Lisa B. Pinheiro

Ms. Pinheiro has an extensive background in quantitative analysis and data science, with a particular focus on analyzing complex financial data and market behavior, which she has applied across practice areas including traditional and decentralized finance, intellectual property, biostatistics, and antitrust.

In finance, Ms. Pinheiro specializes in matters involving allegations of market manipulation, misleading communications, excessive fees, and complex securities litigation. 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 market manipulation, as well as the design and evaluation of corresponding detection approaches. Ms. Pinheiro currently serves on the independent Surveillance Advisory Committee of Kalshi, advising on exchange market integrity and fraud detection matters. Her work also includes the valuation of large portfolios of cryptocurrency assets and the analysis of the market microstructure of digital assets, reflecting both her long-standing experience in the field and early involvement, including Bitcoin mining, Ethereum validation, and certification as a Bitcoin Professional. She has authored expert reports and testified on questions relating to the modeling and calculation of price impact, royalties, and damages.

Beyond financial markets, Ms. Pinheiro applies similar statistical and economic frameworks to a broad range of litigation contexts. She has applied 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. Her work integrates traditional economic analysis with advanced data science and AI techniques, from evaluating machine learning models in litigation to using generative AI to support the review of large datasets. Additionally, Ms. Pinheiro has worked extensively in antitrust matters, acting as an expert and supporting other experts in class certification and price-fixing matters across industries such as online search, computer chips, liquid-crystal display (LCD) panels, airline ticketing services, gaming, and grocery stores. Her substantial experience analyzing health care data includes clinical trial, registry, and insurance claims data for both litigation and research purposes.

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.