Voetmann 055
Biography
Testimony
Publications
Personal Interests

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.

Representative Engagements
Article
Securities Class Actions: Trading Models to Estimate Individual Investor Trading Activity and Aggregate Damages
May 2017
Published by The Brattle Group, Inc.
Article
The Bid-Ask Spread in the Danish Stock Market: Evidence from the 1990s
August 25, 2016
Published in the International Journal of Economics and Finance

The paper investigates the cost components of the bid-ask spread and the changes in the spread around earnings announcements on the small Danish stock market in the 1990s.

Article
May 27, 2016
Torben Voetmann, Jan Jindra, and Ralph A. Walking
Published in the Quarterly Journal of Finance
Article
BMC Software's Lessons For Expert Witnesses
February 23, 2016
Published on Law360
Article
December 22, 2015
Published in Law360
Article
Correct Application of Event Studies in Securities Litigation
December 17, 2015
Published in Event Study Tools
Article
Delaware Appraisal Case Reaffirms Valuation Premium for S Corporations
September 15, 2015
Published in Deal Points
Article
Returns to Acquirers of Public and Subsidiary Targets
January 2015
Torben Voetmann, Jeffrey Jaffe, Jan Jindra, and David Pedersen
Published in the Journal of Corporate Finance
Article
High-Frequency Trading Litigation Presents Complex Issues for Experts
June 2014
Zachary Ziliak, Pavitra Kumar, and Torben Voetmann
Published by The Brattle Group, Inc. Published on Law360
Article
Rural Metro Redefines Investment Banks' Role In M&A
March 27, 2014
Published in Law360
Article
Rural Metro: Another Shackelton Expedition Falls Short of the Podium
March 2014
Published by The Brattle Group, Inc.
Article
Skill Differences in Corporate Acquisitions
December 2013
Jeffrey Jaffe, David Pedersen, and Torben Voetmann
Published in Journal of Corporate Finance, Volume 23
Report
Recent Guidance from the Delaware Court of Chancery - Summer 2013
August 2013
Published by The Brattle Group, Inc.
Article
Reverse Mergers: The Chinese Experience
October 8, 2012
Torben Voetmann, Jan Jindra, and Ralph A. Walking
Published in Social Science Research Network (SSRN)
Article
Discussion of the Pre and Post-Tax Discount Rates and Cash Flows: A Technical Note
August 9, 2010
Torben Voetmann and Jan Jindra
Published in Journal of Applied Research in Accounting and Finance (JARAF)

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.