Regulatory Authority (“FINRA”) and the American Arbitration Association. Scott regularly represents clients in regulatory proceedings before private industry and government regulators and advises clients on their regulatory compliance obligations. Scott received his J.D. from the University of San Diego School of Law and his B.A. from the University of Wisconsin-Madison.

Dr. Tabak is a member of NERA’s Securities and Finance Practice. In the area of securities class actions, Dr. Tabak has testified on topics including class certification, liability, materiality, affected trading volume, and damage calculations. He has also testified on valuations of equity, financial derivatives, fixed-income instruments, businesses, and litigation settlements.

Dr. Tabak has published in his areas of expertise, including peer-reviewed articles in Litigation Economics Review and the Journal of Forensic Economics. His publications have covered topics such as commercial disputes, economic analysis of market efficiency, valuation discounts for lack of marketability, and the application of statistics in litigation analyses. Dr. Tabak has been an invited speaker at the Securities and Exchange Commission and a presenter at forums that provide continuing legal education credits or continuing professional education credits for appraisers.