Counsel for JDS Uniphase (JDSU) and several former executives retained Cornerstone Research in bodog casino review securities class action in which plaintiffs sought damages of approximately billion due to claimed violations of Rule 10b-5, Section 11, and insider trading regulations.
Retained by Morrison & Foerster
Counsel for JDS Uniphase (JDSU), a fiber optic telecom company, and several former executives retained Cornerstone Research in bodog casino review securities class action in which plaintiffs sought damages of approximately billion due to claimed violations of Rule 10b-5, Section 11, and insider trading regulations. Cornerstone Research worked with three experts throughout bodog casino review trial: Dr. Allan Kleidon, a senior vice president of Cornerstone Research, testified regarding causation and damages; Professor Wayne Guay of the University of Pennsylvania provided testimony on insider trading and executive compensation; and Professor James Vander Weide of Duke University testified on industry issues.
After only two days of deliberation following a four-week trial, the jury returned a verdict for the defendants on all counts.
Dr. Kleidon conducted an event study and industry analysis and found JDSU’s stock performance during the class period consistent with that bodog casino review industry. He further opined that the opinions bodog casino review plaintiffs’ damages expert were unscientific and unreliable.
Professor Guay testified about JDSU stock trades by the former CEO and about executive compensation principles generally. He opined that a poorly diversified, retiring executive would typically sell shares. Further, he found the CEO’s retention of a large position in JDSU inconsistent with the “perfect timing” claims bodog casino review plaintiffs’ expert.
Professor Vander Weide testified about industry conditions and demand for JDSU products. He demonstrated that a wide variety of sources forecasted strong industry demand throughout 2000. He further concluded that the plaintiffs’ claims regarding sales of specific products to specific customers did not suggest a broad downturn in demand prior to 2001.
After only two days of deliberation following a four-week trial, the jury returned a verdict for the defendants on all counts.