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.
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).
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.
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.
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.
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.
The Mangrove Partners Master Fund, Ltd. V. Calamos Asset Management, Inc. C.A. No. 2017-0139-JTL.
Report, December 2018
Consumer Financial Protection Bureau v. OCWEN FINANCIAL CORPORATION, OCWEN MORTGAGE SERVICING, INC., and OCWEN LOAN SERVICING, LLC. Case No. 9:17-CV-80495 - Marra/Matthewman.
Declaration, October 2018. Rebuttal Declaration, November 2018.
In Re Banc of California Securities Litigation. Court File No. 0:18-mc-00076-WMW-KMM.
Declaration, September 2018, October 2018, and November 2018.
United States of America v. Kaleil Isaza Tuzman and Omar Amanat. Docket No.: 0208 1:15CR00536-001/004.
Report, July 2018.
Robert Hurwitz v. LRR Energy, LP, et al., Case No. 1:15-cv-00711-MAK.
Report, April 2018.
Matthew Hall v. Slater & Gordon Limited, VID1213/2016.
Report, October 2017.
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
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.
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
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
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.