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Dr. Voetmann focuses on cases that involve complex economic and financial issues. He has worked with clients and experts on securities cases and valuation disputes related to capital markets and financial institutions.

He has analyzed market efficiency, class certification, valuation, mergers and acquisitions, internal investigations, and damages across a variety of cases involving debt, equity, and derivative securities.

Dr. Voetmann has consulted on valuation issues related to mergers and acquisition disputes, appraisal actions, and other disputes involving valuation of companies, employee stock options, and minority interest. He has examined fairness opinions and analyzed the fair market value of privately held companies. He has worked with multiple experts and is experienced in all phases of litigation, including deposition, mediation, arbitration, and trial. His recent cases have involved investigating possible insider trading and analyzing valuations of target companies in mergers and acquisitions.

Dr. Voetmann’s securities experience includes Rule 10b-5 and Section 11/12 class actions, including those involving options and other derivative securities. In these cases, he has led large case teams that have addressed market efficiency, loss causation, and estimation of aggregate damages. His experience also includes calculating damages related to improper revenue recognition, bankruptcy, earnings restatements, material omissions, employee stock options, insider trading, private equity, and disputed merger terms.

His case experience covers a range of industries, including financial institutions, consumer products, telecommunications, technology, and manufacturing. He has directed research in various prominent matters, including In re AOL Time Warner Inc. Securities Litigation, In re Xcelera Securities Litigation, Metropolitan Creditors’ Trust et al. v. Ernst & Young, and In re Apollo Securities Litigation.

Dr. Voetmann has also authored a number of peer-reviewed publications in finance journals, including the Journal of Corporate Finance, Review of Finance, and the European Journal of Finance, and has authored a chapter on event studies in Financial Modeling. Prior to joining The Brattle Group, Dr. Voetmann was Managing Director at Finance Scholars Group and was formerly a principal at Cornerstone Research. He has taught undergraduate and graduate-level courses in corporate finance and security analysis at the Wharton School, University of Pennsylvania and is currently an Adjunct Professor at the University of San Francisco, where he teaches in the MBA program.

Representative Engagements
Information materiality
Significant experience in conducting event study analyses for stock drop and insider trading cases. Event studies are commonly used to evaluate the materiality of nonpublic information once it is disseminated into the market. Authored a chapter on the use of event studies in “Financial Modeling” by Professor Simon Benninga. In addition, worked with experts to evaluate the practices of a company to assess contemporaneous views of materiality to establish or rebut claims of scienter. Also worked on numerous securities class actions involving analysis of loss causation, materiality, and aggregate damages estimates using trading models.
Insider trading
Worked on insider trading cases, which remains a significant concern for public companies as well as their executives, board members, and other insiders. As part of these cases, analyzed charges of insider trading and assessing issues such as the materiality of nonpublic information, patterns of trading behavior, and the financial benefit from alleged insider trading activity.
Rule 10b-5 and Section 11 and 12
Worked on numerous securities class actions involving equity and debt securities and also evaluated aggregated damages, the gains realized (or losses avoided) from the alleged trading activity. In addition, examined preplanned trades under 10b-5(1) plans.
Valuation
Consulted on valuation issues related to mergers and acquisition disputes, appraisal actions, and other disputes involving valuation of companies, employee stock options, and minority interest. Examined fairness opinions and analyzed the fair market value of assets (including goodwill).
Private equity
Examined private equity and hedge funds, including investment and financing strategies, structure of funds, and compensation issues. Analyzed investment and exit strategies, performance, and valuation of portfolio companies and the investment strategies risk of hedge funds.
Testimony
Gwyn R. Hartman Revocable Living Trust U/A/D 11/16/93 v. Southern Michigan Bancorp, Inc. et al., Civil Action No.: 1:13-cv-00825
Report, March 2017
UNITED STATES OF AMERICA, Plaintiff-Intervenor, v. ALLQUEST HOME MORTGAGE CORPORATION, f/k/a/ ALLIED HOME MORTGAGE CORPORATION, et al., Defendants, 12 Civ. 02676 (GCH)
Jury Trial, November 2016
Securities and Exchange Commission v. Sasan Sabrdaran, et al., Case No. 3:14-cv-04825-JSC
Report, May 2016. Deposition, August 2016. Jury Trial, November 2016.
Guidant LLC F.K.A Guidant Corporation, and Subsidiaries, et al. v. Commissioner of Internal Revenue, Docket Nos.: 5989-11, 5990-11, 10985-11, 26876-11, 5501-12, 5502-12
Report, June 2016
Securities and Exchange Commission v. Bonan Huang, et al., Case No. 2:15-cv-00269-MAK
Report, October 2015. Deposition, October 2015. Declaration, October 2015. Jury Trial January 2016.
Arbitration - Testimony concerning the valuation of an early-stage startup company.
Report, March 2014. Deposition, February 2015. Arbitration, March 2015.
United States of America v. Wells Fargo Bank. N.A. and Kurt Lofrano, Case No. 12 Civ. 7527 (JMF)(JCF)
Report, June 2015. Deposition, September 2015. Report, October 2015.
Long, et al. v. Morgan Stanley Trust, N.A., Case No. 13-CV-3624
Report, March 2014
Charles P. Haggarty and Gina M. Haggarty et al. v. Wells Fargo Bank, N.A., Case No. 3:10-cv-02416-CRB
Declaration, August 2012
Munoz v. China Expert Technology, Inc., Case No.07-CV-10531 (AKH)(S.D.N.Y.)
Report, February 2012 and Deposition, March 2012
Publications
Article
Securities Class Actions: Trading Models to Estimate Individual Investor Trading Activity and Aggregate Damages
May 2017
Published by The Brattle Group, Inc.
Article
The Bid-Ask Spread in the Danish Stock Market: Evidence from the 1990s
August 25, 2016
Published in the International Journal of Economics and Finance
The paper investigates the cost components of the bid-ask spread and the changes in the spread around earnings announcements on the small Danish stock market in the 1990s.
Article
Private Class Action Litigation Risk of Chinese Firms Listed in the U.S.
June 01, 2016
Torben Voetmann, Jan Jindra, and Ralph A. Walking
Published in the Quarterly Journal of Finance
Article
BMC Software's Lessons For Expert Witnesses
February 23, 2016
Published on Law360
Article
Correct Application of Event Studies in Securities Litigation
December 17, 2015
Pavitra Kumar and Torben Voetmann
Published in Event Study Tools
Article
Delaware Appraisal Case Reaffirms Valuation Premium for S Corporations
September 15, 2015
Published in Deal Points
Article
Returns to Acquirers of Public and Subsidiary Targets
January 2015
Torben Voetmann, Jeffrey Jaffe, Jan Jindra, and David Pedersen
Published in the Journal of Corporate Finance
Article
High-Frequency Trading Litigation Presents Complex Issues for Experts
June 2014
Zachary Ziliak, Pavitra Kumar, and Torben Voetmann
Published by The Brattle Group, Inc. Published on Law360
Article
Rural Metro: Another Shackelton Expedition Falls Short of the Podium
March 2014
Published by The Brattle Group, Inc.
Article
Skill Differences in Corporate Acquisitions
December 2013
Jeffrey Jaffe, David Pedersen, and Torben Voetmann
Published in Journal of Corporate Finance, Volume 23
Report
Recent Guidance from the Delaware Court of Chancery - Summer 2013
August 2013
Published by The Brattle Group, Inc.
Article
Reverse Mergers: The Chinese Experience
October 08, 2012
Torben Voetmann, Jan Jindra, and Ralph A. Walking
Published in Social Science Research Network (SSRN)
Article
Discussion of the Pre and Post-Tax Discount Rates and Cash Flows: A Technical Note
August 09, 2010
Torben Voetmann and Jan Jindra
Published in Journal of Applied Research in Accounting and Finance (JARAF)
News & Events
October 01, 2018
Torben Voetmann to Present at Practising Law Institute's Program on Finance for Lawyers and Other Professionals

Brattle Principal Torben Voetmann will speak at Practising Law Institute’s (PLI) program, “Pocket MBA 2018: Finance for Lawyers and Other Professionals,” to be held October 1-2 in San Francisco, CA and via webcast.

September 15, 2018
Yvette Austin Smith, Torben Voetmann, and Bin Zhou to Present at ABA Business Law Section Annual Meeting

Brattle Principals Yvette Austin Smith, Torben Voetmann, and Bin Zhou will speak at the American Bar Association (ABA) Business Law Section Annual Meeting, to be held September 13-15 in Austin, TX.

October 19, 2017
Torben Voetmann to Present at Practising Law Institute’s Program on Finance for Lawyers and Other Professionals

Brattle Principal Torben Voetmann will present at Practising Law Institute’s (PLI) program, “Pocket MBA 2017: Finance for Lawyers and Other Professionals,” taking place October 19-20, 2017 in San Francisco, CA and via webcast.

June 13, 2017
Brattle Consultants to Present on Case Studies in Securities Litigation at BASF CLE Event

Brattle Principals Torben Voetmann and Ioannis Gkatzimas, and Senior Associate Pavitra Kumar will present at the Bar Association of San Francisco (BASF) Securities Litigation Section’s Continuing Legal Education (CLE) event, “Case Studies in Securities Litigation: What Works After Halliburton,” taking place June 13, 2017 in San Francisco, CA and via webcast.

February 08, 2017
Torben Voetmann to Discuss Halliburton II and Fraud-on-the-Market Theory at The Knowledge Group’s Webinar

Brattle Principal Torben Voetmann will present during The Knowledge Group’s webinar, “Halliburton II and Fraud-on-the-Market Theory: New Legal Challenges and Strategies Impacting Class Certification,” taking place February 8, 2017 from 12:00-2:00pm EST.

August 30, 2016
Paper by Torben Voetmann Investigates Bid-Ask Spread in Danish Stock Market

Brattle Principal Torben Voetmann recently authored a paper investigating the cost components of the bid-ask spread and the changes in the spread around earnings announcements on the small Danish stock market in the 1990s.

June 20, 2016
Torben Voetmann to Present at Practising Law Institute’s Conference on Finance for Lawyers and Other Professionals

Brattle Principal Torben Voetmann will speak at the upcoming Practising Law Institute (PLI) Conference, “Pocket MBA Summer 2016: Finance for Lawyers and Other Professionals,” taking place June 20-21, 2016 in San Francisco, CA.

June 01, 2016
Torben Voetmann Authors Paper on Private Class Action Litigation Risk of Chinese Firms Listed in the U.S.

Brattle Principal Torben Voetmann has co-authored a paper published in the Quarterly Journal of Finance that analyzes the litigation risk of Chinese firms listed in the U.S.

May 27, 2016
Adoria Lim to Present and Torben Voetmann to Moderate at ABA’s Western Regional CLE Program on Class Actions and Mass Torts

Brattle's Adoria Lim will present and Torben Voetmann will moderate at the American Bar Association’s (ABA) 3rd Annual Western Regional CLE Program on Class Actions and Mass Torts, which will take place at the Bar Association of San Francisco on May 27, 2016, at 2:00 pm – 3:00 pm PST.

April 14, 2016
Torben Voetmann to Present on Class Actions at ABA Section of Litigation Annual Conference

Brattle Principal Torben Voetmann will present at the American Bar Association’s (ABA) 2016 Section of Litigation Annual Conference, taking place April 13-15, 2016 in Chicago, IL.

February 23, 2016
Torben Voetmann and Sujay Dave Author Law360 Article on the Use of Valuation Experts Following the BMC Software Decision

Brattle Principal Torben Voetmann and Senior Associate Sujay Dave have authored a Law360 article on the Merion Capital LP and Merion Capital II LP v. BMC Software opinion and the lessons learned for experts when opining on fair value in Delaware.

December 23, 2015
Brattle Economists Author Law360 Article Examining Methodology Findings in Halliburton Class Decision

Brattle Principals Torben Voetmann and Paul Hinton and Senior Associate Matthew Aharonian recently co-authored an article published on Law360, “Battle of the Experts: The Focus on Event Studies in Class Certification.”

November 10, 2015
Pavitra Kumar and Torben Voetmann Author Article on Event Studies in Securities Litigation

Brattle senior associate Pavitra Kumar and Brattle principal Torben Voetmann recently published an article in Event Study Tools, which illustrates the use of traditional and intraday event studies in securities litigation.

September 15, 2015
Brattle Authors Deal Points Article on Delaware Court’s Reaffirmation of S Corporations Valuation Premium

Brattle principals Yvette Austin Smith and Torben Voetmann and senior associate David McKnight recently co-authored an article in the American Bar Association’s Deal Points journal on a recent appraisal case in the Delaware Court of Chancery which reaffirmed that S corporations enjoy a valuation premium relative to C corporations.

July 13, 2015
Yvette Austin Smith and Brattle Team Prevail in DE Chancery Court Valuation Ruling

Brattle principal Yvette Austin Smith recently provided successful valuation testimony in a combined breach of fiduciary duty and appraisal matter before the Delaware Court of Chancery in the case Owen vs. Lynn Cannon et al.

May 07, 2015
Torben Voetmann to Present at Practising Law Institute’s Conference on Financial and Accounting Information for Lawyers and Other Professionals

Brattle principal Torben Voetmann has been invited to speak at the upcoming Practising Law Institute (PLI) Conference, “Pocket MBA Summer 2015: Finance for Lawyers and Other Professionals,” taking place May 7-8, 2015 in San Francisco, CA.

February 21, 2015
Article Co-Authored by Torben Voetmann on Acquirer Return Differential Published in Journal of Corporate Finance

Empirical literature documents that acquirers of public targets earn zero or negative announcement period returns, while acquirers of both private and subsidiary targets earn positive returns. Brattle principal Torben Voetmann recently co-authored a paper in the Journal of Corporate Finance that attempts to explain this differential.

June 27, 2014
Brattle Economists Co-Author Article Highlighting Complex Issues for Experts in High-Frequency Trading Litigation

Principal Torben Voetmann and senior associate Pavitra Kumar, along with Zachary Ziliak of Ziliak Law, have authored an article that discusses the complexities and challenges for experts arising from increased litigation surrounding high-frequency trading.

Personal Interests

Torben is an Adjunct Professor of Finance, The University of San Francisco, where he teaches an M.B.A. finance course, “Capital Markets and Investment Banking,” covering various law and finance topics including corporate governance, securities regulation, and equity and debt markets.

From 1998-2004 he was an Adjunct Professor of Finance at The Wharton School, The University of Pennsylvania, where he taught undergraduate and M.B.A. finance courses, “Corporate Finance” and “Securities Analysis,” covering various finance topics including corporate finance, securities valuation, and financial modeling.

From 2000-2004, he was an Instructor at the New York Institute of Finance, where he taught market participants course, “Financial Modeling,” “Valuation,” and “Corporate Finance,” covering various finance topics including corporate finance, equity valuation, and financial engineering

Outside of work, Torben enjoys orienteering, Bikram yoga, and running.