Meet Our Experts | Dr. Adam Werner, Ph.D. – Finance and Securities Expert

In an endeavor to bring our readers closer to the Expert Witness community, Expert Witness Guru (EWG) announces its newest category – Meet Our Experts. We present to you, an interview with Finance and Securities Expert – Adam Werner, the first expert in our series of Expert Witness Interviews!

Adam Werner is a Finance and Securities Expert based in California.

Adam Werner - Finance and Securities Expert

Meet Adam Werner, a consultant and expert witness with Berkeley Economic Consulting, located in Berkeley, California. Dr. Werner holds a Ph.D. in Finance from Northwestern University’s Kellogg Graduate School of Management where he also taught MBA classes in both corporate finance and future and options. While at Kellogg, he was a University Scholar.

Dr. Werner started his career in 1992 as a Research Assistant at the Federal Reserve Bank of Cleveland where he specialized in energy research prior to attending graduate school. He has been associated with the Berkeley Economic Group since 2009 and has spent the last 11 years working for consulting firms including Cornerstone Research, CRA International and NERA. You can find his updated CV here with details about his experience as an expert witness and consultant, including his engagement on the BP Securities Class Action, where he issued a declaration regarding damages and materiality in the U.S. District Court for the Southern District of Texas.

He has been retained by both Plaintiffs and Defendants to consult on matters pertaining to damages in securities class actions including work on materiality and loss causation, financial valuation, security issuance, bankruptcy and option backdating. His opinions have been accepted by both state and federal courts as well as by courts in Canada.

He was first retained as an expert witness in 2003 when he provided testimony on behalf of his client and he has been retained as an expert witness 15 times.  Dr. Werner estimated that about 75% of his work was done on behalf of the Plaintiffs.

While talking to Expert Witness Guru, Dr. Werner reflected upon his first work as a litigation consultant on a series of suits in the U.S. referred to as the Winstar cases. They were (are) lawsuits against the U.S. government by savings and loans for breach of contract.  Among the many issues involved in this case were the Miller-Modigliani propositions related to a firms’ capital structure. Dr. Werner explained that these propositions are one of the foundations for modern finance theory for which the two Authors (Merton Miller and Franco Modigliani) received the Nobel Prize in Economics.  The two Nobel laureates were pitted against each other over whether or not the Miller-Modigliani were applicable to these cases when it came to regulatory capital.  For someone with a Ph.D. in Finance, Dr. Werner believes, it was a perfect introduction into the world of litigation consulting.

We proceeded to ask Dr. Werner about how his testimony might be impacted by case venue. He mentioned that the levels of expertise and knowledge, especially with judges, are normally dependent upon their past experiences and as a result, one might choose to tailor their presentation of opinions based on venue. He explains, “For instance, many securities cases are filed in the Southern District of New York so the judges there usually have a good understanding of what you as an expert are talking about regarding damages, materiality and loss causation.  Conversely, I have done some securities cases in Canada which is still in its relative class action infancy. I find that when I am retained in such cases, I usually am asked to start from first principals with regard to my explanations.”

Dr. Werner is currently compensated at $450/hour and also gets reimbursed for his out of pocket expenses. When asked if location was a factor in accepting work on expert witness assignments, in fact, he recounted that one of the more enjoyable cases which he worked on had lawyers based out of New York and had him testifying in Hong Kong (he is located in California).

You can get in touch with Dr. Werner at the following address:

Berkeley Economic Consulting
2531 Ninth Street
Berkeley, CA 94710
Ph: 510-898-1351
Email: adam.werner@berkeleyeconomics.com
LinkedIn: http://www.linkedin.com/pub/adam-werner/2/65b/59b
Based on an online interview with the expert and independent research conducted by the Expert Witness Guru.
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