Professor Christopher Palmer will spend his sabbatical during the 2024-2025 academic year as a Visiting Scholar at the Harvard Business School.

On April 15, 2024, the United States Court of Appeals for the Second Circuit affirmed the summary judgment dismissal of securities fraud claims against Mylan under Section 10(b) of the Securities Exchange Act of 1934 (In re Mylan N.V. Sec. Litig. (16-CV-7926 (JPO)). 

In this securities class action, plaintiffs posited in their complaint three claims that allegedly artificially inflated Mylan’s stock price: (i) Mylan engaged in anticompetitive conduct regarding EpiPen; (ii) Mylan misclassified EpiPen for the Medicaid Drug Rebate Program (“MDRP”); (iii) Mylan engaged in market allocation and price fixing for virtually all of its generic drugs.

The March 30, 2023 decision by the U.S. District Court for the Southern District of New York granted summary judgment of all claims for the defendants and closed the case.  The District Court found that plaintiffs failed to show sufficient evidence of scienter and failed to demonstrate loss causation.  The plaintiffs appealed the District Court’s decision regarding the lack of scienter for the alleged misclassification under the MDRP and the failure to show loss causation on the generic drug claims; however, on April 15, 2024 the Appellate court affirmed the District Court’s judgment.

Cravath, Swaine & Moore, counsel for Mylan, retained Charles River Associates (“CRA”) to provide consulting support and to assess whether Plaintiffs’ expert put forth a reliable estimate of stock price inflation allegedly present in Mylan stock.  CRA supported MIT Sloan School of Management Professor S.P. Kothari in offering expert opinions on several key aspects of the case, including opinions addressing loss causation and the appropriate estimate of per share inflation, if any.

Professor Christopher Palmer received tenure at the Massachusetts Institute of Technology where he teaches corporate finance in the Sloan School of Management.

Dr. Palmer testified on damages for the defendant in this breach of contract matter after it had been remanded back from the appellate court. Following the trial, the judge rejected all new damage claims introduced by the plaintiffs.

The National Bureau of Economic Research (NBER) has appointed Professor Christopher Palmer a Research Associate in the Corporate Finance program.

Professor Nadauld has been named as one of the Associate Editors of the Journal of Finance.

“The Q Group’s annual Jack Treynor Prize recognizes superior academic working papers with potential applications in the fields of investment management and financial markets” (see https://www.q-group.org/Jack-Treynor-Prize). Brian Boyer, Taylor D. Nadauld, Keith P. Vorkink, and Michael S. Weisbach received the Jack Treynor Prize in 2022 for their working paper “Discount-Rate Risk in Private Equity: Evidence from Secondary Market Transactions.”