For a Section 11 class action, a Big Four auditing firm engaged Brattle to estimate damages to shares issued in a merger and potential settlement outcomes to a company in the media sector. Brattle’s analysis considered different assumptions about which shares were eligible for the claim and what appropriate but-for prices could have been, and estimated the corresponding damages. Our analysis also considered potential gains recognized during the class period that could be offset against the losses. Brattle worked with the team at Stanford Securities Litigation Analytics to help our client estimate the potential settlement outcomes based on the characteristics of the case. The case settled on terms favorable to our client.