Cynthia L. Jones, CFA

Vice President

With more than 20 years of economic consulting expertise, CFA® charterholder Cynthia L. Jones has been engaged in securities, capital markets, and commercial litigation matters including valuation and economic damages. She provides expert analyses and opinions in areas including actions brought pursuant to Federal and State securities laws; ERISA litigation; complex business and consumer litigation; shareholder oppression; commercial damages; and mergers and acquisition litigation.

Ms. Jones is qualified in federal district court to provide opinions concerning class certification matters, including market efficiency, and has structured financial settlements and developed equitable plans of allocation in conjunction with class action settlements and SEC disgorgement proceedings. She is frequently called upon to quantify stakeholder damages in financial disputes and to assist in matters related to class certification.

Ms. Jones’ experience spans numerous industries and forums. Early in her career, she was an integral part of the valuation team that provided expert testimony in Delaware’s longest-running appraisal action, Cede & Co. v. Technicolor, Inc. She served as a consulting expert in the securities trials involving Globalstar (In re: Globalstar Securities Litigation, SDNY) and BankAtlantic (In re: BankAtlantic Bancorp, Inc. Securities Litigation, SDF) where she performed analytics and reports for class certification, materiality, loss causation and damages. She was retained as an expert In re: China MediaExpress Holdings Shareholder Litigation, where she provided testimony on market efficiency and damages. Her testimony was accepted by the Court and relied upon in certifying the class.

Before joining Monument Economics Group, Ms. Jones was a Senior Vice President at Management Planning, Inc., where she led the firm’s litigation services group and also provided valuation opinions to private corporate clients. Prior to her tenure at MPI, Ms. Jones was a Managing Director at Financial Markets Analysis, LLC for 13 years, where she was a project manager, and consulting or testifying expert in matters related to valuation, capital markets and stakeholder disputes.

Selected Experience

  • In Re: China MediaExpress Holdings, Inc. Shareholder Litigation she prepared an expert report on the issue of market efficiency and provided deposition testimony which ultimately resulted in the Court certifying the class. Her analysis was cited favorably by the Court. She also prepared a 10b-5 damages analysis. The case settled for $12 million against the auditor defendant and a default judgement was issued for the remaining damages against the company defendants.
  • Prepared expert valuation of commercial real estate advisory firm and damages report in shareholder oppression case in New York Superior Court. Case resulted in favorable settlement award equal to her damages estimate.
  • Retained as consulting expert and presented damage analysis at mediation on behalf of investors in the NASDAQ Facebook IPO litigation. The case was settled for a favorable $30 million award for shareholders.
  • Prepared valuation report In Re: Lafarge North America, Inc. Securities Litigation on behalf of Pension Board of Philadelphia which challenged the tender offer price for LNA by Lafarge, SA. Applied standard valuation techniques to determine fair market value of the shares. Uncovered several deficiencies in the fairness opinion analysis and ultimately drove a settlement reflecting a 10 percent increase in the tender offer price. Conducted confirmatory due diligence and submitted a declaration in support of the revised tender offer price and the settlement.
  • Provided consulting services and supported expert testimony In Re: Schwab Corp. Securities Litigation, pursuant to Federal and California State claims. Prepared forensic analysis of benchmark performance deviation for an ultra-short mutual fund and prepared a damage analysis. Analysis was instrumental in obtaining a $200 million settlement on behalf of fund investors.
  • Provided consulting services in a consumer fraud action against General Mills for a misleading marketing campaign that highlighted purported digestive health benefits of a particular brand of yogurt. Analyzed weekly consumer sales price and volume data provided by Nielsen and calculated damages based on the price premium paid by consumers for non-proven benefits. The case settled for $8.5 million.
  • Provided consulting services and supported testifying expert In Re: BankAtlantic Bancorp Inc. Securities Litigation, one of ten or so shareholder fraud class actions to reach trial since 1995. Performed underlying analytics and prepared reports for class certification and materiality, loss causation and damages. Prepared trial exhibits and outlined trial testimony. Jury returned a Plaintiffs verdict and awarded damages, relying heavily on our damages methodology (a verdict later overturned by the Court.) Attended the courtroom trial, supported testifying expert and prepared attorneys for cross-examination of defendants’ experts.
  • Retained by the SEC in an insider trading enforcement action to develop an equitable Plan of Distribution of a $35.8 million Fair Fund to harmed public investors, including a carve-out group of institutional investors that could trace purchases directly to the Defendant. Analyzed Defendant trades over multi-day window, quantified ill-gotten gains, and devised plan to compensate investors on a pro-rata basis, accounting for certain carve-out transactions.
  • Retained by the SEC to structure equitable Plans of Distribution for several hundred million dollars in Fair Funds (disgorgement, penalty and interest) on behalf of investors in RMBS Trusts issued by Credit Suisse and JP Morgan to eligible investors in more than 3,000 separate securities, each with a unique CUSIP, historical pricing data and distributions.
  • Retained In Re: Sprint Nextel Corp. Securities Litigation to rebut Defendants’ expert on market efficiency for a class of ten corporate debt securities. Defendants’ expert opined that the market for these securities was not efficient. Participated in preparation of an analysis of the trade-by-trade data for the bonds provided by FINRA/TRACE, including an event study, and facilitated in taking the expert’s deposition. Assisted in preparing a rebuttal report that successfully refuted Defendants’ expert and the analyses in the rebuttal report were cited as supportive of the Court’s decision to certify the class of bondholders. Resulted in settlement for shareholders and bondholders in excess of $130 million.
  • Retained In Re: Oppenheimer Funds Municipal Securities Litigation to calculate damages for investors in 19 municipal bond mutual funds. Prepared mediation report and consulting that ultimately resulted in a $90 million settlement.

Professional Affiliations and Awards

  • CFA Institute
  • CFA Society of New York
  • CFA Society Philadelphia
  • National Association of Forensic Economics
  • FINRA Dispute Resolution Arbitrator
  • Rutgers School of Business – Guest Lecturer
  • Rutgers Law School – Guest Lecturer

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