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<section class="home-banner-section"> <div class="accordion width" id="homeBanner" style="background-image: url('');"> <div class="card open-accodian"> <div class="card-header" data-toggle="collapse" data-target="#collapseOne" aria-expanded="true"> <div class="card-header-tab-img lazyload" style="background-image:inherit;" data-bg-image="url(https://www.cornerstone.com/wp-content/uploads/2024/11/Untitled-design-41.png)"> <img class="no-lazy-load" src="https://www.cornerstone.com/wp-content/uploads/2024/11/Untitled-design-41.png"> </div> <div class="card-heading-title"> SEC Enforcement Activity: Public Companies and Subsidiaries<div class="arrow-box white"></div> </div> </div> <div id="collapseOne" class="collapse show width" data-parent="#homeBanner"> <div class="card-body"> <div class="home-banner-tab-img lazyload" style="background-image:inherit;" data-bg-image="url(https://www.cornerstone.com/wp-content/uploads/2024/11/Untitled-design-41.png)"></div> <div class="home-tab-container"> <div class="banner-container"> <h1 class="text-white">SEC Enforcement Activity: Public Companies and Subsidiaries<div class="title-bottom-text"></div></h1> <div class="large-para"> <p>The SEC initiated 80 enforcement actions against public companies and subsidiaries in FY 2024, marking a 12% decline from FY 2023 but still up nearly 5% compared to the nine-year historical average.</p> </div> <div class="bottom-action"> <a href="https://www.cornerstone.com/sec-enforcement-activity-public-companies-subsidiaries/" class="btn btn-primary grd-btn btn-white-text" target="_self"><span>Read More</span></a> </div> </div> </div> </div> </div> </div> <div class="card "> <div class="card-header" data-toggle="collapse" data-target="#collapseTwo" aria-expanded="false"> <div class="card-header-tab-img lazyload" style="background-image:inherit;" data-bg-image="url(https://www.cornerstone.com/wp-content/uploads/2024/10/iStock-1752905583.jpg)"> <img class="no-lazy-load" src="https://www.cornerstone.com/wp-content/uploads/2024/10/iStock-1752905583.jpg"> </div> <div class="card-heading-title"> Eaton Vance Senior Income Trust v. Saba Capital Master Fund Ltd.<div class="arrow-box white"></div> </div> </div> <div id="collapseTwo" class="collapse width" data-parent="#homeBanner"> <div class="card-body"> <div class="home-banner-tab-img lazyload" style="background-image:inherit;" data-bg-image="url(https://www.cornerstone.com/wp-content/uploads/2024/10/iStock-1752905583.jpg)"></div> <div class="home-tab-container"> <div class="banner-container"> <h2 class="text-white h1">Eaton Vance Senior Income Trust v. Saba Capital Master Fund Ltd.<div class="title-bottom-text"></div></h2> <div class="large-para"> <p>Following a bench trial, the Massachusetts Superior Court ruled in favor of the Eaton Vance parties.</p> </div> <div class="bottom-action"> <a href="https://www.cornerstone.com/insights/cases/eaton-vance-senior-income-trust-v-saba-capital-master-fund-ltd/" class="btn btn-primary grd-btn btn-white-text" target="_self"><span>Read More</span></a> </div> </div> </div> </div> </div> </div> <div class="card "> <div class="card-header" data-toggle="collapse" data-target="#collapseThree" aria-expanded="false"> <div class="card-header-tab-img lazyload" style="background-image:inherit;" data-bg-image="url(https://www.cornerstone.com/wp-content/uploads/2022/01/iStock-508548966.jpg)"> <img class="no-lazy-load" src="https://www.cornerstone.com/wp-content/uploads/2022/01/iStock-508548966.jpg"> </div> <div class="card-heading-title"> Trends in Merger Investigations and Enforcement at the U.S. Antitrust Agencies<div class="arrow-box white"></div> </div> </div> <div id="collapseThree" class="collapse width" data-parent="#homeBanner"> <div class="card-body"> <div class="home-banner-tab-img lazyload" style="background-image:inherit;" data-bg-image="url(https://www.cornerstone.com/wp-content/uploads/2022/01/iStock-508548966.jpg)"></div> <div class="home-tab-container"> <div class="banner-container"> <h2 class="text-white h1">Trends in Merger Investigations and Enforcement at the U.S. Antitrust Agencies<div class="title-bottom-text"></div></h2> <div class="large-para"> <p>In FY 2023, merger transactions, investigations, and second requests decreased sharply from the prior fiscal year.</p> </div> <div class="bottom-action"> <a href="https://www.cornerstone.com/insights/research/trends-in-merger-investigations-and-enforcement-at-the-u-s-antitrust-agencies-fy-2005-fy-2023/" class="btn btn-primary grd-btn btn-white-text" target="_self"><span>Read More</span></a> </div> </div> </div> </div> </div> </div> </div> <div class="slider-action white-dots"> <span class="hp-slick-arrow-left"><i class="icon-keyboard_arrow_left"></i></span> <div class="hp-slide-m-dots"></div> <span class="hp-slick-arrow-right"><i class="icon-keyboard_arrow_right"></i></span> </div> </section> <!-- Herozone end --> <!-- Other Components start --> <section class=" not-print experts-section " id=""> <div class="filter-container-section grid-experts"> <div class="container"> <div class="row justify-content-end"> <div class="col-md-6"> <div class="experts-grid-block"> <h2 class="mobile-show">Featured Experts</h2> <ul class="nav-btn-slider"> <li> <a href="https://www.cornerstone.com/experts/andrea-eisfeldt/" class="full-link"></a> <div class="expert-img lazyload" style="background-image:inherit;" data-bg-image="url('https://www.cornerstone.com/wp-content/uploads/2021/12/Andrea-Eisfeldt-1.jpg')"></div> <h4>Andrea L. Eisfeldt</h4> </li> <li> <a href="https://www.cornerstone.com/experts/todd-milbourn/" class="full-link"></a> <div class="expert-img lazyload" style="background-image:inherit;" data-bg-image="url('https://www.cornerstone.com/wp-content/uploads/2022/02/todd-milbourn-1.jpg')"></div> <h4>Todd T. Milbourn</h4> </li> <li> <a href="https://www.cornerstone.com/professionals/laura-e-simmons/" class="full-link"></a> <div class="expert-img lazyload" style="background-image:inherit;" data-bg-image="url('https://www.cornerstone.com/wp-content/uploads/2021/12/Laura-Simmons.jpg')"></div> <h4>Laura E. Simmons</h4> </li> <li> <a href="https://www.cornerstone.com/experts/kathryn-shaw/" class="full-link"></a> <div class="expert-img lazyload" style="background-image:inherit;" data-bg-image="url('https://www.cornerstone.com/wp-content/uploads/2021/12/Kathryn-Shaw.jpg')"></div> <h4>Kathryn L. Shaw</h4> </li> </ul> </div> </div> <div class="col-md-6 expert-show-main-container"> <div class="text-block expert-container-hidden showexpertcontainer"> <h2 class="desktop-show">Featured Experts<div class="title-bottom-text dark"></div> </h2> <div class="large-para"> <h3 class="sec-font bold">Andrea L. Eisfeldt</h3> <h6 class="itelic"><p>Laurence D. and Lori W. Fink Endowed Chair in Finance,<br /> Professor of Finance,<br /> UCLA Anderson School of Management,<br /> University of California, Los Angeles</p> </h6> <p>Andrea Eisfeldt is an expert on financial markets. Professor Eisfeldt’s research has focused on macroeconomics and finance, including research on market liquidity, the role of intangibles in asset pricing, bank valuation, and over-the-counter markets.</p> <p>Professor Eisfeldt has been retained as an expert witness in numerous finance matters, analyzing a range of issues that include portfolio analysis, valuation, economic damages, asset pricing, investment strategies, fixed income and derivatives, mortgage finance and mortgage-backed securities (MBS), hedge funds, and LIBOR. On Section 10b and Section 14a securities class actions, she has addressed issues at the class certification and merits stages, including loss causation and damages.</p> <p>In her recent academic work, Professor Eisfeldt has researched a range of topics, including the effects of Generative AI on the value of firms, the return on complex trading strategies, over-the-counter derivatives prices and trading, bank valuation, and credit risk. She has published articles in the <em>Journal of Finance</em>, the <em>Journal of Monetary Economics</em>, <em>Econometrica</em>, and the <em>Review of Financial Studies</em>. Her research has twice been awarded the Amundi Smith Breeden Prize by the <em>Journal of Finance</em>. Professor Eisfeldt was a finalist for the Jensen Prize in the <em>Journal of Financial Economics</em>.</p> <p>Professor Eisfeldt holds editorial roles at leading academic journals. She serves on the board of the American Finance Association, where she is a member of the investments, ethics, and strategic planning committees. At the National Bureau of Economic Research (NBER), she is a research associate in the programs for asset pricing, corporate finance, and economic fluctuations and growth.</p> <p>Professor Eisfeldt teaches courses on derivatives, international finance, corporate finance, FinTech and cryptocurrency, and macro finance. Previously, she served for a decade as a tenured professor at the Kellogg School of Management at Northwestern University.</p> </div> <div class="bottom-action mt-3"> <a href="https://www.cornerstone.com/experts/andrea-eisfeldt/" class="btn-primary btn grd-btn">View Bio</a> </div> </div> <div class="text-block expert-container-hidden "> <h2 class="desktop-show">Featured Experts<div class="title-bottom-text dark"></div> </h2> <div class="large-para"> <h3 class="sec-font bold">Todd T. Milbourn</h3> <h6 class="itelic"><p>Hubert C. and Dorothy R. Moog Professor of Finance,<br /> Olin Business School,<br /> Washington University in St. Louis</p> </h6> <div class="page-main"> <div class="flexgrid"> <div class="flexgrid-col flexgrid-col-primary flexgrid-col-2of3"> <div class="section-row"> <div class="grid-row"> <div class="grid-col col-spaced-content"> <div class="user-content "> <div class="blue-body"> <p>Todd Milbourn is an expert on valuation, corporate finance, and corporate governance, notably executive compensation and its impact on company stock price, corporate risk-taking, and firm performance. Professor Milbourn has been retained as an expert by private firms, the U.S. Department of Justice, and by individuals in cases related to fair rates of return, breach of contract damages, lost earnings, investment programs, and managerial/executive compensation, including employee stock option programs.</p> </div> <div class="text-faded"> <p>Professor Milbourn has addressed issues related to credit ratings and bank megamergers. He is a coauthor of the executive-level book, <em>The Value Sphere: Secrets of Creating and Retaining Shareholder Wealth</em>, and has published articles in leading scholarly journals, including <em>Journal of Finance</em>, <em>Journal of Financial Economics</em>, <em>Harvard Business Review</em>, <em>Sloan Management Review</em>, <em>Management Science</em>, <em>Journal of Accounting Research</em>, and <em>RAND Journal of Economics</em>.</p> <p>At Washington University in St. Louis, Professor Milbourn has taught finance-related courses for nearly two decades. An award-winning educator, he has been recognized numerous times for teaching excellence, and his faculty research has twice been honored with the Olin Award: Research That Transforms Business.</p> <p>Professor Milbourn has experience as a board member of multiple hedge funds and is the current Audit Committee Chair of a hedge fund. He has experience as a board member on multiple special purpose acquisition companies (SPACs), including serving as chair of the Audit Committee. Professor Milbourn also speaks extensively at professional and scholarly conferences in Canada, Europe, the United Kingdom, and across the United States.</p> <p>Before joining the faculty of Olin Business School, Professor Milbourn taught at the University of Chicago and London Business School.</p> </div> </div> </div> </div> </div> </div> </div> </div> <div class="grid-row"> <div class="grid-col grid-col-1of1"> <div class="grid-col-inner"></div> </div> </div> </div> <div class="bottom-action mt-3"> <a href="https://www.cornerstone.com/experts/todd-milbourn/" class="btn-primary btn grd-btn">View Bio</a> </div> </div> <div class="text-block expert-container-hidden "> <h2 class="desktop-show">Featured Experts<div class="title-bottom-text dark"></div> </h2> <div class="large-para"> <h3 class="sec-font bold">Laura E. Simmons</h3> <h6 class="itelic"><p>Senior Advisor</p> </h6> <p>Laura Simmons has more than twenty-five years of experience in economic consulting across a variety of complex litigation matters. Dr. Simmons has focused on damages and liability issues in securities class actions, as well as litigation involving the Employee Retirement Income Security Act (ERISA). She has also managed cases involving financial accounting, valuation, and corporate governance issues.</p> <p>Dr. Simmons assists clients with all phases of litigation and has experience across civil, criminal, and regulatory matters. She has served as a testifying expert in cases involving accounting analyses, securities case damages, ERISA issues, and research on securities lawsuits.</p> <p>Dr. Simmons developed Cornerstone Research’s initiatives on securities case settlements and related settlements benchmarking models. Her research on pre– and post–Reform Act securities litigation settlements has been published in a number of reports and is frequently cited in the public press and legal journals. She has also published in academic journals, with recent research focusing on the intersection of accounting and litigation. Dr. Simmons speaks at professional and specialist conferences and has appeared on CNBC to discuss the topic of securities case settlements.</p> <p>Dr. Simmons was an accounting faculty member at the Mason School of Business at the College of William & Mary from 2008 through 2011. A certified public accountant (CPA), she began her career at Price Waterhouse.</p> </div> <div class="bottom-action mt-3"> <a href="https://www.cornerstone.com/professionals/laura-e-simmons/" class="btn-primary btn grd-btn">View Bio</a> </div> </div> <div class="text-block expert-container-hidden "> <h2 class="desktop-show">Featured Experts<div class="title-bottom-text dark"></div> </h2> <div class="large-para"> <h3 class="sec-font bold">Kathryn L. Shaw</h3> <h6 class="itelic"><p>Ernest C. Arbuckle Professor of Economics,<br /> Stanford Graduate School of Business;<br /> Senior Fellow, Stanford Institute for Economic Policy Research (SIEPR),<br /> Stanford University</p> </h6> <div class="page-main"> <div class="flexgrid"> <div class="flexgrid-col flexgrid-col-primary flexgrid-col-2of3"> <div class="section-row"> <div class="grid-row"> <div class="grid-col col-spaced-content"> <div class="user-content "> <div class="blue-body"> <p>Kathryn Shaw is a nationally recognized expert on labor economics who addresses human resource management, wages, and discrimination issues. She has been retained in high-profile labor matters and has expertise in class certification issues.</p> </div> <div class="text-faded"> <p>Professor Shaw is the incoming president of the Society of Labor Economists, to serve from 2022 through 2025 (first as the President-elect). She is known for having co-developed the research field of “insider econometrics,” which uses internal (or “inside”) company data to analyze how practices such as teamwork and incentive pay affect performance.</p> <p>In her recent research, Professor Shaw has worked on artificial intelligence (AI) topics, including how the performance of firms improves with uses of AI. She has also analyzed talent management in the software and other knowledge-intensive industries. Her new research papers are focused on different aspects of successful entrepreneurship.</p> <p>Professor Shaw’s research has been published in the A<em>merican Economic Review,</em> the <em>Quarterly Journal of Economics</em>, the <em>Journal of Labor Economics</em>, and the<em> Journal of Economics and Management Strategy</em>. She was associate editor of the <em>Journal of Labor Economics</em> and the <em>Review of Economics and Statistics</em>, and editor of <em>IZA World of Labor</em>. Professor Shaw is a research associate at the National Bureau of Economic Research (NBER), where she coheads the Personnel Economics working group.</p> <p>Professor Shaw has been honored with multiple awards for excellence in teaching. She teaches courses on personnel economics, people management and organizational strategy, and the impact of AI on productivity.</p> <p>Before joining the faculty at Stanford, Professor Shaw was the Ford Distinguished Research Chair and Professor of Economics at Carnegie Mellon’s Tepper School of Business. She has also held visiting academic appointments at University College London, the MIT Sloan School of Management, and the University of Paris.</p> <p>Earlier in her career, Professor Shaw served as a Senate-confirmed member of the U.S. President’s Council of Economic Advisers in the Clinton administration, and as visiting economist to the Board of Governors at the Federal Reserve.</p> </div> </div> </div> </div> </div> </div> </div> </div> <div class="grid-row"> <div class="grid-col grid-col-1of1"> <div class="grid-col-inner"></div> </div> </div> <p> </p> </div> <div class="bottom-action mt-3"> <a href="https://www.cornerstone.com/experts/kathryn-shaw/" class="btn-primary btn grd-btn">View Bio</a> </div> </div> </div> </div> </div> </div> <div class="text-center cmp-big-button"> <a class="btn big-button" href="https://www.cornerstone.com/experts/">View All Experts</a> </div> </section> <script type="text/javascript"> function submitForm(str) { document.getElementById("myForm").action = str; 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Actions Still Up Nearly 5% Compared to Historical Average</h3> <div class="small-para"> <p>Off-channel communications continues as an enforcement priority, driving Broker Dealer allegations to 29% of FY 2024 actions.</p> </div> </div> </div> <div class="latest-slides"> <div class="flex-block"> <a class="full-link" href="https://www.cornerstone.com/insights/events/assessing-settlement-outcomes-damages-securities-class-actions-brazil/"></a> <span class="small-label">20 November 2024</span> <h3>Assessing Settlement Outcomes and Damages in Securities Class Actions</h3> <div class="small-para"> <p>Filipe Lacerda of Cornerstone Research will discuss trends in securities litigation in the U.S. at a Quinn Emanuel Urquhart & Sullivan event.</p> </div> </div> </div> <div class="latest-slides"> <div class="flex-block"> <a class="full-link" href="https://www.cornerstone.com/insights/events/expert-forum-frontline-perspectives-in-competition-litigation-ai-and-mergers/"></a> <span class="small-label">20 November 2024</span> <h3>Expert Forum: Frontline Perspectives on Recent Developments in Competition Litigation, AI and Mergers</h3> <div class="small-para"> <p>This Cornerstone Research conference in London addresses issues related to competition class actions, AI regulation, and remedies in mergers.</p> </div> </div> </div> <div class="latest-slides"> <div class="flex-block"> <a class="full-link" href="https://www.cornerstone.com/insights/cases/in-the-matter-of-willscot-and-mcgrath/"></a> <span class="small-label">19 November 2024</span> <h3>In the Matter of WillScot and McGrath</h3> <div class="small-para"> <p>The parties abandoned the merger.</p> </div> </div> </div> <div class="latest-slides"> <div class="flex-block"> <a class="full-link" href="https://www.cornerstone.com/insights/cases/first-advantage-sterling-check/"></a> <span class="small-label">18 November 2024</span> <h3>First Advantage/Sterling Check</h3> <div class="small-para"> <p>The parties successfully completed this $2.2 billion merger.</p> </div> </div> </div> <div class="latest-slides"> <div class="flex-block"> <a class="full-link" href="https://www.cornerstone.com/insights/events/2024-antitrust-fall-forum/"></a> <span class="small-label">14 November 2024</span> <h3>2024 Antitrust Fall Forum</h3> <div class="small-para"> <p>Joanna Tsai of Cornerstone Research will moderate a panel discussion of merger efficiencies at this American Bar Association event in Washington, DC.</p> </div> </div> </div> </div> </div> </section> <section class="not-print full-width-cta" id=""> <div class="container"> <div class="row"> <div class="col-md-8"> <div class="text-block large-para"> <h2>How can we help you?</h2> <p>For more information or assistance with a specific matter, please contact us.</p> </div> </div> </div> </div> <div class="col-md-4 full-width-cta-img"> <div class="bg-img lazyload" style="background-image:inherit;" data-bg-image="url('https://www.cornerstone.com/wp-content/uploads/2021/12/iStock-1298692127-copy.jpg')"></div> <a href="/contact-us" class="btn-primary btn grd-btn btn-white-text" target="_self"><span>Contact Us</span></a> </div> </section> <!-- Other Components end --> </main> <!-- <div class="print-footer" id="footer-print" style="display:none; 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It does not store any personal data.</td></tr></tbody></table></div> </div> </div> </div> <div class="cli-tab-section"> <div class="cli-tab-header"> <a id="wt-cli-tab-link-functional" tabindex="0" role="tab" aria-expanded="false" aria-describedby="wt-cli-tab-functional" aria-controls="wt-cli-tab-functional" class="cli-nav-link cli-settings-mobile" data-target="functional" data-toggle="cli-toggle-tab"> Functional </a> <div class="cli-switch"> <input type="checkbox" class="cli-user-preference-checkbox" id="wt-cli-checkbox-functional" aria-label="functional" data-id="checkbox-functional" role="switch" aria-controls="wt-cli-tab-link-functional" aria-labelledby="wt-cli-tab-link-functional" /> <label for="wt-cli-checkbox-functional" class="cli-slider" data-cli-enable="Enabled" data-cli-disable="Disabled"><span class="wt-cli-sr-only">functional</span></label> </div> </div> <div class="cli-tab-content"> <div id="wt-cli-tab-functional" tabindex="0" role="tabpanel" aria-labelledby="wt-cli-tab-link-functional" class="cli-tab-pane cli-fade" data-id="functional"> <div class="wt-cli-cookie-description">Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features. <table class="wt-cli-element cookielawinfo-row-cat-table cookielawinfo-winter"><thead><tr><th scope="col" class="cookielawinfo-column-1">Cookie</th><th scope="col" class="cookielawinfo-column-3">Duration</th><th scope="col" class="cookielawinfo-column-4">Description</th></tr></thead><tbody><tr class="cookielawinfo-row"><td class="cookielawinfo-column-1">__cf_bm</td><td class="cookielawinfo-column-3">30 minutes</td><td class="cookielawinfo-column-4">This cookie, set by Cloudflare, is used to support Cloudflare Bot Management.</td></tr><tr class="cookielawinfo-row"><td class="cookielawinfo-column-1">_cfuvid</td><td class="cookielawinfo-column-3">session</td><td class="cookielawinfo-column-4">The _cfuvid cookie is used to allow the Cloudflare WAF to distinguish individual users who share the same IP address. Visitors who do not provide the cookie are likely to be grouped together and may not be able to access the site if there are many other visitors from the same IP address.</td></tr><tr class="cookielawinfo-row"><td class="cookielawinfo-column-1">cf_clearance</td><td class="cookielawinfo-column-3">1 year</td><td class="cookielawinfo-column-4">The cf_clearance cookie is used by Cloudflare to verify that visitors have successfully passed a security challenge and can access the website.</td></tr><tr class="cookielawinfo-row"><td class="cookielawinfo-column-1">PBSECURESUSID</td><td class="cookielawinfo-column-3">session</td><td class="cookielawinfo-column-4">This cookie is set by the provider Podbean. This is a session cookie used to verify that the users are on secure sessions. 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These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. <table class="wt-cli-element cookielawinfo-row-cat-table cookielawinfo-winter"><thead><tr><th scope="col" class="cookielawinfo-column-1">Cookie</th><th scope="col" class="cookielawinfo-column-3">Duration</th><th scope="col" class="cookielawinfo-column-4">Description</th></tr></thead><tbody><tr class="cookielawinfo-row"><td class="cookielawinfo-column-1">_ga</td><td class="cookielawinfo-column-3">2 years</td><td class="cookielawinfo-column-4">The _ga cookie, installed by Google Analytics, calculates visitor, session and campaign data and also keeps track of site usage for the site's analytics report. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors.</td></tr><tr class="cookielawinfo-row"><td class="cookielawinfo-column-1">_ga_*</td><td class="cookielawinfo-column-3">1 year 1 month 4 days</td><td class="cookielawinfo-column-4">Google Analytics sets this cookie to store and count page views.</td></tr><tr class="cookielawinfo-row"><td class="cookielawinfo-column-1">_gat_UA-*</td><td class="cookielawinfo-column-3">1 minute</td><td class="cookielawinfo-column-4">Google Analytics sets this cookie for user behaviour tracking.</td></tr><tr class="cookielawinfo-row"><td class="cookielawinfo-column-1">_gat_UA-12672498-1</td><td class="cookielawinfo-column-3">1 minute</td><td class="cookielawinfo-column-4">A variation of the _gat cookie set by Google Analytics and Google Tag Manager to allow website owners to track visitor behaviour and measure site performance. The pattern element in the name contains the unique identity number of the account or website it relates to.</td></tr><tr class="cookielawinfo-row"><td class="cookielawinfo-column-1">_gid</td><td class="cookielawinfo-column-3">1 day</td><td class="cookielawinfo-column-4">Installed by Google Analytics, _gid cookie stores information on how visitors use a website, while also creating an analytics report of the website's performance. 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