Filipe Lacerda

Filipe Lacerda is an expert financial economist with over ten years of experience leading and conducting financial, economic, and statistical analysis in securities, valuation, and financial institutions matters. Dr. Lacerda is one of the coheads of Cornerstone Research’s securities litigation practice. His experience covers all phases of litigation, including discovery, class certification, motion practice, merits, and trial.

Dr. Lacerda has served as an expert witness, submitting expert reports and testifying in complex matters, including securities litigation matters such as Vignola v. Fat Brands Inc. et al..

Dr. Lacerda’s representative work includes:

Securities litigation

• Analyzing economic issues under Section 10(b) of the Securities Exchange Act of 1934, Sections 11 and 12 of the Securities Act of 1933, and shareholder derivative suits
• Assessing potential economic exposure at different stages of the litigation process
• Evaluating market efficiency, price impact, and the reliability of damages methodologies at the class certification stage
• Analyzing how different types of information affect security prices and valuation, particularly loss causation and damages issues at the summary judgment and merits stages
• Using advanced econometric techniques to model security prices based on daily and intra-daily price data
• Quantifying the impact of industry-wide information on company stock prices
• Evaluating potential settlement outcomes

Valuation

• Substantial experience in matters in the Delaware Court of Chancery, including matters involving special purpose acquisition companies (SPACs) and private equity firms
• Applying a broad array of valuation approaches, including fundamental valuation techniques such as discounted cash flow analysis, comparable companies and transactions, and contingent claims analysis
• Evaluating market evidence, such as target and acquirer stock prices and market efficiency
• Conducting valuation of companies in the auto lending, banking, book publishing, heavy manufacturing, and technology industries, among others, at development stages ranging from early-stage to maturity to bankruptcy
• Valuing a venture capital (VC) firm, including such revenue sources as management fees and carried interest on current and follow-on funds

Financial institutions

• Evaluating performance and valuation implications from regulatory and other constraints on bank behavior
• Assessing the growth prospects of banks and other lending institutions
• Applying econometric methodologies to evaluate the performance of mortgage loan portfolios, in the context of loss causation and damages
• Analyzing class certification and damages issues in connection with the implementation of a mortgage loan modification program
• Assessing market manipulation in over-the-counter (OTC) markets