Does Being an ‘Expert’ Make You an Expert?

The McIntire decision stands in stark contrast to two other recent decisions involving Chinese companies that accessed U.S. markets via reverse mergers, each of which found plaintiffs’ experts unreliable and concluded that markets for the securities at issue were inefficient and could not support the Basic presumption of reliance.

Judge Marrero rejected defendants’ Daubert challenges to Ms. Jones’ qualifications as an expert on market efficiency, initially by noting that courts in 19 other cases had accepted her as an expert “on a variety of matters pertaining to the economic analysis of issues relevant to securities law.”  But his opinion did not suggest that any of those courts found her to be an expert regarding market efficiency, a highly specialized area of economic analysis in securities cases.