<p>Professor Bradford Cornell of the California Institute of Technology and CRA International were instrumental in recently helping clients obtain major victories in two securities class actions involving Jasmine, Ltd. and Thane International, Inc, respectively. In the Jasmine case, the court granted summary judgment for defendants on the Section 11 and Rule 10b-5 claims. As part of his ruling, the judge issued an opinion that interpreted the points in time when the alleged frauds were revealed to the market. In issuing his ruling, the judge drew heavily on testimony proffered by Professor Cornell and supporting analyses performed by CRA.</p><p>In the case of the Thane matter, after a bench trial, the court found that Thane did not make any material misrepresentations in its prospectus when its stock traded on the Over the Counter Bulletin Board instead of the NASDAQ NMS. Testimony from Professor Cornell showing that Thane's stock price traded above its imputed prospectus value for 19 days after it opened was instrumental in helping the court determine that where Thane's stock was traded was not material to investors. During the case, Professor Cornell and CRA’s Finance Practice, led by CRA Principal John N. Haut, also assisted Thane's attorneys in successfully excluding most of the plaintiffs' expert testimony, including their damages estimate.</p>