Twitter v. Elon Musk, et al.

Mr. Feige specializes in the areas of finance, securities, and financial markets. He has worked on and managed a range of securities and valuation projects in the UK and Europe. Mr. Feige has been appointed as expert in Dutch court to provide valuation and securities claims reports in support of Steinhoff’s global securities settlement, and gave evidence in the Dutch Enterprise Chamber regarding the valuation of Getir. He has also managed teams evaluating shareholder reliance and disclosure materiality and estimating counterfactual share prices in UK Financial Services and Markets Act (FSMA) Section 90A litigation matters. Mr. Feige has supported experts analyzing the volume of false and spam accounts on Twitter, Twitter’s information security infrastructure, Twitter’s data privacy and compliance with a US Federal Trade Commission (FTC) consent decree, and share price and valuation issues on behalf of Twitter in Twitter v. Musk in which Elon Musk eventually purchased Twitter at his initial offer price. In cases involving alleged market manipulation in the foreign exchange (FX) and IBOR markets, he has analyzed trade data and evaluated alleged manipulation strategies. Mr. Feige worked on USA v. Richard Usher, et al., and the Foreign Exchange Class Antitrust Litigation, analyzing FX trade and chat data, as well as competition issues; preparing experts for testimony at trial; and providing data analyses and consulting support to counsel throughout the projects. He has also worked on a range of international arbitration cases, including valuation, damages, and competition analyses. In addition, he has developed complex valuation models, including discounted cash flow models, and analyzed asset-backed securities, collateralized debt obligations, and other securitized products in support of expert testimony in a number of bankruptcy and damages matters. Mr. Feige has also worked on a number of international arbitrations valuing defaulted sovereign debt, expropriated oil fields, and retail operations. His work has been published in several industry journals.

Ms. Pinheiro has an extensive background in quantitative analysis and data science, which she has applied to various practice areas, including traditional and decentralized finance, intellectual property, biostatistics, and antitrust. In finance, she focuses on cases involving allegations of market price manipulation, misleading communications, excessive mutual fund fees, and mortgage-backed securities litigation. In particular, she has been retained by the US Department of Justice, regulatory agencies, banking institutions, and market exchanges to consult, advise, and testify on matters involving allegations of spoofing and price manipulation, as well as corresponding detection approaches. Her recent work has included the valuation of large portfolios of cryptocurrency assets and the analysis of the market microstructure of digital assets, reflecting her long-standing interest in the field, including early Bitcoin mining experience and certification as a Bitcoin Professional through the CryptoCurrency Certification Consortium. Ms. Pinheiro has also applied survey analysis and statistical modeling to various intellectual property cases, including patent disputes among smartphone manufacturers, copyright tariff setting for musical works, and patent infringement in the pharmaceutical industry. She has extensive experience analyzing clinical trial, registry, and insurance claims data for both litigation and research purposes and has published manuscripts on pharmacoeconomic issues. Her work integrates traditional economic analysis with cutting-edge applications of AI, from evaluating machine learning models in litigation to using generative AI to support the review of large datasets. In the antitrust field, she has acted as an expert and supported other experts in class certification and price-fixing matters involving a wide range of industries, including online search engines, computer chips, liquid-crystal display (LCD) panels, airline ticketing services, gaming, and grocery stores. Ms. Pinheiro has also authored expert reports and testified on questions relating to the modeling and calculation of royalties and damages.

Prior to joining Analysis Group, Ms. Pinheiro served as executive director of the finance group of CIRANO, where she conducted applied research projects in collaboration with private and public partners, including work on hedge funds, style analysis, credit and operational risk, and the development of integrated risk management tools for practical applications.

Dr. Royer applies a broad range of quantitative tools to address client needs in data science, statistics, HEOR, finance, intellectual property, competition policy, and antitrust cases in the United States, Canada, and the EU. His recent work includes predicting the potential future onset of rare or undiagnosed conditions with machine learning models; predicting whether patents would be considered essential to technological standards if challenged in courts; valuing patents in the communications industry; evaluating damages related to product defects; analyzing investment guidelines in securities lending suits; addressing allegations of monopolization in major antitrust cases involving high tech firms; and supporting many academic experts on mutual fund market timing and excess fee cases. In addition, Dr. Royer has conducted extensive academic research and coauthored books and papers on topics such as using new AI advances in HEOR; predicting treatment resistance in tuberculosis, using machine learning algorithms in propensity score models; measuring the impact of ESO backdating on shareholders’ wealth; analyzing mutual fund pricing; analyzing antitrust limit pricing; valuing private investments for hospitals in Canada; determining the impact of hypertension therapies on mortality; and comparing unemployment compensation in different countries.