Exhibit A: Declaration of Dr. Adam Werner (Dkt. 582-5, S.D. Fla.)
Summary
Exhibit A (Document 582-5) in Case 1:21-md-02989-CMA, entered on the FLSD docket June 21, 2023, is a 139-page Declaration of Dr. Adam Werner dated April 14, 2023, filed as Document 83-1 in Bo Shen v. Exela Technologies, Inc., Ronald Cogburn and James G. Reynolds, Case No. 3:20-cv-00691-D, in the United States District Court for the Northern District of Texas. Its table of contents covers Werner's professional background and experience, a summary of opinions and findings, background on Exela and the lead plaintiffs' allegations, and the efficiency of the market for Exela stock under finance theory, the legal foundation of market efficiency and the Cammer factors. The exhibits end with Exhibit-10, a news frequency table of articles by date, sourced to Factiva.
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“Exhibit A: Declaration of Dr. Adam Werner (Dkt. 582-5).”
Original at archive.org. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2023-04-14-plaintiff-v-exela-technologies-inc-ronald/
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EXHIBIT A
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UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF TEXAS
BO SHEN, Individually and on Behalf of All Case No. 3:20-cv-00691-D
Others Similarly Situated,
Plaintiff,
v.
EXELA TECHNOLOGIES, INC., RONALD
COGBURN, and JAMES G. REYNOLDS,
Defendants.
DECLARATION OF
DR. ADAM WERNER
April 14, 2023
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TABLE OF CONTENTS
I. INTRODUCTION ...............................................................................................................1
II. PROFESSIONAL BACKGROUND AND EXPERIENCE ................................................1
III. SUMMARY OF OPINIONS AND FINDINGS ..................................................................3
IV. BACKGROUND .................................................................................................................4
A. About Exela .............................................................................................................4
B. Summary of Lead Plaintiffs’ Allegations ................................................................5
V. EFFICIENCY OF THE MARKET FOR EXELA STOCK.................................................6
A. Market Efficiency in Finance Academia and Economic Theory .............................6
B. The Legal Foundation and Application of Market Efficiency .................................9
C. The Cammer Factors and Their Application in This Case ....................................10
1. Cammer Factor 1: Average Weekly Trading Volume ...............................10
2. Cammer Factor 2: Analyst Coverage .........................................................11
3. Cammer Factor 3: Market Makers and Listing on the NASDAQ .............13
4. Cammer Factor 4: SEC Form S-3 Eligibility.............................................14
5. Cammer Factor 5: Price Reaction to New Information .............................16
D. The Unger/Krogman Factors Considered ..............................................................41
1. Market Capitalization.................................................................................42
2. Float ...........................................................................................................42
3. Bid-Ask Spread ..........................................................................................43
VI. COMMON DAMAGE METHODOLOGY ......................................................................44
A. Section 10(b) Damages Methodology ...................................................................44
VII. CONCLUSION ..................................................................................................................47
VIII. LIMITING FACTORS AND OTHER ASSUMPTIONS..................................................47
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I, Adam Werner, declare and state, under penalty of perjury, that the following is true and
correct to the best of my knowledge, information, and belief. If called to testify, I could and
would testify competently to the following facts.
I. INTRODUCTION
I was asked by Glancy Prongay & Murray LLP, counsel for Lead Plaintiffs, to
determine whether the common stock of Exela Technologies, Inc. (“Exela” or the “Company”)
traded in an efficient market during the period from March 16, 2018, through March 16, 2020,
inclusive (the “Class Period”).
In addition, I have been asked to opine on whether damages in this matter are
subject to a common methodology that can be calculated on a class-wide basis for all Class
members in connection with their claims under Section 10(b) and Section 20(a) of the Securities
Exchange Act of 1934 (the “Exchange Act”) and U.S. Securities & Exchange Commission
(“SEC”) Rule 10b-5 adopted thereunder (collectively, “Section 10(b)”).
I understand that as an expert witness in this proceeding, my duty in providing my
declaration is to the Court and that this duty overrides any obligation to the parties who have
engaged me, from whom I have received instructions or compensation. I confirm that I have
complied with this duty.
II. PROFESSIONAL BACKGROUND AND EXPERIENCE
I am currently an affiliated expert at Crowninshield Financial Research, Inc.
(“Crowninshield”). I recently retired as a Lecturer in economics at the Orfalea College of Business
at California Polytechnic State University San Luis Obispo (Cal Poly) where I taught managerial
economics to graduate students, and international finance, macroeconomics and microeconomics
to undergraduates. Prior to accepting my lecturer position at Cal Poly and being affiliated with
Crowninshield, I spent 16 years working for consulting firms including Cornerstone Research,
1
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CRA International, and NERA. I have been retained by both plaintiffs and defendants to consult
on matters pertaining to market efficiency, materiality and loss causation, damages, investment
banking, financial valuation, security issuance, bankruptcy, and options backdating. My expert
opinions have been accepted in Federal, State, and Bankruptcy courts within the United States as
well as courts in Australia and Canada. I have lectured frequently to attorneys on the topic of
damage estimation and settlements in securities class actions. I have also spoken on the estimation
of capital rates in emerging economies at a conference organized by the University of Texas School
of Law.
I hold a Ph.D. in Finance (1999) from Northwestern University’s Kellogg Graduate
School of Management. While at Kellogg, I taught M.B.A. classes in corporate finance, and futures
and options. I was also awarded a University Scholarship during my time at Kellogg. Prior to
graduate school, I served as a Research Assistant at the Federal Reserve Bank of Cleveland. My
full Vitae including prior testimony is attached as Exhibit-1 to this declaration.
A list of documents I reviewed in forming my opinion in this matter is set forth in
Exhibit-2 to this declaration.
Crowninshield is currently being compensated at $750 per hour for my ongoing
work on this matter. Additional Crowninshield consultants have assisted me with my work at rates
ranging from $250 per hour to $500 per hour. This compensation is not contingent on the outcome
of this matter.
2
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III. SUMMARY OF OPINIONS AND FINDINGS
OPINION 1: Exela stock traded in an efficient market throughout the Class
Period.
My opinion is based on the following observations, analyses, and findings from the
Class Period:
a. The average weekly trading volume of Exela stock as a percentage of shares
outstanding was 1.04%, higher than the 1% required to meet the substantial-
presumption-of-efficiency benchmark set forth by the court in Cammer v. Bloom;1
b. At least 10 securities analysts covered Exela and there were at least 233 news stories,
press releases, and SEC filings published about the Company;
c. Exela stock traded on the NASDAQ and had at least 90 market makers;
d. At least 133 institutional investors owned Exela stock, as indicated by public filings;
e. Exela was eligible for S-3 registration;
f. Event study analysis indicates that a cause-and-effect relationship existed between the
release of new Company-specific information and movements in the price of Exela
stock (i.e., the stock price exhibited statistically significant abnormal returns);
g. The market capitalization of the Exela stock averaged $489.0 million over the Class
Period, which was larger than the total market capitalization of at least 53% of all
other publicly traded companies in the U.S.;
1
Cammer v. Bloom, 711 F. Supp. 1264 (D.N.J. 1989).
3
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h. Exela stock had an average bid-ask spread2 of 0.53% compared to the average bid-ask
spread of 0.59% for all stocks in the CRSP database.
OPINION 2: With expert assistance, the finder of fact in this matter will be
able to compute damages using a common class-wide methodology that
applies to the calculation of damages for each and every Class member.
IV. BACKGROUND
A. About Exela
Prior to the start of the Class Period, Exela was a Special Purpose Acquisition
Company (“SPAC”) called Quinpario Acquisition Corporation 2 (“Quinpario”).3 Since January
22, 2015, Quinpario traded as a public company whose stated mission was to effect “a merger,
capital stock exchange, asset acquisition, stock purchase, reorganization or similar business
combination with one or more businesses or entities.”4 In February 2017, Quinpario announced
that it would merge with SourceHOV Holdings, Inc. and Novitex Holding, Inc., forming a
combined entity under the name Exela Technologies, Inc. 5 The merger was consummated on July
12, 2017, approximately eight months prior to the start of the Class Period. The merger was
purported to create “a leading provider of platform‑based enterprise information management and
transaction processing solutions.”6
2
A bid-ask spread is the price at which a market maker (intermediary) is willing to buy and sell a security. For
example, if one is making a market in Company Y’s security, one might be willing to buy (bid) security of Company
Y at $10 per share and sell (ask) the same security at $10.15 per share. In this instance, the bid-ask spread would be
$0.15, or approximately 1.5%.
3
Exela Technologies, Inc., Form 10-K for the fiscal year ended December 31, 2019, filed on June 9, 2020, p. 17.
4
Exela Technologies, Inc., Form 10-K for the fiscal year ended December 31, 2019, filed on June 9, 2020, p. 83.
5
Exela Technologies, Inc., Form 10-K for the fiscal year ended December 31, 2019, filed on June 9, 2020, p. 83.
6
Exela Technologies, Inc., Form 10-K for the fiscal year ended December 31, 2019, filed on June 9, 2020, p. 54.
4
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As a combined entity, Exela’s business was in producing software products for
automating business processes such as workflow, communications, accounting, and human capital
management, among other things. 7 Exela’s primary customers were other companies and
enterprises.8 Exela’s common stock traded on the Nasdaq stock exchange under the ticker symbol
“XELA”.9
However, during the Class Period, the Company began to experience financial
woes. Through a series of disappointing earnings announcements from November 2018 through
March 2020, culminating in the filing delay of its Fiscal Year 2019 Form 10-K, the Company’s
stock price fell from $5.41 per share at the start of the Class Period to $0.15 per share by March
18, 2020.
B. Summary of Lead Plaintiffs’ Allegations
Lead Plaintiffs allege that throughout the Class Period, Defendants made a series
of misrepresentations and omission that led market participants to falsely believe certain ongoing
and/or reoccurring expenses and costs were “non-routine and/or aberrant.”10 Specifically, Lead
Plaintiffs allege that:
a. Defendants falsely “inflate[d] Adjusted EBITDA with ordinary operating expenses,
claiming they are non-routine/non-recurring and will decline”;11
7
Exela Technologies, Inc., Form 10-K for the fiscal year ended December 31, 2019, filed on June 9, 2020, pp. 10-14.
8
Exela Technologies, Inc., Form 10-K for the fiscal year ended December 31, 2019, filed on June 9, 2020, p. 9.
9
Exela Technologies, Inc., Form 10-K for the fiscal year ended December 31, 2019, filed on June 9, 2020, p. 17.
10
Lead Plaintiffs’ Second Amended Class Action Complaint (“Complaint”), dated August 5, 2021, ¶8.
11
Complaint, Section V.A.
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b. Defendants falsely “claim[ed] Exela has predictable revenue and tout[ed] revenue
visibility to instill investor confidence in guidance,”; and12
c. Defendants “fail[ed] to record estimated appraisal liability and misrepresent[ed] their
ability to even estimate Exela’s potential liability associated with the Appraisal
Action.”13
Lead Plaintiffs further allege that the truth was revealed through a series of partial
disclosures during the Class Period (November 8, 2018, March 18, 2019, May 9-10, 2019, May
22, 2019, August 8-9, 2019, November 12-13, 2019, and March 16-17, 2020) which caused sharp
declines in the Company's stock price.
V. EFFICIENCY OF THE MARKET FOR EXELA STOCK
A. Market Efficiency in Finance Academia and Economic Theory
The efficient market hypothesis is the foundation of modern finance theory. In
essence, a security trades in an efficient market when all publicly available information is
incorporated in the security price and any new information that impacts the economic outlook of
the firm gets quickly reflected in its security price. In over 50 years’ worth of academic articles,
financial economists have used event study analysis to evaluate market efficiency by examining
how new information affects securities prices.14 Event studies are a set of analytical methods used
to measure the response of security prices to typical corporate news events such as earnings
releases, merger announcements, guidance revisions, etc., after controlling for, among other
12
Complaint, Section V.B.
13
Complaint, Section V.C.
14
See, e.g., “The Event Study Methodology Since 1969,” by John J. Binder, Review of Quantitative Finance and
Accounting, vol. 11, 1998, pp. 111-137.
6
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things, market-wide factors. Campbell et al. [1997] provide a detailed description of the
methodology and document its wide use in academic research.15
Furthermore, event study analysis has formed the basis for assessing loss causation
and artificial inflation in securities class actions. 16 Gold et al. [2017] write that financial
economists generally accept and widely use the methodology in forensic applications.17
While financial economists rely on event study analysis as direct evidence
demonstrating security price response to new information, they accept other factors as tending to
support the existence of an efficient market for a security. For example, financial economists have
argued that trading volume is correlated with a market’s efficiency such that the higher the trading
volume, the more likely it is to be efficient.18
Financial economists also believe that the number of analysts that follow a
company relates to the market efficiency of the company’s security. This is based on the theory
that:
[a]nalysts gather and independently generate information about companies and
disseminate such information to their clients (e.g., in the form of earnings forecasts
15
“Event-Study Analysis,” by John Campbell et al., Chapter 4 of The Econometrics of Financial Markets, Princeton
University Press, 1997.
16
See, e.g., “Materiality and Magnitude: Event Studies in the Courtroom,” by David I. Tabak and Frederick C. Dunbar,
Chapter 19 of the Litigation Services Handbook: The Role of the Financial Expert, 3rd Edition, edited by Roman L.
Weil et al., John Wiley & Sons, Inc., 2001.
17
“Federal Securities Acts and Areas of Expert Analysis,” by Kevin Gold et al., Chapter 27 of the Litigation Services
Handbook: The Role of the Financial Expert, 6th Edition, edited by Roman L. Weil et al., John Wiley & Sons, Inc.,
2017.
18
See, e.g., “The Fraud-on-the-Market Theory and the Indicators of Common Stocks’ Efficiency,” by Brad M. Barber
et al., The Journal of Corporation Law, 1994, p. 291.
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and recommendations). Accordingly, it can be expected that the larger the number
of analysts following a security, the more efficiently it is traded.19
Put another way, the more analysts covering a security, the more likely it is that the
market for that security will timely incorporate new information in that security’s price.
Similarly, financial economists have considered the market value of a firm and its
relationship with market efficiency.20 Larger companies tend to attract more analyst and news
media coverage and gain the attention of a greater number of investors. All of these characteristics,
which accompany a large market capitalization, promote, and therefore tend to support, market
efficiency.
A narrow bid-ask spread 21 of a particular security is also often associated with
efficiency. In academia, a security’s bid-ask spread is frequently used as a measure of liquidity22
or cost of trading.23 All things equal, a narrower bid-ask spread implies that there is a sufficient
demand for and supply of an asset—the number of investors willing to buy or sell a security. Thus,
the cost of executing a trade is low. A lower cost of trading implies that there are fewer
impediments for investors to trade on new information.
19
“The Fraud-on-the-Market Theory and the Indicators of Common Stocks’ Efficiency,” by Brad M. Barber et al.,
The Journal of Corporation Law, 1994, p. 292.
20
See, e.g., “The Cross-Section of Expected Stock Returns,” by Eugene F. Fama and Kenneth R. French, The Journal
of Finance, vol. 47, no. 2, 1992, pp. 427-465 (discussing how the role of size explains returns).
21
The bid-ask spread is the amount by which the ask price (the lowest price that a seller is willing to accept) for a
share of a security exceeds the bid price (the highest price that a buyer is willing to pay).
22
Liquidity refers to the degree to which investors can buy and sell a security in the market without affecting the price.
23
See, e.g., Trading & Exchanges: Market Microstructure for Practitioners, by Larry Harris, Oxford University Press,
2003, pp. 420-441.
8
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B. The Legal Foundation and Application of Market Efficiency
In Cammer v. Bloom, 711 F.Supp. 1264 (D.N.J. 1989) (“Cammer”), the seminal
decision on demonstrating market efficiency, the court’s definition of efficiency was generally
consistent with how financial economists and the academic community define efficiency.24 The
Cammer court then related efficiency to the reliance element of securities fraud claims and the
applicability of the fraud-on-the-market doctrine, stating:
[a]s relevant here, courts have permitted a rebuttable presumption of
reliance in the case of securities traded in ‘efficient markets’ (i.e., markets
which are so active and followed that material information disclosed by a
company is expected to be reflected in the stock price).25
Just one year earlier, the United States Supreme Court confirmed its understanding
of the efficient market theory focusing on the same fundamental characteristic of market efficiency
in the context of the availability of the fraud-on-the-market doctrine for establishing the reliance
element of a securities fraud claim stating:
The fraud on the market theory is based on the hypothesis that, in an open
and developed securities market, the price of a company’s stock is
determined by the available material information regarding the company
and its business …26
24
Cammer, 711 F.Supp. at 1276, n. 17 (quoting Securities Fraud and Commodities Fraud, by Alan Bromberg &
Lewis Lowenfels, §8.6 (Aug. 1988)) (“An efficient market is one which rapidly reflects new information in price.”));
id. at 1280, n. 25 (quoting “Efficient Capital Markets: A Review of Theory and Empirical Work,” by Eugene F. Fama,
The Journal of Finance, vol. 25, no. 2, 1970) (“A market in which prices always ‘fully reflect’ available information
is called ‘efficient’”).
25
Cammer, 711 F.Supp. at 1273, n. 11.
26
Basic, Inc. v. Levinson, 485 U.S. 224, 241 (1988); and Amgen Inc. v. Conn. Ret. Plans & Trust Funds, 568 U.S.
455, 458 (2013) (“[t]he fraud-on-the market premise is that the price of a security traded in an efficient market will
reflect all publicly available information about a company . . .”).
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In advance of laying out a number of criteria that courts should examine in
determining market efficiency, the Cammer court credited financial experts such as Bromberg and
Lowenfels. The Cammer court explicitly acknowledged the importance of a listing on a developed
exchange and the implications of such a listing for market efficiency:
We think that, at a minimum, there should be a presumption – probably
conditional for class determination – that certain markets are developed and
efficient for virtually all the securities traded there: the New York and
American Stock Exchanges, the Chicago Board Options Exchange and the
NASDAQ National Market System.27
C. The Cammer Factors and Their Application in This Case
The Cammer court applied five factors to determine market efficiency.28 Widely-
accepted academic finance literature provides the economic basis for these factors as indicia of
market efficiency. The five factors considered are (1) a security’s/firm’s average weekly trading
volume; (2) analyst coverage; (3) number of market makers; (4) eligibility to file an SEC Form S-
3; and (5) price reaction to new information.
1. Cammer Factor 1: Average Weekly Trading Volume
The first Cammer factor examines whether a security’s “average weekly trading
volume … [would be] in excess of a certain number of shares.”29 More specifically, the court
credited Bromberg who recognized that “turnover measured by average weekly trading of 2% or
27
Cammer, 711 F. Supp. at 1292.
28
Cammer, 711 F. Supp. at 1286-87.
29
Cammer, 711 F. Supp. at 1286 (“the reason the existence of an actively traded market, as evidenced by a large
weekly volume of stock trades, suggests there is an efficient market is because it implies significant investor interest
…. Such interest, in turn, implies a likelihood that many investors are executing trades on the basis of newly available
or disseminated corporate information”).
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more of the outstanding shares would justify a strong presumption that the market for the security
is an efficient one; 1% would justify a substantial presumption.”30
During the Class Period, Exela’s weekly trading volume ranged between 184,321
and 17,455,844 shares.31 As shown in Exhibit-3, the average weekly trading volume of Exela’s
stock during the Class Period as a percentage of its stock outstanding was 1.04%. This level of
weekly average trading volume exceeds the Cammer benchmark of 1% necessary for a “substantial
presumption” of market efficiency.32 Thus, one can make a substantial presumption of market
efficiency for Exela stock during the Class Period.
However, it important to note that Exela was largely held by insiders during the
Class Period. On average, only 23% the Company’s shares outstanding were available to be traded
by public investors. Given that there is a relatively large discrepancy between float and shares
outstanding, I also considered Exela’s weekly average trading volume during the Class period as
a percentage of float. As shown in Exhibit-3, during the Class Period, the average weekly trading
volume of Exela’s stock as a percentage of its float was 4.62%. This level of weekly average
trading volume exceeds the Cammer benchmark of 2% necessary for a “strong presumption” of
market efficiency.
2. Cammer Factor 2: Analyst Coverage
The Cammer Court found that “it would be persuasive [if] a significant number of
securities analysts followed and reported on a company’s stock.”33 If investment professionals
30
Cammer, 711 F. Supp. at 1293.
31
Volume data obtained from CRSP.
32
This corresponds to 1,572,938 shares traded per week during the Class Period on average.
33
Cammer, 711 F.Supp. at 1286.
11
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were closely monitoring a firm’s information and subsequently making buy/sell recommendations
to their clients based on that information, “the market price of the stock would be bid up or down
to reflect the [company’s] financial information…as interpreted by the securities analysts.”34 This
suggests that the more analysts who followed a security, the greater the likelihood that a security
traded in an efficient market. Barber et al. [1994] found that coverage by one or two analysts
strengthened the presumption of efficiency for a publicly traded stock.35
During the Class Period, at least three firms/analysts following Exela issued
recommendations and/or research reports on Exela's equity.36 The firms were Cantor Fitzgerald,
Morgan Stanley, and RBC Capital Markets.37 These firms/analysts released at least 40 reports and
recommendations during the Class Period. An additional seven analysts, Bank of America Merrill
Lynch, Citigroup, Cowen and Company, Credit Suisse, Jefferies, Morgan Stanley, Nomura and
Nuveen attended Exela’s earnings conference calls. See Exhibit-4 attached hereto.
The various avenues of news media coverage also facilitate the flow of material
information to the marketplace, which promotes efficiency. Such avenues of information
dissemination include company press releases.38
34
Cammer, 711 F.Supp. at 1286.
35
“The Fraud-on-the-Market Theory and the Indicators of Common Stocks’ Efficiency,” by Brad M. Barber et al.,
The Journal of Corporation Law, 1994.
36
In addition to these equity analyst reports, Moody's also published credit reports on Exela during the Class Period.
See, e.g., “Exela Intermediate LLC: Update following downgrade to Caa1, outlook revision to negative,” Moody’s
Investor Service, May 23, 2019.
37
Analyst reports obtained from Refinitiv Eikon
38
See, e.g., Cammer, 711 F. Supp at 1283, n. 30, citing that the company “issued numerous press releases concerning
its business operations ….”
12
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During the Class Period, over 233 news stories, press releases, and SEC filings
featuring Exela appeared in financial publications and newswires, including Business Wire, Dow
Jones Institutional News, and Reuters.
The number of analysts covering Exela supports a finding of market efficiency. In
addition, the wide dissemination of information about Exela from company press releases and from
well-regarded and widely read sources in the news media such as Globe Newswire, Dow Jones
Institutional News, and Reuters also supports a finding of market efficiency.
3. Cammer Factor 3: Market Makers and Listing on the NASDAQ
The third factor considered by the Cammer court to indicate market efficiency is
that a security had numerous market makers.39 The Cammer court stated, “the existence of market
makers and arbitrageurs would ensure completion of the market mechanism; these individuals
would react swiftly to company news and reported financial results by buying or selling stock and
driving it to a changed price level.”40
A security with a large number of market makers would indicate that many market
participants are trading in that security, thereby increasing liquidity and decreasing trading costs.
It follows that a large number of market makers indicates efficiency of the market for a particular
security. During the Class period, there were at least 90 market makers for Exela Stock, including
well-known firms such as: Barclays, Deutsche Bank, Goldman Sachs, Morgan Stanley, and UBS.41
See Exhibit-5 for a list of market makers during the Class Period. Again, citing Bromberg and
Lowenfels, the Cammer court noted that “[t]en market makers for a security would justify a
39
See, e.g., “The Fraud-on-the-Market Theory and The Indicators of Common Stocks’ Efficiency,” by Brad M. Barber
et al., The Journal of Corporation Law, 1994, p. 291.
40
Cammer, 711 F. Supp. at 1286-1287.
41
Market Maker data obtained from Bloomberg.
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substantial presumption that the market for the security is an efficient one; five market makers
would justify a more modest presumption.”42
Another indication of market efficiency is the presence of institutional investors –
sophisticated and professional full-time investors – in the market, as economists presume them “to
be better informed about the securities they hold and better able to interpret new information than
individual investors.”43
During the Class Period, at least 133 unique institutional investors owned Exela
stock.44 The presence of at least 133 sophisticated professional investors is further support for
finding that the market for Exela stock was efficient during the Class Period.
The existence of market makers and a large number of unique institutional investors
further supports that Exela stock traded in an efficient market.
4. Cammer Factor 4: SEC Form S-3 Eligibility
The fourth Cammer factor is a firm’s ability to file a Form S-3 Registration
Statement. For a company to be eligible to file a Form S-3, the Securities and Exchange
Commission requires 12 months of filings and at least $75 million of float. A company with less
than $75 million of float and 12 months of filings is eligible to file a Form S-3 registration so long
as the company has “a class of common equity securities listed and registered on a national
42
Cammer, 711 F. Supp at 1293 (quoting Bromberg & Lowenfels, Securities Fraud and Commodities Fraud §8.6
(1988))
43
“The Fraud-on-the-Market Theory and The Indicators of Common Stocks’ Efficiency,” by Brad M. Barber et al.,
The Journal of Corporation Law, 1994, p. 292. For discussion of the role of institutional investors in incorporating
information into equity prices, see, e.g., “The Influence of Analysts, Institutional Investors, and Insiders on the
Incorporation of Market, Industry, and Firm-Specific Information into Stock Prices,” by Joseph D. Piotroski and
Darren T. Roulstone, The Accounting Review, vol. 79, no. 4, 2004, pp. 1119-1151.
44
According to filings that reported holdings, there were 133 unique institutions that held Exela stock as of at least
one of the following reporting periods: March 31, 2018, June 30, 2018, September 30, 2018, December 31, 2018,
March 31, 2019, June 30, 2019, September 30, 2019, and December 31, 2019. There may have been additional
institutions that held Exela stock during the Class Period, though not on the quarterly reporting dates.
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securities exchange, and the issuers do not sell more than the equivalent of one-third of their public
float in primary offerings over any period of 12 calendar months.”45 Despite the fact that the SEC
has loosened the $75 million float requirement, courts continue to focus on the $75 million float
benchmark when analyzing this Cammer factor.46
The Cammer court noted that S-3 registration eligibility is indicative of market
efficiency because the filing requirement ensured that financial data are available to market
participants, and the public float requirement indicated that many market participants would have
examined the information.47
Proposed Form S-3 recognizes the applicability of the efficient market
theory to the registration statement framework with respect to those
registrants which usually provide high quality corporate reports, including
Exchange Act reports, and whose corporate information is broadly
disseminated, because such companies are widely followed by professional
analysts and investors in the market place. Because of the foregoing
observations made by the SEC, the existence of Form S-3 status is an
important factor weighing in favor of a finding that a market is efficient.48
The ‘public float’ aspect of the Form S-3 requirements ensures that enough
investors have in fact read the previously filed document.49
Again, it is the number of shares traded and value of shares outstanding that
involve the facts which imply efficiency.50
45
“Revisions to The Eligibility Requirements for Primary Securities Offerings on Forms S-3 And F-3,” SEC Release
No. 33-8878, December 19, 2007.
46
See, e.g., Nguyen v. Radient Pharm. Corp., 287 F.R.D. 563, 573 (C.D. Cal. 2012).
47
Cammer, 711 F. Supp. at 1284-85.
48
Cammer, 711 F. Supp. at 1284-85.
49
Cammer, 711 F. Supp. at 1285.
50
Cammer, 711 F. Supp. at 1287.
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The financial information in the SEC filings, supplemented by information
provided by analysts and news coverage, provided investors with access to financial information
about the Company on a continuous basis.
A company’s float is the number or value of its shares that can potentially trade
freely in the marketplace. It is generally defined as the number or value of outstanding shares,
minus insider holdings and shares owned by affiliated corporate entities. During the Class Period,
the average float of the Exela shares was $111.1 million, exceeding the level required for S-3
registration.
Exela also regularly reported financial results and filed financial reports with the
SEC until the very last day of Class Period. However, I understand that the reason for the missed
filing on the last day of the Class Period is directly related to Lead Plaintiffs’ allegations in this
case. Other than this very last day, Exela’s SEC filings during the Class Period gave investors
access to the Company’s financial information about the Company throughout the Class Period.
To the extent that S-3 registration eligibility indicates company characteristics
associated with market efficiency, Exela possessed those particular characteristics during the Class
Period.
5. Cammer Factor 5: Price Reaction to New Information
The fifth factor cited in Cammer suggests “it would be helpful to . . . [have]
empirical facts showing a cause-and-effect relationship between unexpected corporate events or
financial releases and an immediate response in the stock price.”51 To demonstrate this cause-and-
effect relationship, I conducted an event study investigating whether the market for Exela common
stock was efficient, specifically with respect to allegation-related information that was released to
51
Cammer, 711 F. Supp. at 1287.
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the market during the Class Period. A significant reaction would demonstrate market efficiency,
not only generally, but also specifically with respect to the information at issue in this case.
Furthermore, if the allegation-related information events do elicit statistically significant price
reaction(s), this would be evidence that the price of Exela stock was impacted by the allegation-
related information.
The event study is the paramount tool for testing market efficiency. Professor Fama
states that:
The cleanest evidence on market-efficiency comes from event studies,
especially event studies on daily returns. When an information event can be
dated precisely and the event has a large effect on prices, the way one
abstracts from expected returns to measure abnormal daily returns is a
second-order consideration. As a result, event studies can give a clear
picture of the speed of adjustment of prices to information.52
Since the seminal papers by Ball and Brown [1968] and Fama et al. [1969] first
introduced event study analysis to a broader audience of accounting and finance researchers, event
studies have “become ubiquitous in capital markets research.”53 Campbell et al. [1997] provide a
detailed background and description of how event studies are used in econometric analysis.54 Gold
et al. [2017] write about how the methodology is generally accepted and widely used in forensic
applications.55
52
“Efficient Capital Markets: II,” by Eugene F. Fama, The Journal of Finance, vol. 46, no. 5, 1991, p. 1607.
53
“Event Studies: A Methodology Review,” by Charles J. Corrado, Accounting and Finance, vol. 51, 2011, p. 207.
54
“Event-Study Analysis,” by John Campbell et al., Chapter 4 of The Econometrics of Financial Markets, Princeton
University Press, 1997.
55
“Federal Securities Acts and Areas of Expert Analysis,” by Kevin Gold et al., Chapter 27 of the Litigation Services
Handbook: The Role of the Financial Expert, 6th Edition, edited by Roman L. Weil et al., John Wiley & Sons, Inc.,
2017.
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In its application, an event study can measure how much a firm’s security price
rises or falls in response to new information. An event study first calculates the difference between
the actual return on an individual security and the return predicted by the market model. This
difference is called an “abnormal return” (or residual return). It measures the impact of new, firm-
specific information on a firm’s security price. If the abnormal return over an event period is
deemed to be statistically significant, it indicates that the security price movement was likely
caused by firm-specific information and therefore cannot be attributed to market and/or industry
factors, or to random volatility alone. Indeed, a cause-and-effect relationship between new material
information and the reaction in the security price establishes market efficiency.
Not every piece of new information will result in a statistically significant abnormal
security return. To the extent that the new information may have been expected, or the valuation
impact of the new information is appropriately modest, the appropriate abnormal price return
should be statistically insignificant. As such, a finding of non-significance does not necessarily
establish inefficiency as a modest non-significant security price reaction may be the appropriate
and efficient security price reaction to a particular information event.56
For example, if a company announces earnings that are in-line with analysts’ and
investors’ expectations, even though the announcement contains important information, it may not
change the total mix of information sufficiently enough to elicit a statistically significant security
price reaction on that date. Appropriate candidate events for inclusion in a market efficiency event
study, therefore, are events on which company-specific information was released that is new,
56
“Event Studies in Securities Litigation: Low Power, Confounding Effects, and Bias,” by Alon Brav and J. B. Heaton,
Washington University Law Review, vol. 93, no. 2, 2015, p. 602.
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unexpected, not confounded by major countervailing news, and is of such import as to reasonably
be expected to elicit a security price reaction over the threshold for statistical significance.
(1) Selection of Exela Market Efficiency Events
In connection with this factor, the Cammer Court recognized the special importance
of the information allegedly misrepresented that is the subject of the litigation:
The central question under the fraud on the market theory is whether the stock price,
at the time a plaintiff effected a trade, reflected the ‘misinformation’ alleged to have
been disseminated.57
By focusing an event study on information related to the allegations in the
Complaint, I have ascertained that the market for Exela stock was efficient, not only generally, but
also with respect to the particular information at issue in this case. Consequently, the empirical
behavior of Exela stock following the release of allegation-related information best determines
whether the market for Exela stock was efficient for purposes of the fraud-on-the-market principle.
An event study testing market efficiency does not require a comprehensive
identification of all events during the Class Period, including all of those cited in the Complaint,
on which new material allegation-related information was disclosed.58 Further, because of the high
threshold for statistical significance, it is also important to note that new information may be
economically significant without being statistically significant.
The following are amongst the event dates identified where important, relevant and
material information was disclosed:
57
Cammer, 711 F.Supp. at 1282
58
A comprehensive identification of all disclosures of information related to the alleged fraud is beyond the scope of
this declaration and is properly addressed in an analysis of loss causation and damages.
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a. November 9, 2018: On November 8, 2018, after the close of trading, Exela announced
its financial results for Q3 2018.59 For the quarter, Exela reported revenues of $383.0
million and adjusted EBITDA of $68.9 million.60 However, the Company reduced its
adjusted EBITDA guidance for FY 2018 from $295-$310 million to $280-$290
million. 61 On the conference call, CEO Cogburn admitted that the adjusted EBITDA
“could have been higher in the quarter,” but was impacted by “lower project revenue
in our LLPS segment and the exit of a low-margin contract,” which also bore upon the
adjusted EBITDA guidance.62 Cantor Fitzgerald analysts noted that adjusted EBITDA
margins of 18.0% was “below our estimate of 20.8%.”63
b. March 19, 2019: On March 18, 2019, after the close of trading, Exela announced its
financial results for Q4 2018 and FY 2018.64 For the quarter, Exela reported revenues
of $399.6 million and adjusted EBITDA of $75.3 million. 65 The Company also
initiated FY 2019 guidance. Specifically, Exela announced adjusted EBITDA
59
“Exela Technologies, Inc. Reports Third Quarter 2018 Results,” GlobeNewswire, Company press release,
November 8, 2018, 4:30PM.
60
“Exela Technologies, Inc. Reports Third Quarter 2018 Results,” GlobeNewswire, Company press release,
November 8, 2018, 4:30PM.
61
“Exela Technologies, Inc. Reports Third Quarter 2018 Results,” GlobeNewswire, Company press release,
November 8, 2018, 4:30PM.
62
“Q3 2018 Exela Technologies Inc Earnings Call,” Thomson Reuters, conference call, November 8, 2018, pp. 3,7.
63
“Plenty of Growth Opportunities,” by Joseph D. Foresi and Drew L. Kootman, Cantor Fitzgerald, analyst report,
November 9, 2018, p. 1.
64
“Exela Technologies, Inc. Reports Fourth Quarter and Full Year 2018 Results; Digital NowSM Powering Growth,”
GlobeNewswire, Company press release, March 18, 2019, 4:53PM.
65
“Exela Technologies, Inc. Reports Fourth Quarter and Full Year 2018 Results; Digital NowSM Powering Growth,”
GlobeNewswire, Company press release, March 18, 2019, 4:53PM.
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guidance for FY 2019 of $305-$335 million.66 RBC Capital Markets analysts noted
that revenue and adjusted EBITDA were below their forecasts.67 Cantor Fitzgerald
analysts stated that adjusted EBITDA margins of 18.8% was “below our estimate of
19.3%.”68
c. May 10, 2019: On May 9, 2019, after the close of trading, Exela announced its
financial results for Q1 2019.69 For the quarter, Exela reported revenues of $403.8
million and adjusted EBITDA of $74.1 million.70 The Company also maintained its
adjusted EBITDA guidance.71 RBC Capital Market analysts and Cantor Fitzgerald
analysts noted that revenue was below expectations.72,73 Cantor Fitzgerald analysts
stated that adjusted EBITDA margins of 18.4% was “below our estimate of 18.6%.”74
66
“Exela Technologies, Inc. Reports Fourth Quarter and Full Year 2018 Results; Digital NowSM Powering Growth,”
GlobeNewswire, Company press release, March 18, 2019, 4:53PM.
67
“Q4/18 slightly below expectations, FY19 revenue guide brackets expectations,” by Daniel R. Perlin and Matt
Roswell, RBC Capital Markets, analyst report, March 18, 2019, p.1.
68
“Synergies Flowing Through,” by Joseph D. Foresi and Drew L. Kootman, Cantor Fitzgerald, analyst report, March
19, 2019, p. 1.
69
“Exela Technologies, Inc. Reports First Quarter 2019 Results; Reaffirms 2019 Outlook,” GlobeNewswire, Company
press release, May 9, 2019, 4:30PM.
70
“Exela Technologies, Inc. Reports First Quarter 2019 Results; Reaffirms 2019 Outlook,” GlobeNewswire, Company
press release, May 9, 2019, 4:30PM.
71
“Exela Technologies, Inc. Reports First Quarter 2019 Results; Reaffirms 2019 Outlook,” GlobeNewswire, Company
press release, May 9, 2019, 4:30PM.
72
“Q1/19 adjusted EBITDA ahead, revenue below, guidance unchanged,” by Daniel R. Perlin and Matt Roswell, RBC
Capital Markets, analyst report, May 9, 2019, p.1.
73
“Story Coming Together,” by Joseph D. Foresi and Drew L. Kootman, Cantor Fitzgerald, analyst report, May 10,
2019, p. 1.
74
“Story Coming Together,” by Joseph D. Foresi and Drew L. Kootman, Cantor Fitzgerald, analyst report, May 10,
2019, p. 1.
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d. May 23, 2019: On May 22, 2019, after the close of trading, Moody’s downgraded
Exela ratings from B3 to Caa1, with a negative outlook.75 According to Moody’s, “the
investments needed to transition to business process automation (BPA) services and
competitive industry pricing will sustain negative free cash flow, pressure on earnings
and weak liquidity.”76 Moody’s analyst Steiner noted that any benefits from reduction
in restructuring charges, primarily comprising headcount would be eroded by “the
competitive nature of the industry itself.”77
e. August 9, 2019: On August 8, 2019, after the close of trading, Exela announced its
financial results for Q2 2019.78 For the quarter, Exela reported revenues of $390.2
million and adjusted EBITDA of $69.4 million.79 For FY 2019, the Company reduced
its adjusted EBITDA guidance from $305-$335 million to $290-$300 million.80 RBC
Capital Markets analysts reduced their price target from $7 to $4 and noted that
“XELA reported a 5% y/y decline in revenue and management reduced the midpoint
of FY19 revenue guidance by $80M. The focus remains on liquidity and free cash
flow generation, which makes equity valuation difficult and we expect the stock to
75
“Moody’s downgrades Exela’s ratings (CFR to Caa1); outlook is negative,” Moody’s Investors Service Press
Release, May 22, 2019.
76
“Moody’s downgrades Exela’s ratings (CFR to Caa1); outlook is negative,” Moody’s Investors Service Press
Release, May 22, 2019.
77
“Moody’s downgrades Exela’s ratings (CFR to Caa1); outlook is negative,” Moody’s Investors Service Press
Release, May 22, 2019.
78
“Exela Technologies, Inc. Reports Second Quarter 2019 Results; Updates 2019 Outlook,” GlobeNewswire,
Company press release, August 8, 2019, 4:25PM.
79
“Exela Technologies, Inc. Reports Second Quarter 2019 Results; Updates 2019 Outlook,” GlobeNewswire,
Company press release, August 8, 2019, 4:25PM.
80
“Exela Technologies, Inc. Reports Second Quarter 2019 Results; Updates 2019 Outlook,” GlobeNewswire,
Company press release, August 8, 2019, 4:25PM.
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trade in line with the company’s bonds.”81 Cantor Fitzgerald analysts reduced their
price target from $9 to $6, citing to lower than expected top-line and bottom-line
results and lowered 2019 revenue guidance.82
f. November 13, 2019: On November 12, 2019, after the close of trading, Exela
announced its financial results for Q3 2019.83 For the quarter, Exela reported revenues
of $372.9 million and adjusted EBITDA of $58.5 million. 84 For FY 2019, the
Company reduced its adjusted EBITDA guidance from $290-$300 million to $255-
$265 million.85 Cantor Fitzgerald analysts reduced their price target from $6 to $4,
citing to lower than expected top-line and bottom-line results and lowered 2019
revenue guidance.86
g. March 16, 2020: On March 16, 2020, during market hours, Exela issued a press
release announcing that it would postpone its scheduled earnings release and
conference call “due to the delayed filing of its Form 10-K for the year-ended
December 31, 2019, and the need to restate certain of its historical financial
81
“Q2/19 miss, guidance lowered, sharply reducing valuation,” by Daniel R. Perlin and Matt Roswell, RBC Capital
Markets, analyst report, August 9, 2019, p.1.
82
“Focus on the Balance Sheet,” by Joseph D. Foresi and Drew L. Kootman, Cantor Fitzgerald, analyst report, August
9, 2019, p.1.
83
“Exela Technologies, Inc. Reports Third Quarter 2019 Results,” GlobeNewswire, Company press release,
November 12, 2019, 4:05PM.
84
“Exela Technologies, Inc. Reports Third Quarter 2019 Results,” GlobeNewswire, Company press release,
November 12, 2019, 4:05PM.
85
“Exela Technologies, Inc. Reports Third Quarter 2019 Results,” GlobeNewswire, Company press release,
November 12, 2019, 4:05PM.
86
“Debt Paydown & Liquidity Initiative,” by Joseph D. Foresi and Drew L. Kootman, Cantor Fitzgerald, analyst
report, November 13, 2019, p.1.
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statements.”87 The Company planned to file its Form NT 10-K on March 17, 2020,
and expected to file its Form 10-K by March 31, 2020, and within the 15-day
extension. Exela also planned to file an 8-K on March 17, 2020, to provide “additional
details regarding the restatement of its historical financial statements.”88
(2) Market Model
A market model is used to determine how much of a company’s security return on
each event was driven by company-specific information as opposed to market and peer group
factors. The market model involves running a regression to determine how Exela stock typically
behaved in relation to the overall stock market and industry-specific factors. The regression model
is then used to determine how much of each event day’s observed security price return can be
explained by the market and industry-specific factors (the “expected return” or “explained return”).
That is, a market model measures the expected return of the company’s security over an event
period after controlling for the overall market and industry-specific factors.
Next, the abnormal return (or residual return) is computed by subtracting the
expected return from the observed security price return. The abnormal return is the return of the
company’s security after controlling for market effect and industry-specific factors.
I ran a regression modeling the return of Exela stock as a function of 1) a constant
term, 2) the returns of the overall stock market, and 3) an industry index return. The regression
model is formulaically expressed as follows:
87
“Exela Technologies, Inc. to Delay Fourth Quarter and Full Year 2019 Earnings Release and Conference Call and
Announces Delay of Form 10-K Filing,” GlobeNewswire, Company press release, March 16, 2020, 2:40PM.
88
“Exela Technologies, Inc. to Delay Fourth Quarter and Full Year 2019 Earnings Release and Conference Call and
Announces Delay of Form 10-K Filing,” GlobeNewswire, Company press release, March 16, 2020, 2:40PM.
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𝑅𝑠 𝛼 𝛽 𝑅𝑚 𝛽 𝑅𝑖 𝜖
Where:
𝑅𝑠 = the return of the stock;
𝑅𝑚 = the return of the market index;
𝑅𝑖 = the daily return of the industry index.
The regression model produces a “constant” term (“α”) also referred to as an
“intercept” term, and one or more slope coefficient, or “beta” (“β”). The betas quantify the
sensitivity of a security’s return to the return on the market index (“𝛽 ”) and industry index (“𝛽 ”).
A security with a market index beta of 1.0 is expected to increase (decrease) by one percent for
each one percent increase (decrease) in the market index. Similarly, a security with a market beta
of 2.0 is expected to increase (decrease) by two percent for each one percent increase (decrease)
in the market index.
To control for movements in the overall stock market, I used the CRSP
NYSE/AMEX/NASDAQ/ARCA Market Index (“Market Index”), which is a generally accepted
measure of the performance of the overall stock market. The Market Index incorporates payment
of dividends by the constituent companies. Typically, I first examine the Company’s SEC filings
to determine if there is comparable peer index that the Company compared itself to during the
Class Period. I was not able to identify such an index that was consistently used by Exela
throughout the Class Period itself. I could identify, for the first 9 months of the Class Period, that
Exela compared its performance in 2018 to a custom peer group of four companies in its 10-K for
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the fiscal year ended December 31, 2018.89 I was not able to identify a comparable industry index
within Exela’s Form 10-K and Annual Report filings for 2019 and 2020, which is also within the
Class Period. Therefore, instead, I relied on Exela’s Global Industry Classification Standard
(“GICS”) identifier to identify an appropriate industry index. I obtained the GICS identifier for
Exela from Bloomberg, which was 202020. Because GICS identifiers denote the industry sector
that the associated company belongs to, I could determine that appropriate comparison industry
for Exela was the Professional Services industry. Subsequently, I identified an index that reflects
the appropriate comparison industry. For the purposes of my analysis, the index I used was the
Standard and Poor's Supercomposite Professional Services Index (“Industry Index”).90
Exhibit-6 presents the Exela return, Market Index return, and Industry Index return
used in the regression model. Exela’s stock prices and trading volume on the event study dates are
shown in Exhibit-7.91
Prior to running a regression, one must decide on an estimation period over which
to measure the relationship between the security at issue and the corresponding market and
industry indices. Given the length of the Class Period, and to ensure that the regression estimation
period and estimates would be relatively contemporaneous with the events being tested, I ran 252-
day rolling regressions. That is, to test whether any given date had a statistically significant residual
89
Exela Technologies, Inc., Form 10-K for the fiscal year ended December 31, 2018, filed on March 20, 2019, p. 44.
90
As a robustness check, I also ran all empirical analyses discussed herein using Exela’s partial Class Period
identification of four peer companies. Whether these four companies are used in a market capitalization weighted
index, or an equal weighted index makes no difference to the qualitative results of my analyses. Therefore, the
empirical results presented here are robust to alternative peer index selections.
91
In my regression analysis, I use log returns R1 = ln (P1/P0) rather than normal returns R1 = ((P1-P0)/P0) where P1 =
ending stock price and P0 = beginning stock price, as security returns are considered to be log normally distributed.
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return, I estimated the regression model using 252 trading days of data preceding the subject date.92
Using an estimation window preceding the event of interest is a widely used and generally accepted
methodology.93 The results of the regression are summarized in Exhibit-8.
(3) t-Test
For each event, I conducted a statistical test called a t-test to determine whether
Exela’s abnormal return was statistically significant. If the absolute value of the “t-statistic,” which
is equal to the abnormal return on an event date divided by the standard deviation of all abnormal
returns in the regression estimation, is greater than the critical t-statistic value of ±1.96, then the
security price return is deemed statistically significant. That is, there is less than a 5% chance that
the abnormal return was caused by random volatility alone, which is generally accepted to be so
unlikely that the random volatility explanation can be rejected. If an event date’s abnormal return
is deemed to be statistically significant, one can conclude that the security price return was caused
by company-specific information, rather than random volatility.
The results of the event study are presented below and in Exhibit-9.
92
For Class Period dates March 16, 2018 through July 13, 2018, I did not use a total of 252 trading days in their
respective rolling regression estimation periods. For this date range, the rolling estimation period began on July 13,
2017, which is the first trading day following the business combination. Because Exela was a SPAC prior to the
business combination, I excluded the trading days during which Exela was a SPAC from the regression estimation
periods to control for potential differences in volatility.
93
“Three general choices for the placement of an estimation window are before the event window, surrounding the
event window, and after the event window.” (“Materiality and Magnitude: Event Studies in the Courtroom,” by David
I. Tabak and Frederick C. Dunbar, Chapter 19 of the Litigation Services Handbook: The Role of the Financial Expert,
3rd Edition, edited by Roman L. Weil et al., John Wiley & Sons, Inc., 2001, p. 19.5.).
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b. Event Study Results
(1) November 9, 2018
On November 8, 2018, after the close of trading, Exela announced its financial
results for Q3 2018.94 For the quarter, Exela reported revenues of $383.0 million and adjusted
EBITDA of $68.9 million.95 However, the Company reduced its adjusted EBITDA guidance for
FY 2018 from $290-$310 million to $280-$290 million. 96 On the conference call, CEO Cogburn
admitted that the adjusted EBITDA “could have been higher in the quarter,” but was impacted by
“lower project revenue in our LLPS segment and the exit of a low-margin contract,” which also
bore upon the adjusted EBITDA guidance. 97 Cantor Fitzgerald analysts noted that adjusted
EBITDA margins of 18.0% was “below our estimate of 20.8%.”98
On November 9, 2018, Exela’s share price fell 16.71% (on a logarithmic basis), on
volume of 596,921 shares traded. The Market Index return on that date was -0.98% and the
Industry Index return was -1.03%. Based on the regression model, the expected portion of the
return on Exela stock was -0.63%. The difference between the actual return of -16.71% and the
expected return of -0.63% is an abnormal return of -16.08%.
According to the event study, the abnormal return of -16.08% is associated with a
t-statistic value of -5.70, which indicates that the residual return is statistically significant at the
94
“Exela Technologies, Inc. Reports Third Quarter 2018 Results,” GlobeNewswire, Company press release,
November 8, 2018, 4:30PM.
95
“Exela Technologies, Inc. Reports Third Quarter 2018 Results,” GlobeNewswire, Company press release,
November 8, 2018, 4:30PM.
96
“Exela Technologies, Inc. Reports Third Quarter 2018 Results,” GlobeNewswire, Company press release,
November 8, 2018, 4:30PM.
97
“Q3 2018 Exela Technologies Inc Earnings Call,” Thomson Reuters, conference call, November 8, 2018, pp. 3,7.
98
“Plenty of Growth Opportunities,” by Joseph D. Foresi and Drew L. Kootman, Cantor Fitzgerald, analyst report,
November 9, 2018, p. 1.
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95% confidence level. The t-statistic value of -5.70 indicates that the abnormal return was too
severe to have been a random fluctuation. Consequently, the abnormal stock return is deemed
statistically significant and is indicative of market efficiency.
(2) March 19, 2019
On March 18, 2019, after the close of trading, Exela announced its financial results
for Q4 2018 and FY 2018. 99 For the quarter, Exela reported revenues of $399.6 million and
adjusted EBITDA of $75.3 million. 100 The Company also initiated FY 2019 guidance.
Specifically, Exela announced adjusted EBITDA guidance for FY 2019 of $305-$335 million.101
RBC Capital Markets analysts noted that revenue and adjusted EBITDA were below their
forecasts. 102 Cantor Fitzgerald analysts stated that adjusted EBITDA margins of 18.8% was
“below our estimate of 19.3%.”103
On March 19, 2019, Exela’s share price fell 5.48% (on a logarithmic basis), on
volume of 191,553 shares traded. The Market Index return on that date was -0.07% and the
Industry Index return was -0.06%. Based on the regression model, the expected portion of the
return on Exela stock was -0.20%. The difference between the actual return of -5.48% and the
expected return of -0.20% is an abnormal return of -5.28%.
99
“Exela Technologies, Inc. Reports Fourth Quarter and Full Year 2018 Results; Digital NowSM Powering Growth,”
GlobeNewswire, Company press release, March 18, 2019, 4:53PM.
100
“Exela Technologies, Inc. Reports Fourth Quarter and Full Year 2018 Results; Digital NowSM Powering Growth,”
GlobeNewswire, Company press release, March 18, 2019, 4:53PM.
101
“Exela Technologies, Inc. Reports Fourth Quarter and Full Year 2018 Results; Digital NowSM Powering Growth,”
GlobeNewswire, Company press release, March 18, 2019, 4:53PM.
102
“Q4/18 slightly below expectations, FY19 revenue guide brackets expectations,” by Daniel R. Perlin and Matt
Roswell, RBC Capital Markets, analyst report, March 18, 2019, p.1.
103
“Synergies Flowing Through,” by Joseph D. Foresi and Drew L. Kootman, Cantor Fitzgerald, analyst report, March
19, 2019, p. 1.
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According to the event study, the abnormal return of -5.28% is associated with a t-
statistic value of -1.87, which indicates that the residual return is not statistically significant at the
95% confidence level. While the residual return on this day was not statistically significant at the
95% confidence level, it was statistically significant at the 94% confidence level. Furthermore, the
direction of the price movement on March 19, 2019, is consistent with the negative information
that was disseminated on this day. Thus, while the residual return did not meet the 95% confidence
level for statistical significance, the direction and magnitude of the price movement is nonetheless
consistent with market efficiency,
(3) May 10, 2019
On May 9, 2019, after the close of trading, Exela announced its financial results for
Q1 2019.104 For the quarter, Exela reported revenues of $403.8 million and adjusted EBITDA of
$74.1 million.105 The Company also maintained its adjusted EBITDA guidance.106 RBC Capital
Market analysts and Cantor Fitzgerald analysts noted that revenue was below expectations.107,108
Cantor Fitzgerald analysts stated that adjusted EBITDA margins of 18.4% was “below our
estimate of 18.6%.”109
104
“Exela Technologies, Inc. Reports First Quarter 2019 Results; Reaffirms 2019 Outlook,” GlobeNewswire,
Company press release, May 9, 2019, 4:30PM.
105
“Exela Technologies, Inc. Reports First Quarter 2019 Results; Reaffirms 2019 Outlook,” GlobeNewswire,
Company press release, May 9, 2019, 4:30PM.
106
“Exela Technologies, Inc. Reports First Quarter 2019 Results; Reaffirms 2019 Outlook,” GlobeNewswire,
Company press release, May 9, 2019, 4:30PM.
107
“Q1/19 adjusted EBITDA ahead, revenue below, guidance unchanged,” by Daniel R. Perlin and Matt Roswell,
RBC Capital Markets, analyst report, May 9, 2019, p.1.
108
“Story Coming Together,” by Joseph D. Foresi and Drew L. Kootman, Cantor Fitzgerald, analyst report, May 10,
2019, p. 1.
109
“Story Coming Together,” by Joseph D. Foresi and Drew L. Kootman, Cantor Fitzgerald, analyst report, May 10,
2019, p. 1.
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On May 10, 2019, Exela’s share price fell 5.16% (on a logarithmic basis), on
volume of 107,044 shares traded. The Market Index return on that date was 0.41% and the Industry
Index return was 0.48%. Based on the regression model, the expected portion of the return on
Exela stock was 0.45%. The difference between the actual return of -5.16% and the expected return
of 0.45% is an abnormal return of -5.61%.
According to the event study, the abnormal return of -5.61% is associated with a
t-statistic value of -2.19, which indicates that the residual return is statistically significant at the
95% confidence level. The t-statistic value of -2.19 indicates that the abnormal return was too
severe to have been a random fluctuation. Consequently, the abnormal stock return is deemed
statistically significant and is indicative of market efficiency.
(4) May 23, 2019
On May 22, 2019, after the close of trading, Moody’s downgraded Exela ratings
from B3 to Caa1, with a negative outlook.110 According to Moody’s, “the investments needed to
transition to business process automation (BPA) services and competitive industry pricing will
sustain negative free cash flow, pressure on earnings and weak liquidity.”111 Moody’s analyst
Steiner noted that any benefits from reduction in restructuring charges, primarily comprising
headcount would be eroded by “the competitive nature of the industry itself.”112
On May 23, 2019, Exela’s share price fell 23.25% (on a logarithmic basis), on
volume of 802,413 shares traded. The Market Index return on that date was -1.28% and the
110
“Moody's downgrades Exela's ratings (CFR to Caa1); outlook is negative,” Moody’s Investors Service Press
Release, May 22, 2019.
111
“Moody's downgrades Exela's ratings (CFR to Caa1); outlook is negative,” Moody’s Investors Service Press
Release, May 22, 2019.
112
“Moody's downgrades Exela's ratings (CFR to Caa1); outlook is negative,” Moody’s Investors Service Press
Release, May 22, 2019.
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Industry Index return was -1.59%. Based on the regression model, the expected portion of the
return on Exela stock was -2.06%. The difference between the actual return of -23.25% and the
expected return of -2.06% is an abnormal return of -21.19%.
According to the event study, the abnormal return of -21.19% is associated with a
t-statistic value of -7.46, which indicates that the residual return is statistically significant at the
95% confidence level. The t-statistic value of -7.46 indicates that the abnormal return was too
severe to have been a random fluctuation. Consequently, the abnormal stock return is deemed
statistically significant and is indicative of market efficiency.
(5) August 9, 2019
On August 8, 2019, after the close of trading, Exela announced its financial results
for Q2 2019.113 For the quarter, Exela reported revenues of $390.2 million and adjusted EBITDA
of $69.4 million.114 For FY 2019, the Company reduced its adjusted EBITDA guidance from $305-
$335 million to $290-$300 million.115 RBC Capital Markets analysts reduced their price target
from $7 to $4 and noted that “XELA reported a 5% y/y decline in revenue and management
reduced the midpoint of FY19 revenue guidance by $80M. The focus remains on liquidity and free
cash flow generation, which makes equity valuation difficult and we expect the stock to trade in
line with the company’s bonds.”116 Cantor Fitzgerald analysts reduced their price target from $9
113
“Exela Technologies, Inc. Reports Second Quarter 2019 Results; Updates 2019 Outlook,” GlobeNewswire,
Company press release, August 8, 2019, 4:25PM.
114
“Exela Technologies, Inc. Reports Second Quarter 2019 Results; Updates 2019 Outlook,” GlobeNewswire,
Company press release, August 8, 2019, 4:25PM.
115
“Exela Technologies, Inc. Reports Second Quarter 2019 Results; Updates 2019 Outlook,” GlobeNewswire,
Company press release, August 8, 2019, 4:25PM.
116
“Q2/19 miss, guidance lowered, sharply reducing valuation,” by Daniel R. Perlin and Matt Roswell, RBC Capital
Markets, analyst report, August 9, 2019, p.1.
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to $6, citing to lower than expected top-line and bottom-line results and lowered 2019 revenue
guidance.117
On August 9, 2019, Exela’s share price fell 64.92% (on a logarithmic basis), on
volume of 1,845,046 shares traded. The Market Index return on that date was -0.72% and the
Industry Index return was -0.90%. Based on the regression model, the expected portion of the
return on Exela stock was -1.43%. The difference between the actual return of -64.92% and the
expected return of -1.43% is an abnormal return of -63.50%.118
According to the event study, the abnormal return of -63.50% is associated with a
t-statistic value of -14.64, which indicates that the residual return is statistically significant at the
95% confidence level. The t-statistic value of -14.64 indicates that the abnormal return was too
severe to have been a random fluctuation. Consequently, the abnormal stock return is deemed
statistically significant and is indicative of market efficiency.
(6) November 13, 2019
On November 12, 2019, after the close of trading, Exela announced its financial
results for Q3 2019.119 For the quarter, Exela reported revenues of $372.9 million and adjusted
EBITDA of $58.5 million.120 For FY 2019, the Company reduced its adjusted EBITDA guidance
from $290-$300 million to $255-$265 million.121 Cantor Fitzgerald analysts reduced their price
117
“Focus on the Balance Sheet,” by Joseph D. Foresi and Drew L. Kootman, Cantor Fitzgerald, analyst report, August
9, 2019, p.1.
118
Apparent mathematical discrepancy due to rounding.
119
“Exela Technologies, Inc. Reports Third Quarter 2019 Results,” GlobeNewswire, Company press release,
November 12, 2019, 4:05PM.
120
“Exela Technologies, Inc. Reports Third Quarter 2019 Results,” GlobeNewswire, Company press release,
November 12, 2019, 4:05PM.
121
“Exela Technologies, Inc. Reports Third Quarter 2019 Results,” GlobeNewswire, Company press release,
November 12, 2019, 4:05PM.
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target from $6 to $4, citing to lower than expected top-line and bottom-line results and lowered
2019 revenue guidance.122
On November 13, 2019, Exela’s share price fell 54.03% (on a logarithmic basis),
on volume of 4,642,376 shares traded. The Market Index return on that date was 0.03% and the
Industry Index return was 0.73%. Based on the regression model, the expected portion of the return
on Exela stock was 0.31%. The difference between the actual return of -54.03% and the expected
return of 0.31% is an abnormal return of -54.34%.
According to the event study, the abnormal return of -54.34% is associated with a
t-statistic value of -10.80, which indicates that the residual return is statistically significant at the
95% confidence level. The t-statistic value of -10.80 indicates that the abnormal return was too
severe to have been a random fluctuation. Consequently, the abnormal stock return is deemed
statistically significant and is indicative of market efficiency.
(7) March 16, 2020
On March 16, 2020, one hour and twenty minutes prior to the market’s close, Exela
issued a press release announcing that it would postpone its scheduled earnings release and
conference call “due to the delayed filing of its Form 10-K for the year-ended December 31, 2019,
and the need to restate certain of its historical financial statements.”123 The Company planned to
file its Form NT 10-K on March 17, 2020, and expected to file its Form 10-K by March 31, 2020,
122
“Debt Paydown & Liquidity Initiative,” by Joseph D. Foresi and Drew L. Kootman, Cantor Fitzgerald, analyst
report, November 13, 2019, p.1.
123
“Exela Technologies, Inc. to Delay Fourth Quarter and Full Year 2019 Earnings Release and Conference Call and
Announces Delay of Form 10-K Filing,” GlobeNewswire, Company press release, March 16, 2020, 2:40PM.
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and within the 15-day extension. Exela also planned to file an 8-K on March 17, 2020, to provide
“additional details regarding the restatement of its historical financial statements.”124
On March 16, 2020, Exela’s share price fell 7.08% (on a logarithmic basis), on
volume of 604,420 shares traded. The Market Index return on that date was -12.58% and the
Industry Index return was -9.25%. Based on the regression model, the expected portion of the
return on Exela stock was -15.34%. The difference between the actual return of -7.08% and the
expected return of -15.34% is an abnormal return of 8.26%.
According to the event study, the abnormal return of 8.26% is associated with a
t-statistic value of 1.37, which indicates that the residual return is not statistically significant at the
95% confidence level. Thus, Exela’s residual stock price return this day is neither evidence for nor
against market efficiency. However, given the relatively short amount of time between the
dissemination of information on March 16, 2020 and the close of trading, it is reasonable that the
market did not have enough time to fully incorporate the information. Therefore, I also considered
the residual stock price return on March 17, 2020, the very next trading day. On March 17, 2020,
Exela’s share price fell 8.67% (on a logarithmic basis), on volume of 974,677 shares traded. The
Market Index return on that date was 5.17% and the Industry Index return was 6.46%. Based on
the regression model, the expected portion of the return on Exela stock was 7.05%. The difference
between the actual return of -8.67% and the expected return of 7.05% is an abnormal return
of -15.72%. This abnormal return of -15.72% is associated with a t-statistic value of -2.61, which
indicates that the residual return is statistically significant at the 95% confidence level.
124
“Exela Technologies, Inc. to Delay Fourth Quarter and Full Year 2019 Earnings Release and Conference Call and
Announces Delay of Form 10-K Filing,” GlobeNewswire, Company press release, March 16, 2020, 2:40PM.
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c. Cause-and-Effect Analysis: High Information Flow
versus Low Information Flow Days
While Cammer does not provide specific tests, indicia, or factors on which the court
relied in determining the existence of a cause-and-effect relationship for a security and its
incorporation of information, economists perform various tests, utilizing statistical methodologies,
that can provide probative quantitative evidence concerning the existence of a cause-and-effect
relationship consistent with an efficient market. In order to test this proposition, one must first
examine whether or not a stock’s price reacts differently on days in which new information is
revealed (“news days”) versus all other days (“non-news days”). A key component of such a test
is defining what is news.
In performing a news vs. no-news test, it is to use an objective filter to identify
“news days” in order to remove any potential subjective biases that may impact the results of the
test. To remain as objective as reasonably possible, I broadly defined “news days” as any day with
news releases about a subject company that can be identified through the news aggregating
database, Factiva. Such a broad definition of news is highly objective but produces many “news
days” as a result, due to the frequent news coverage of Exela by news media sources. In order to
isolate a test sample of news days that would be more likely than not to contain valuation-relevant
information, I focused on the frequency of news releases on each day during the Class Period. The
idea that the frequency of news releases on a particular topic is an indicator of its import has been
established in content analysis studies, for example:
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“The frequency with which a symbol, idea, reference or topic occurs in a
stream of messages is taken to indicate the importance, of attention to, or
emphasis on that symbol, idea, reference, or topic in the messages.”125
Given that a higher number of news releases is linked to a higher likelihood of
trading and market activity, in an efficient market, one would expect days with a higher number
of news releases to be more likely to exhibit atypical security price movements.
To identify days with the highest number of news releases, or “high information
flow days”, I began with the news articles published during the Class Period for Exela that I
obtained from Factiva. I then determined the effective trading date that each article was published,
a process that utilizes the article publishing dates provided by Factiva for each news article.126 To
identify my high information flow and low information flow test groups, I separated the Class
Period days based on the number of news articles published each day. I established a rank for each
day in the Class Period according to the number of news articles published each day from the
largest number of news articles to the smallest number of news articles. The top 10% of days with
the most news articles published were placed in the high information flow group. The remaining
90% of days were placed in the low information flow group. There are 503 days in the Class
Period. Thus, the 50 days with the largest number of new articles published fall within the top
10% and are considered high information flow days. The remaining 453 days are considered low
information flow days for purposes of this analysis.
125
"Content Analysis: An Introduction to Its Methodology", by Klaus Krippendorff, 2nd edition, 2004, p. 59 (emphasis
in original).
126
If an article was published on a weekend or non-trading holiday, the effective date of the article was set to the next
available trading date.
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If more than one day has an equal number of news days that are ranked as having
the 50th largest number of news articles, I placed all such days with the same number of news
articles into the high information flow sample. This treatment is conservative as it allocates more
days with relatively lower news frequencies to the high information flow group.
See Appendix-A for additional details of the methodology I applied to identify high
information flow and low information flow days.
After the high information flow and lesser information flow dates have been
identified, statistical analysis is used to compare the stock price reactions on high information flow
days to the stock price reactions on low information flow days. As explained by Ferrillo, Dunbar
and Tabak in their article published in 2004 in the St. John’s Law Review, if the proportion of
significant price movements on news days is statistically significantly different than on non-news
days, “then the evidence would show that, on average, the stock price reacts to news
announcements.”127
The use of tests comparing security price reaction on news dates to non or lesser-
news dates for assessing market efficiency is supported and explained by a group of eight testifying
finance experts who wrote an Amici Curiae brief in Halliburton II:
Another way to perform an event study is to divide the days of the class period ex
ante into expected news days and non-news days before examining price
movements, and then compare the stock’s price movements in the two categories
to see if there is a statistically significant difference in price movement between the
two categories. If the study finds a difference in price movement between the two
sample sets (e.g., earnings-release dates versus non-earnings-release dates), that is
127
“The ‘Less Than’ Efficient Capital Markets Hypothesis: Requiring More Proof from Plaintiffs in Fraud-On-The-
Market Cases,” Paul Ferrillo, et al., St. John’s Law Review 78 (81), Winter 2004, p. 120.
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statistical evidence that the market incorporates new public information into the
price of the stock.128
I employed a Fisher’s exact test to compare the frequency of statistically significant
stock price reactions on high information flow days as compared to lesser information flow days.
The Fisher’s exact test is a commonly used and widely accepted statistical tool for testing for a
difference in the frequency of statistically significant observations between two samples.129 If the
frequency of statistically significant security price reactions on high information flow days is
statistically significantly greater than the frequency of statistically significant price reactions on
lesser information flow days for the Company, one can conclude that its stock price reacted to
information during the Class Period. Such a result would demonstrate a cause-and-effect
relationship between news and reactions in the price of Exela stock, thereby demonstrating market
efficiency.
128
Brief of Testifying Economists as Amici Curiae in Support of Respondent, Halliburton Co. and David Lesar v.,
Erica P. John Fund, Inc., FKA Archdiocese of Milwaukee Supporting Fund, Inc., No. 13-317, dated February 5, 2014,
p. 10.
129
See, e.g., for example, “Reference Guide on Statistics,” by David H. Kaye and David A. Freeman, in Reference
Manual on Scientific Evidence, 3rd Edition, The National Academies Press, 2011, p. 287; “Statistical Inference About
Means and Proportions with Two Populations,” by David R. Anderson et al., Chapter 10 of Statistics for Business and
Economics, 2nd Edition, West Publishing, 1984; and “Tests of Hypothesis,” by Robert D. Mason et al., Chapter 9 of
Statistical Techniques in Business and Economics, 10th Edition, Irwin McGraw-Hill, 1999.
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Similar tests are commonly employed by both plaintiff and defense experts in
securities litigation to test for a cause-and-effect relationship.130 Such statistical analysis has also
been accepted by courts when assessing market efficiency:131
[C]ourts have ... endorsed the comparison test that [Plaintiffs’ expert] used. See,
e.g., In re Alstom SA Sec. Litig., 253 F.R.D. 266, 280 (S.D.N.Y. 2008). This test
‘involves comparing the percentage of days with news that have a statistically
significant price movement to the percentage of days without news that have a
statistically significant price movement.’ Paul A. Ferrillo et al., The ‘Less Than’
Efficient Capital Markets Hypothesis: Requiring More Proof from Plaintiffs in
Fraud-on-the-Market Cases, 78 St. John’s L. Rev. 81, 120 (2004). If the stock price
is significantly more likely to change on News Days than on Non-News Days, that
suggests a causal relationship between material news and the stock price.132
Importantly, as I noted above, not all high information flow dates are expected to
cause a statistically significant stock price reaction. This is reasonable as high information flow
days were selected using a broad (but objective) criteria.
(1) Fisher’s Exact Test Results: High Information
Flow Days vs. Lesser Information Flow Days
As shown in Exhibit-10, there were a total of 503 days within the Class Period on
which Exela stock traded and 43 of these days had statistically significant abnormal returns.
130
See, e.g., “The ‘Less Than’ Efficient Capital Markets Hypothesis: Requiring More Proof from Plaintiffs in Fraud-
On-The-Market Cases,” by Paul A. Ferrillo et al., St. John’s Law Review, Vol. 78, No. 1, 2004, pp. 119-122; “Use and
Misuse of Event Studies to Examine Market Efficiency,” by David I. Tabak, NERA White Paper, April 30, 2010; and
“The Curious Incident of the Dog That Didn’t Bark and Establishing Cause-and-Effect in Class Action Securities
Litigation,” by Michael L. Hartzmark and H. Nejat Seyhun, Virginia Law & Business Review, Vol. 6, No. 3, 2012, p.
415.
131
See, e.g., In re Polymedica Corp. Sec. Litig., 453 F. Supp. 2d 260 (D. Mass 2006) at 269; In re Alston SA Sec.
Litig., 253 F.R.D. 266 (S.D.N.Y. 2008), at 279; Vinh Nguyen v. Radient Pharmaceuticals Corp. et al., 287 F.R.D. 563
(S.D.Cal. 2012), at 30; Christel Billhofer et al. v. Flamel Technologies, S.A. et al., 281 F.R.D. 150 (S.D.N.Y. 2012) at
163; and In re DVI, Inc. Securities Litigation, 249 F.R.D. (3d Cir. 2011) at 211-212.
132
McIntire v. China MediaExpress Holdings, Inc., 38 F. Supp. 3d 415 (S.D.N.Y. 2014), at 430.
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There were 122 days I identified as a “high information flow day.” Of these 122
days, 25 days (25/122 = 20.49%) had statistically significant price reactions, while 18 of the 381
(18/381 = 4.72%) “lesser information flow days” were statistically significant at the 95%
confidence interval (See Exhibit-10). Thus, the frequency of statistically significant returns in
Exela’s stock price was more than four times greater on “news days” than on “non-news days.”
This difference in frequency is associated with a p-value of 0.000063%, which is
statistically significant at the 99% confidence level for a one-tail test or a two-tailed test. Therefore,
the result of this statistical test demonstrates that there was a cause-and-effect relationship between
the release of new, Company-specific information and reactions in Exela’s stock price. This
demonstrates that Exela stock traded in an efficient market during the Class Period.
(2) Cause-and-Effect Summary
Based on the results of my tests which examined the reaction of Exela’s stock price
to new information during the Class Period, Exela stock traded in an efficient market.
D. The Unger/Krogman Factors Considered
In addition to evaluating market efficiency using the Cammer factors, I also
analyzed three factors considered by the Fifth Circuit in Unger v. Amedisys, 401 F.3d 316 (5th Cir.
2005), and the district court in Krogman v. Sterritt, 202 F.R.D. 467 (N.D. Tex. 2001) as indicative
of market efficiency.
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1. Market Capitalization
Economists have often considered the market value of a firm and its relationship
with market efficiency when attempting to determine market efficiency. Larger companies tend to
attract more analyst and news media coverage and gain the attention of greater numbers of
investors, including very large institutional investors. All these characteristics, which accompany
a large market capitalization, promote market efficiency.
The court in Krogman held that “[m]arket capitalization, calculated as the number
of shares multiplied by the prevailing share price, may be an indicator of market efficiency because
there is a greater incentive for stock purchasers to invest in more highly capitalized
corporations.”133 In addition, some investors such as pension funds are often restricted to owning
securities whose market capitalization is sufficiently high.
During the Class Period, Exela’s average market capitalization was $489.0 million
(See Exhibit-7), putting Exela in the 5th decile of U.S. companies by size – Exela’s market
capitalization was larger than the market capitalization of at least 53% of all other publicly-traded
companies in the United States.134
Consistent with the Unger/Krogman opinions, Exela’s market capitalization
throughout the Class Period is further evidence of market efficiency during the Class Period.
2. Float
Exela’s stock float averaged $111.1 million during the Class Period. Exela’s stock
float was only larger than the total market capitalization of at least 29% of all other publicly traded
companies in the U.S.
133
Krogman, 202 F.R.D. 467 at 478.
134
Using averaged month-end data from CRSP for March 2018 through February 2020, I grouped public companies
into deciles, so that the 1st decile contains the largest 10% of all public companies listed on the NYSE, American Stock
Exchange, NASDAQ, and ARCA while the 10th decile contains the smallest 10%.
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Float can also be analyzed as a percentage of total shares outstanding as well as in
absolute share and value terms. On average during the Class Period, there were 34.1 million shares
in Exela’s float and 150.9 million shares outstanding, resulting in an average float of 22.57% of
shares outstanding.
The magnitude of Exela’s float neither indicates the efficiency of the market for its
stock during the Class Period, nor indicates market inefficiency.
3. Bid-Ask Spread
A narrow bid-ask spread of a particular security is also often associated with
efficiency. A narrow bid-ask spread implies that there is a large number of investors willing to buy
or sell a security, thus the cost of executing a trade is lower, all else equal.
I obtained from CRSP the daily closing bid and ask quotes for Exela stock during
the Class Period. I measured the percentage bid-ask spread as the difference between the bid and
ask quotes, divided by the average of the bid and ask quotes.135 Exhibit-7 presents Exela’s bid-ask
spread data.
The average bid-ask spread for Exela stock during the Class Period was 0.53% (See
Exhibit-7). By comparison, the average month-end bid-ask spread over the course of the Class
Period for all stocks in the CRSP database was 0.59%.136
Exela’s average bid-ask spread was narrower than the average level among all other
CRSP stocks. The bid-ask spread measure favors a finding of market efficiency.
135
“Price Reversals, Bid-Ask Spreads, and Market Efficiency,” by Allen B. Atkins and Edward A. Dyl, Journal of
Financial and Quantitative Analysis, vol. 25, no. 4, 1990.
136
This calculation is based upon averaged month-end data from CRSP for March 2018 through February 2020.
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VI. COMMON DAMAGE METHODOLOGY
Lead Plaintiffs’ counsel has asked me to opine on whether per share out-of-pocket
damages could be measured for each Class member under Section 10(b) of the Exchange Act using
a common methodology for all Class members.137
A. Section 10(b) Damages Methodology
The methodology a financial economist can employ to calculate individual and
class-wide damages stemming from various alleged misrepresentations and omissions will
accommodate alternative potential determinations of liability. Economic analysis can be used to
estimate the relationship between specific statements or sets of statements and the subsequent
effect on prices, in the case of affirmative statements, omissions, and/or corrective disclosures. As
such, class-wide damages in response to the specific misrepresentations and omissions ultimately
established by the Plaintiff can be calculated in a straightforward manner common to all Class
members. Out-of-pocket damages can be measured as the difference between the amount of
security price inflation at purchase and the amount of inflation in the security price at sale taking
into account formulaic prescriptions in relevant case law and statutes, including, for example, the
Private Securities Litigation Reform Act of 1995 (the “PSLRA”) (15 U.S.C. § 78u-4(e)) and the
holding in Dura Pharmaceuticals, Inc. v. Broudo, 544 U.S. 336 (2005).
Assuming a verdict for the Plaintiff on the allegations of fraud, Section 10(b) per
security damages can be measured as follows:
i. First, valuation tools, which would include event study analysis such as that
described herein, and potentially other empirical analyses if necessary, would
137
It should be noted that I have not conducted a loss causation analysis at this time and reserve the right to address
such issues at the appropriate stage. The loss causation analysis that will be necessary to actually calculate damages
in the current case requires the full development of the record.
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be used to establish that the disclosure(s) correcting the alleged
misrepresentations and omissions caused the price of Exela stock to fall. This
analysis, after controlling for potentially confounding non-fraud-related
information, would determine if the alleged misrepresentations and omissions
had caused the security prices to be artificially inflated, and that the corrective
disclosure(s) caused the inflation to dissipate, in turn causing investor losses.
This analysis would be used to measure the effect of a disclosure(s) on Exela
stock price and would apply on a class-wide basis.
ii. Second, an inflation ribbon would be constructed, indicating how much
artificial inflation caused by the alleged misrepresentations and omissions was
in the price of Exela stock on each day during the Class Period. An inflation
ribbon is a time series of the difference between the actual security price
observed in the marketplace, and the estimated price that the security would
have traded at each day had there been full disclosure from the outset of the
Class Period, or but-for price. Construction of the inflation ribbon generally
employs event study analysis, combined with widely used and generally
accepted valuation tools and models. The inflation ribbon is often constructed
by working chronologically backwards from the final corrective disclosure to
the start of the Class Period, accounting for the alleged fraud-related residual
price declines as they occurred. The difference between the inflation prior to a
corrective disclosure and the inflation after that corrective disclosure is equal to
the amount of inflation that is dissipated due to the corrective disclosure. Should
it be determined that a disclosure(s) is not corrective, the methodology
described herein can accommodate such a change and adjust per security
damages accordingly. This analysis is commonly referred to as the
“backcasting” method and would also apply on a class-wide basis.
iii. Third, the measure of per security damages generally applied in 10b-5 cases is
the reduction in the inflation ribbon over an investor’s holding period (the
economic/inflation loss). That is, for each Class member, per security damages
would be calculated as the difference between the inflation on Class Period date
shares were purchased and the inflation on the date those same securities were
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subsequently sold (if during the Class Period) or held (if at the end of the Class
Period). Pursuant to the PSLRA, for any securities sold during the 90-day
period after the end of the Class Period, per security damages would be
calculated as the lesser of the reduction in the dollar inflation over the investor’s
holding period (the economic/inflation loss), or the decline in the security price
(the investment loss), where the terminal security price is deemed to be the
average price from the final corrective disclosure date to the sale date. Also
pursuant to the PSLRA, for any securities held 90 days or more beyond the final
corrective disclosure, damages would equal the lesser of the reduction in the
dollar inflation over the investor’s holding period (the economic/inflation loss)
or the decline in the security price (the investment loss), where the terminal
security price is deemed to be the average price over the 90 days following the
final corrective disclosure. The calculation of each Class member’s damages
would be a mechanical arithmetical exercise, conducted the same way for all
Class members, applying the results of the Class-wide analyses described above
to each Class member’s trading data.
Consequently, each Class member’s per security damages under Section 10(b) can
be computed in the same way, common to all Class members, using readily available daily pricing
information, in accordance with widely used and generally accepted methodologies and the
PSLRA.
I have not yet been asked to calculate damages for any of the claims alleged on
behalf of the Class, and such calculations will likely depend, in part, on the completion of
discovery. However, the methodology described above is generally accepted and widely used for
calculating damages under Section 10(b) consistently on a class-wide basis in securities class
actions. To the extent that there are specific issues complicating the quantification of artificial
inflation and damages, such as potential confounding information, these issues relate to the merits
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of the damages model – not whether damages can be calculated on a class-wide basis pursuant to
a common methodology for the Class.
VII. CONCLUSION
Based on my analyses explained in detail above, I conclude that Exela stock traded
in an efficient market with regard to publicly disclosed information during the Class Period.
I also conclude that with expert assistance, the finder of fact in this matter will be
able to compute damages using a common class-wide methodology that applies to the calculation
of damages for each and every Class member.
VIII. LIMITING FACTORS AND OTHER ASSUMPTIONS
My analyses and opinions are based on the information available as of the date of
this declaration. Should any additional data or information become available subsequent to the
submission of this declaration, I reserve the right to supplement or amend this declaration based
on this new information.
Dated: April 14, 2023
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Exhibit-1
Curriculum Vitae
Adam Werner, Ph.D.
EDUCATION
1998 Northwestern University, Kellogg Graduate School of Management
Ph.D. in Finance
1992 Oberlin College
B.A. in Economics with Honors
TEACHING EXPERIENCE
2014 – 2023 Cal Poly San Luis Obispo
Orfalea College of Business
San Luis Obispo, CA
Lecturer in Economics
BUSINESS EXPERIENCE
2015 – Present Crowninshield Financial Research
2018 – 2021 Pismo Beach Planning Commission
2009 – 2015 Gnarus Advisors/Berkeley Economic Consulting
2008 – 2009 LitiNomics
2004 – 2008 CRA International
2000 – 2003 National Economic Research Associates, Inc.
1998 – 2000 Cornerstone Research
1992 – 1993 Federal Reserve Bank of Cleveland
PAPERS AND PUBLICATIONS
“The Impact of Underwriter Reputation on Equity Offering: An Empirical Study.”
Thesis, 1999.
“The Long-Run Performance of Underwriters and its Impact on Seasoned Equity
Offerings.” 1999.
“Dynamic Measures of Underwriter Reputation: A Study of IPO’s.” 1999.
56 Harvard Street, Brookline, MA 02445 | 781.237.4800
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“CAFE Economics: A Note on the Limits and Effectiveness of Fuel Economy
Regulation.” With Stephen Sheppard, 1992.
“Validation of Aggregate Damage Estimates in Securities Class Actions.” with Narinder
Walia, Law360, 2021.
“Trading Models Underestimate Securities Class Damages.” with Narinder Walia,
Law360, 2019.
“More ‘Dark Pools” Deepen Litigation Issues.” Law360, 2013.
“Recent Trends in Securities Class Action Litigation: Will Enron and Sarbanes-Oxley
Change the Tides.” with Elaine Buckberg, Todd Foster and Ronald Miller, 2003.
“The Effects of the PSLRA and Subsequent Events on Securities Litigation.” With Fred
Dunbar and Todd Foster, prepared for the New York City Bar Association, 2003.
“The Energy Tax: Who Pays?” joint with Mark Schweitzer, in Federal Reserve Bank of
Cleveland’s Economic Commentary, 1993.
PRESENTATIONS
“Cause or Effect: Are Settlement Statistics Driving Down Settlements?” Presentation to
Robbins Geller Rudman & Dowd, LLP in San Diego, CA on October 10, 2013, Wolf
Popper, LLP in New York, NY on September 18, 2013, Abraham, Fruchter & Twersky,
LLP in New York, NY on September 17, 2013, Robbins Geller Rudman & Dowd, LLP in
Melville, NY on September 11, 2013, Entwistle & Cappucci, LLP in New York, NY on
September 10, 2013, and Faruqi & Faruqi, LLP in New York, NY on September 10,
2013.
“The Economics of Securities Litigation.” Sidley & Austin in Los Angeles, CA on March
14, 2007.
“The Global Cost of Capital.” Panel discussion on valuing assets in foreign countries at
the University of Texas School of Law VALCON conference in Las Vegas on February
8, 2007.
“Economic Damages in Securities Fraud Matters.” NERA Luncheon Seminars with Alan
Cox given at the Fifth Avenue Suites Hotel in Portland, OR on November 19, 2002 and
at the W Hotel in Seattle, WA on November 20, 2002.
“Shareholder Class Actions: Calculation of Damages.” Presentation to Skadden, Arps,
Slate, Meagher & Flom, LLP in San Francisco, CA on October 30, 2002, Marsh FINPRO
in San Francisco, CA on September 18, 2002, Marsh Risk & Insurance Services in San
Diego, CA on September 17, 2002 and Marsh FINPRO in Los Angeles, CA on
September 13, 2002.
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“Capital Formation: Class Action Litigation and Prevention.” Speech and panel
discussion focusing on securities class action litigation, which sometimes arise from
initial public offerings and/or market volatility in the aftermarket. Presented at the 2002
CALBIO Summit in San Diego, CA on April 23, 2002.
“Shareholder Class Actions after the NASDAQ Bubble.” Speech given to the Securities
Litigation Sub-Committee of the Colorado Bar Association at Holland & Hart, LLP in
Denver, CO on April 17, 2002.
“Trends in Litigation: How Claims and Losses Are Valued.” Speech at the American
Bankers Association Insurance Risk Management Annual Conference in San Diego, CA
on February 4, 2002.
“Recent Trends in Securities Litigation.” “Basic Economic Analysis in Securities Class
Action” and “Challenging the Efficient Market Assumption in Securities Class Action
Matters.” presented to Cooley Godward in San Diego, CA on November 28, 2001.
“Recent Trends in Securities Litigation.” presentation with Marcia Mayer given at
Howard, Rice, Nemerovski, Canady, Falk & Rabkin in San Francisco, CA on November
27, 2001.
“Recent Trends in Securities Litigation.” presentation given to Marsh USA in Denver,
CO on November 8, 2001, and Thelen, Reid & Priest in Los Angeles, CA on November
6, 2001.
“Financial Economics in Litigation.” speech presented to Simpson, Thacher & Bartlett in
Palo Alto, CA on July 31, 2001, Baker & McKenzie in San Diego, CA on July 18, 2001,
Brobeck, Phleger & Harrison in San Francisco, CA on June 25, 2001 and to Latham &
Watkins in San Francisco, CA on June 26, 2001.
“Economic Analysis in Securities Fraud Cases.” Speech with Alan Cox delivered to
Morrison & Forester, San Francisco, CA on July 25, 2001.
“Recent Trends: Shareholder Class Actions Five Years After the PSLRA.” speech
presented to Shearman & Sterling in San Francisco, CA on May 23, 2001, O’Melveny &
Myers in Los Angeles, CA on May 30, 2001, and Gray, Cary, Ware & Freidenrich in San
Diego, CA on June 6, 2001.
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EXPERT REPORTS AND TESTIMONY
In re January 2021 Short Squeeze Trading Litigation. Issued a declaration (2023) and a
reply declaration (2023) on market efficiency and damage methodology in a securities
class action (U.S.D.C. Southern District of Florida).
In re XL Fleet Corp. Securities Litigation. Issued a declaration on market efficiency and
damage methodology in a securities class action (U.S.D.C. Southern District of New
York, 2023).
In re Nio, Inc. Securities Litigation. Issued a declaration (2022) a reply declaration (2022)
and provided deposition testimony (2022) on market efficiency and damage methodology
in a securities class action (U.S.D.C. Eastern District of New York).
Gelt Trading, LTD. v. Co-Diagnostics, Inc., et al. Issued a declaration (2022) and a reply
declaration (2022) on market efficiency and damage methodology in a securities class
action (U.S.D.C. District of Utah, Central Division).
6D Global Technologies, Inc. Securities Litigation. Issued a declaration on loss causation
and damages in a securities class action (U.S.D.C. Southern District of New York, 2022).
In re Omega Healthcare Investors, Inc. Securities Litigation. Issued a report (2022), a
rebuttal report (2022) and provided deposition testimony (2022) on market efficiency and
damage methodology in a securities class action (U.S.D.C. Southern District of New
York).
Securities and Exchange Commission v. Bradley C. Davis. Issued a report (2021), a
rebuttal report (2021), provided deposition testimony (2021) and trial testimony (2022)
on materiality in a case brought by the SEC (U.S.D.C. Central District of California).
Andrew Trampe, et. al. v. CD Projekt S.A. Issued a declaration on aggregate damages in a
securities class action (U.S.D.C. Central District of California, 2022).
In re Global Brokerage, Inc. f/k/a/ FXCM Inc. Issued a report (2020), a rebuttal report
(2020), provided deposition testimony (2020) and testified (2020) on market efficiency
and damage methodology in a securities class action. Issued a report (2021), a rebuttal
report (2021) and provided deposition testimony (2021) on loss causation and damages
(U.S.D.C. Southern District of New York).
George Barney, et al. v. Nova Lifestyle, Inc., et al. Issued a report on market efficiency
and damage methodology in a securities class action (U.S.D.C. Central District of
California, 2021).
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Peter Voulgaris, et al. v. Array Biopharma Inc., et al. Issued a report (2021) and provided
deposition testimony (2021) on market efficiency and damage methodology in a
securities class action (U.S.D.C. District of Colorado).
In re Innocoll Holdings Public Limited Company Securities Litigation. Issued a report
(2020), a rebuttal report (2020) and provided deposition testimony (2020) on market
efficiency and damage methodology in a securities class action (U.S.D.C. Eastern District
of Pennsylvania).
Michael Tietz, et al. v. Crytobloc Technologies Corp., et al. Issued a report on price
impact in a securities class action (Supreme Court of British Columbia, 2020).
In re Horsehead Holding Corp. Securities Litigation. Issued a report (2020) and provided
deposition testimony (2020) on market efficiency and damage methodology in a
securities class action (U.S.D.C. District of Delaware).
Bing Li, et al. v. Aeterna Zentaris, Inc., et al. Issued a declaration (2016), a report (2017),
and provided deposition testimony (2017) on market efficiency and damage methodology
in a securities class action. Issued a declaration (2019) a reply report (2019), and
provided deposition testimony (2020) on loss causation and damages (U.S.D.C. District
of New Jersey).
In re Patriot National Inc. Securities Litigation. Issued a declaration (2019) and a
supplemental declaration (2019) on damages in a securities class action (U.S.D.C.
Southern District of New York).
Hamza Ramzan, et al. v. GDS Holdings Limited, et al. Issued a declaration on NASDAQ
microstructure in a securities class action (U.S.D.C. Eastern District of Texas, Marshall
Division, 2019).
Ivan Nibur, et al. v. SandRidge Mississippian Trust I, et al. Issued a declaration (2018), a
reply declaration (2018), a supplemental reply declaration (2018), and provided
deposition testimony (2018) on market efficiency and damage methodology in a
securities class action. Issued a declaration (2019) a rebuttal declaration (2019), and
provided deposition testimony (2019) on loss causation and damages (U.S.D.C. Western
District of Oklahoma).
In Re Insys Theraputics, Inc. Securities Litigation. Issued a report on market efficiency
and damage methodology in a securities class action (U.S.D.C. Southern District of New
York, 2019).
In Re Spectrum Pharmaceuticals, Inc. Securities Litigation. Issued a declaration (2019)
and provided deposition testimony (2019) on market efficiency and damage methodology
in a securities class action (U.S.D.C. District of Nevada).
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Amanda Beezley et al. v. Fenix Parts, Inc., et al. Issued a declaration on market
efficiency and damage methodology in a securities class action (U.S.D.C. Northern
District of Illinois, Eastern Division, 2019).
Wayne Mucha, et al. v. Volkswagen Aktiengesellschaft, et al. Issued a declaration
regarding benefits to firms that have ADRs listed in a securities class action (U.S.D.C.
Eastern District of New York, 2018).
Michael Desta, et al. v. Wins Finance Holdings Inc., et al. Issued a declaration (2018)
and provided deposition testimony (2018) on market efficiency and damage methodology
in a securities class action (U.S.D.C. Central District of California).
Andrew Meyer, et al. v. Concordia International Corp., et al. Issued a declaration (2018),
a reply declaration (2018), and provided deposition testimony (2018) on market
efficiency and damage methodology in a securities class action. Issued a declaration
(2018), a reply declaration (2018), and provided deposition testimony (2018) on loss
causation and damages (U.S.D.C. Southern District of New York).
In re: K12 Securities Litigation. Issued a declaration (2018) and provided deposition
testimony (2018) on market efficiency and damage methodology in a securities class
action (U.S.D.C. Northern District of California).
Robert Colman, et al. v. Theranos, Inc., et al. Issued a declaration on damage
methodology and price impact in a securities class action (U.S.D.C. Northern District of
California, San Jose Division, 2018).
In re: CytRx Corporation Securities Litigation. Issued a declaration (2017) and provided
deposition testimony (2018) regarding market efficiency and damage methodology in a
securities class action (U.S.D.C. Central District of California).
Lord Abbett Affiliated Fund, Inc., et al. v. American International Group, Inc. Issued a
report regarding market efficiency, loss causation, and damages in a securities case
(U.S.D.C. Southern District of New York, 2017).
Xiaolin Chi, et al. v. Qiao Xing Universal Resources, Inc., et al. Issued a report on
damages in a securities class action (District Court of the Virgin Islands, St. Croix
Division, 2017).
John Hosey v. Twitter, Inc., et al. Issued a declaration (2017) and provided deposition
testimony (2017) regarding rebuttal to Defendants’ Motion for Summary Judgement in a
securities class action (Superior Court of the State of California, County of San Mateo).
Gwyn R. Hartman Revocable Living Trust v. Southern Michigan Bancorp, Inc. et al.
Issued a report on damages arising from alleged exclusions in a proxy solicitation
(U.S.D.C. Western District of Michigan, 2017).
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Fred Kelsey, et al. v. Textura Corporation, et al. Issued a declaration (2017) and
provided deposition testimony (2017) on market efficiency and damage methodology in a
securities class action (U.S.D.C. Northern District of Illinois).
Dave Carlton, et al. v. Fred Cannon. Issued a declaration on market efficiency and
damage methodology in a securities class action (U.S.D.C. Southern District of Texas,
Houston Division, 2016).
James Middlemiss v. Penn West Petroleum LTD., et al. Issued a report on damages in a
securities class action (Superior Court of Justice Ontario, Canada, 2016).
David Loritz, et al. v. Exide Technologies, et al. Issued a report on damages and loss
causation in a securities class action (U.S.D.C. Central District of California, 2015)
Manishkumar Khunt, et al. v. Alibaba Group Holding Limited, et al. Issued a declaration
on potential investor damages in a securities class action (U.S.D.C. Southern District of
New York, 2015).
Biotechnology Value Fund, L.P. et al. v. Celera Corporation et al. Issued a report
(2014), a reply report (2014), a supplemental report (2014), and provided deposition
testimony (2014) on damages arising from a merger (U.S.D.C. Northern District of
California).
In re: Hi-Crush Partners L.P. Securities Litigation. Issued a declaration (2014), a
supplemental declaration (2014), and provided deposition testimony (2014) regarding
market efficiency and damage methodology in a securities class action (U.S.D.C.
Southern District of New York).
Ian Mausner v. MarketByte LLC, et al. Issued a declaration about investment advisor
incentives and liquidity needs in a securities class action (U.S.D.C. Southern District of
California, 2014).
Artes Medical, Inc. v. Lemperle et al. Provided deposition testimony on behalf of
defendants about alleged damages caused by a proxy contest (Superior Court of the State
of California, County of San Diego, Central District, 2013).
In re: Ebix Inc. Securities Litigation. Issued a declaration (2012) and provided deposition
testimony (2013) regarding market efficiency and damage methodology in a securities
class action (U.S.D.C. Northern District of Georgia, Atlanta Division).
Erik Poole and William Rhody v. Alange Energy Corp., et al. Issued a report (2012) and a
reply report (2013) on market efficiency and damages in a securities class action
(Superior Court of Justice Ontario, Canada).
In re: Hecla Mining Securities Litigation. Issued a declaration on investor losses in a
securities class action (U.S.D.C. District of Idaho, 2012).
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Mark Henning, et al. v. Orient Paper, Inc. et al. Issued a declaration (2011), a
supplemental declaration (2012) and provided deposition testimony (2012) regarding
market efficiency and damage methodology in a securities class action (U.S.D.C. Central
District of California).
Carlos Munoz et al. v. China Expert Technology, Inc., et al. Issued a declaration (2012), a
supplemental declaration (2012) and provided deposition testimony (2012) in a securities
class action regarding market efficiency and damage methodology (U.S.D.C. Southern
District of New York).
Theodore Dean, et al. v. China Agritech, Inc., et al. Issued a declaration (2012), a
supplemental declaration (2012) and provided deposition testimony (2012) in a case
regarding market efficiency and damage methodology in a securities class action
(U.S.D.C. Central District of California).
Robert Michael Shenk, Derivatively on Behalf of Sirius XM Radio Inc. v. Melvin Alan
Karmazin, et al. Issued an expert report (2011), a supplemental expert report (2012) and
provided deposition testimony (2012) in a case involving damages in a shareholder
derivative matter (U.S.D.C. Southern District of New York).
Pathway Investments Pty Ltd and Doystoy Pty Ltd v. National Australia Bank Ltd.
Submitted a report on survey techniques, the efficient market hypothesis and liquidity in
a securities class action (Supreme Court of Victoria at Melbourne, Australia, Commercial
and Equity Division, Commercial Court, 2012).
Bruce Simmonds, Robert Grant and Gordon Moore v. Armtec Infrastructure Inc. et al.
Issued a report on market efficiency and damages in a securities class action (Superior
Court of Justice Ontario, Canada, 2011).
In re: BP plc. Securities Litigation. Issued a declaration regarding damages and
materiality in a securities class action (U.S.D.C. Southern District of Texas, Houston
Division, 2010).
In re: Tripath Technology Inc., Debtor. Issued a report (2009) and provided deposition
testimony (2010) regarding damages arising from Directors’ and Officers’ breach of
fiduciary duty in bankruptcy court (U.S.D.C. Northern District of California, San Jose
Division).
David Ainslie and Muriel Marentette v. CV Technologies et al. Issued a report estimating
damages in a securities class action (Superior Court of Justice, Ontario, Canada, 2010).
Harry Stackhouse, on Behalf of Himself and All Others Similarly Situated v. Toyota
Motor Corporation, et al. Issued a declaration regarding the relationship between
Toyota’s U.S. stock price and Japanese stock price in a securities class action (U.S.D.C.
Central District of California, 2010).
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Phillip Elliot and William Kormos v. NovaGold Resources Inc., et al. Issued a declaration
in a securities class action regarding trading volume in the U.S. versus Canada. (Superior
Court of Justice, Ontario, Canada, 2010).
International Arbitration between a private equity firm and Chinese biotech company.
Issued a report (2008) and testified (2009) before an International Arbitration Committee
regarding the value of a private equity investment.
Arbitration between Albert Richards and Old Republic Title Insurance. Deposed
regarding estimated damages incurred by plaintiff as a result of a forced sale of Russian
securities due to Old Republic’s breach of contract (2008).
Californians United for a Responsible Budget, et al., v. California State Public Works
Board, et al. Issued a report on the cost of issuing revenue bonds to fund California
prison expansion (The Superior Court for the State of California, County of Sacramento,
2008).
Arbitration between Daniel Lyons and Morgan Lyons, and Chinese Hospital Association
and Sam English. Deposed regarding plaintiffs’ calculated damages arising from asbestos
exposure for plaintiff (2003).
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Exhibit-2
Documents and Other Information Considered
CASE DOCUMENTS
Lead Plaintiffs’ Second Amended Class Action Complaint, dated August 5, 2021.
NEWS ARTICLES AND PRESS RELEASES
Factiva news articles (423) from July 1, 2017, to June 30, 2020, downloaded using
the following search parameters: All Sources; All Subjects; Company: Exela
Technologies Inc.; All Subjects; All Industries; All Regions.
“Exela Technologies, Inc. Reports Third Quarter 2018 Results,” GlobeNewswire,
Company press release, November 8, 2018.
“Exela Technologies, Inc. Reports Fourth Quarter and Full Year 2018 Results; Digital
NowSM Powering Growth,” GlobeNewswire, Company press release, March 18,
2019.
“Exela Technologies, Inc. Reports First Quarter 2019 Results; Reaffirms 2019
Outlook,” GlobeNewswire, Company press release, May 9, 2019.
“Moody’s downgrades Exela’s ratings (CFR to Caa1); outlook is negative,” Moody’s
Investors Service Press Release, May 22, 2019.
“Exela Intermediate LLC: Update following downgrade to Caa1, outlook revision to
negative,” Moody’s Investor Service, May 23, 2019.
“Exela Technologies, Inc. Reports Second Quarter 2019 Results; Updates 2019
Outlook,” GlobeNewswire, Company press release, August 8, 2019.
“Exela Technologies, Inc. Reports Third Quarter 2019 Results,” GlobeNewswire,
Company press release, November 12, 2019.
“Exela Technologies, Inc. to Delay Fourth Quarter and Full Year 2019 Earnings
Release and Conference Call and Announces Delay of Form 10-K Filing,”
GlobeNewswire, Company press release, March 16, 2020.
ANALYST REPORTS
Cantor Fitzgerald, March 15, 2018.
Cantor Fitzgerald, April 1, 2018.
Cantor Fitzgerald, April 10, 2018.
RBC Capital Markets, April 18, 2018.
RBC Capital Markets, May 10, 2018.
Cantor Fitzgerald, May 11, 2018.
57
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Exhibit-2
Documents and Other Information Considered
Cantor Fitzgerald, June 24, 2018.
Cantor Fitzgerald, June 28, 2018.
RBC Capital Markets, August 9, 2018.
RBC Capital Markets, August 9, 2018.
Cantor Fitzgerald, August 10, 2018.
Cantor Fitzgerald, September 18, 2018.
Morgan Stanley, October 22, 2018.
RBC Capital Markets, November 5, 2018.
RBC Capital Markets, November 8, 2018.
RBC Capital Markets, November 8, 2018.
Morgan Stanley, November 9, 2018.
Cantor Fitzgerald, November 9, 2018.
RBC Capital Markets, November 13, 2018.
RBC Capital Markets, January 3, 2019.
RBC Capital Markets, March 15, 2019.
RBC Capital Markets, March 15, 2019.
RBC Capital Markets, March 18, 2019.
Morgan Stanley, March 19, 2019.
Cantor Fitzgerald, March 19, 2019.
Cantor Fitzgerald, April 7, 2019.
Cantor Fitzgerald, April 11, 2019.
RBC Capital Markets, May 6, 2019.
RBC Capital Markets, May 9, 2019.
RBC Capital Markets, May 9, 2019.
Morgan Stanley, May 10, 2019.
Cantor Fitzgerald, May 10, 2019.
RBC Capital Markets, August 8, 2019.
Cantor Fitzgerald, August 9, 2019.
RBC Capital Markets, August 9, 2019.
RBC Capital Markets, November 11, 2019.
Cantor Fitzgerald, November 13, 2019.
SEC FILINGS
Quipario Acqisition Corp. 2, Form DEF 14A, filed June 14, 2017.
Quipario Acqisition Corp. 2, Form PRER14A, filed June 15, 2017.
Quipario Acqisition Corp. 2, Form 8-K, filed June 19, 2017.
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Exhibit-2
Documents and Other Information Considered
Quipario Acqisition Corp. 2, Form DEFA14A, filed June 19, 2017.
Quipario Acqisition Corp. 2, Form 8-K, filed June 21, 2017.
Quipario Acqisition Corp. 2, Form DEFA14A, filed June 21, 2017.
Quipario Acqisition Corp. 2, Form UPLOAD, filed June 23, 2017.
Quipario Acqisition Corp. 2, Form SC 14F1, filed June 26, 2017.
Quipario Acqisition Corp. 2, Form DEFM14A, filed June 26, 2017.
Quipario Acqisition Corp. 2, Form SC 13G, filed June 29, 2017.
Quipario Acqisition Corp. 2, Form 8-K, filed June 29, 2017.
Quipario Acqisition Corp. 2, Form S-3, filed July 6, 2017.
Quipario Acqisition Corp. 2, Form S-3/A, filed July 10, 2017.
Quipario Acqisition Corp. 2, Form DEL AM, filed July 11, 2017.
Quipario Acqisition Corp. 2, Form 8-K, filed July 12, 2017.
Exela Technologies, Inc., Form 8-K, filed July 18, 2017.
Exela Technologies, Inc., Form 8-K, filed July 18, 2017.
Exela Technologies, Inc., Form CORRESP, filed July 21, 2017.
Exela Technologies, Inc., Form S-3/A, filed July 21, 2017.
Exela Technologies, Inc., Form SC 13D, filed July 24, 2017.
Exela Technologies, Inc., Form SC 13D, filed July 24, 2017.
Exela Technologies, Inc., Form S-3/A, filed July 25, 2017.
Exela Technologies, Inc., Form CORRESP, filed July 25, 2017.
Exela Technologies, Inc., Form EFFECT, filed July 26, 2017.
Exela Technologies, Inc., Form S-3, filed July 27, 2017.
Exela Technologies, Inc., Form SC 13G/A, filed August 3, 2017.
Exela Technologies, Inc., Form SC 13G/A, filed August 4, 2017.
Exela Technologies, Inc., Form 8-K, filed August 9, 2017.
Exela Technologies, Inc., Form 8-K/A, filed August 9, 2017.
Exela Technologies, Inc., Form 10-Q for the quarter ended June 30, 2017, filed
August 9, 2017.
Exela Technologies, Inc., Form 8-K, filed August 10, 2017.
Exela Technologies, Inc., Form UPLOAD, filed August 24, 2017.
Exela Technologies, Inc., Form CORRESP, filed September 6, 2017.
Exela Technologies, Inc., Form S-3/A, filed September 7, 2017.
Exela Technologies, Inc., Form 8-K, filed September 13, 2017.
Exela Technologies, Inc., Form UPLOAD, filed September 18, 2017.
Exela Technologies, Inc., Form CORRESP, filed September 21, 2017.
Exela Technologies, Inc., Form S-3/A, filed September 21, 2017.
Exela Technologies, Inc., Form S-3/A, filed September 27, 2017.
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Exhibit-2
Documents and Other Information Considered
Exela Technologies, Inc., Form CORRESP, filed September 28, 2017.
Exela Technologies, Inc., Form EFFECT, filed October 2, 2017.
Exela Technologies, Inc., Form 25-NSE, filed October 6, 2017.
Exela Technologies, Inc., Form SC 13D/A, filed October 10, 2017.
Exela Technologies, Inc., Form 10-Q for the quarter ended September 30, 2017, filed
November 9, 2017.
Exela Technologies, Inc., Form 8-K, filed November 9, 2017.
Exela Technologies, Inc., Form DEF 14C, filed December 21, 2017.
Exela Technologies, Inc., Form 8-K, filed December 21, 2017.
Exela Technologies, Inc., Form S-8, filed January 29, 2018.
Exela Technologies, Inc., Form S-3, filed February 9, 2018.
Exela Technologies, Inc., Form SC 13G, filed February 9, 2018.
Exela Technologies, Inc., Form SC 13G, filed February 14, 2018.
Exela Technologies, Inc., Form SC 13G/A, filed February 14, 2018.
Exela Technologies, Inc., Form UPLOAD, filed February 15, 2018.
Exela Technologies, Inc., Form CORRESP, filed February 16, 2018.
Exela Technologies, Inc., Form S-3/A, filed February 20, 2018.
Exela Technologies, Inc., Form EFFECT, filed February 21, 2018.
Exela Technologies, Inc., Form 10-K for the fiscal year ended December 31, 2017,
filed March 16, 2018.
Exela Technologies, Inc., Form 8-K, filed March 16, 2018.
Exela Technologies, Inc., Form 8-K, filed April 10, 2018.
Exela Technologies, Inc., Form 424B3, filed April 10, 2018.
Exela Technologies, Inc., Form 10-K/A for the fiscal year ended December 31, 2017,
filed April 10, 2018.
Exela Technologies, Inc., Form 8-K, filed April 10, 2018.
Exela Technologies, Inc., Form SC 13D/A, filed April 11, 2018.
Exela Technologies, Inc., Form 8-K, filed April 12, 2018.
Exela Technologies, Inc., Form 424B3, filed April 12, 2018.
Exela Technologies, Inc., Form 424B3, filed April 13, 2018.
Exela Technologies, Inc., Form SC 13D/A, filed April 18, 2018.
Exela Technologies, Inc., Form DEF 14A, filed May 9, 2018.
Exela Technologies, Inc., Form 8-K, filed May 10, 2018.
Exela Technologies, Inc., Form 10-Q for the quarter ended March 31, 2018, filed
May 10, 2018.
Exela Technologies, Inc., Form 8-K/A, filed May 11, 2018.
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Exhibit-2
Documents and Other Information Considered
Exela Technologies, Inc., Form 10-Q/A for the quarter ended March 31, 2018, filed
May 11, 2018.
Exela Technologies, Inc., Form 8-K, filed June 12, 2018.
Exela Technologies, Inc., Form SC 13D/A, filed June 20, 2018.
Exela Technologies, Inc., Form 8-K, filed July 17, 2018.
Exela Technologies, Inc., Form 10-Q for the quarter ended June 30, 2018, filed
August 9, 2018.
Exela Technologies, Inc., Form 8-K, filed August 10, 2018.
Exela Technologies, Inc., Form UPLOAD, filed September 11, 2018.
Exela Technologies, Inc., Form CORRESP, filed September 24, 2018.
Exela Technologies, Inc., Form UPLOAD, filed October 23, 2018.
Exela Technologies, Inc., Form 10-Q for the quarter ended September 30, 2018, filed
November 8, 2018.
Exela Technologies, Inc., Form 8-K, filed November 8, 2018.
Exela Technologies, Inc., Form SC 13G/A, filed November 15, 2018.
Exela Technologies, Inc., Form 8-K, filed January 16, 2019.
Exela Technologies, Inc., Form SC 13G/A, filed February 14, 2019.
Exela Technologies, Inc., Form SC 13G, filed February 14, 2019.
Exela Technologies, Inc., Form 8-K, filed February 25, 2019.
Exela Technologies, Inc., Form NT 10-K, filed March 19, 2019.
Exela Technologies, Inc., Form 8-K, filed March 19, 2019.
Exela Technologies, Inc., Form 10-K for the fiscal year ended December 31, 2018,
filed March 20, 2019.
Exela Technologies, Inc., Form 8-K, filed April 17, 2019.
Exela Technologies, Inc., Form DEF 14A, filed April 30, 2019.
Exela Technologies, Inc., Form 8-K, filed May 9, 2019.
Exela Technologies, Inc., Form 10-Q for the quarter ended March 31, 2019, filed
May 10, 2019.
Exela Technologies, Inc., Form 10-Q/A for the quarter ended March 31, 2019, filed
May 10, 2019.
Exela Technologies, Inc., Form SC 13D/A, filed May 28, 2019.
Exela Technologies, Inc., Form 8-K, filed June 5, 2019.
Exela Technologies, Inc., Form SC 13D/A, filed June 26, 2019.
Exela Technologies, Inc., Form SC 13D/A, filed July 8, 2019.
Exela Technologies, Inc., Form SC 13D/A, filed July 18, 2019.
Exela Technologies, Inc., Form 8-K, filed July 29, 2019.
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Exhibit-2
Documents and Other Information Considered
Exela Technologies, Inc., Form 10-Q for the quarter ended June 30, 2019, filed
August 8, 2019.
Exela Technologies, Inc., Form 8-K, filed August 8, 2019.
Exela Technologies, Inc., Form 8-K, filed October 29, 2019.
Exela Technologies, Inc., Form SC 13D/A, filed October 30, 2019.
Exela Technologies, Inc., Form 8-K, filed November 12, 2019.
Exela Technologies, Inc., Form 10-Q for the quarter ended September 30, 2019, filed
November 12, 2019.
Exela Technologies, Inc., Form 8-K, filed November 27, 2019.
Exela Technologies, Inc., Form SC 13D/A, filed December 3, 2019.
Exela Technologies, Inc., Form 8-K, filed December 5, 2019.
Exela Technologies, Inc., Form 8-K, filed January 15, 2020.
Exela Technologies, Inc., Form SC 13G/A, filed February 13, 2020.
Exela Technologies, Inc., Form SC 13G/A, filed February 14, 2020.
Exela Technologies, Inc., Form SC 13D/A, filed February 27, 2020.
Exela Technologies, Inc., Form SC 13G, filed March 2, 2020.
Exela Technologies, Inc., Form SC 13D/A, filed March 6, 2020.
Exela Technologies, Inc., Form SC 13D/A, filed March 13, 2020.
Exela Technologies, Inc., Form NT 10-K, filed March 17, 2020.
Exela Technologies, Inc., Form 8-K, filed March 17, 2020.
Exela Technologies, Inc., Form 8-K, filed March 18, 2020.
Exela Technologies, Inc., Form SC 13D/A, filed March 26, 2020.
Exela Technologies, Inc., Form 8-K, filed March 31, 2020.
Exela Technologies, Inc., Form 8-K/A, filed April 3, 2020.
Exela Technologies, Inc., Form SC 13G/A, filed April 9, 2020.
Exela Technologies, Inc., Form 8-K, filed April 20, 2020.
Exela Technologies, Inc., Form 8-K, filed April 29, 2020.
Exela Technologies, Inc., Form 8-K, filed May 15, 2020.
Exela Technologies, Inc., Form 8-K, filed May 21, 2020.
Exela Technologies, Inc., Form 8-K, filed May 22, 2020.
Exela Technologies, Inc., Form 8-K, filed June 9, 2020.
Exela Technologies, Inc., Form 10-K for the fiscal year ended December 31, 2019,
filed June 9, 2020.
Exela Technologies, Inc., Form 10-K/A for the fiscal year ended December 31, 2019,
filed June 15, 2020.
Exela Technologies, Inc., Form NT 10-Q, filed June 25, 2020.
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Exhibit-2
Documents and Other Information Considered
Exela Technologies, Inc., Form 10-Q for the quarter ended March 31, 2020, filed
June 29, 2020.
CONFERENCE CALLS
“Q4 2017 Exela Technologies Inc Earnings Call,” Thomson Reuters, conference call,
March 15, 2018.
“Q1 2018 Exela Technologies Inc Earnings Call,” Thomson Reuters, conference call,
May 10, 2018.
“Q2 2018 Exela Technologies Inc Earnings Call,” Thomson Reuters, conference call,
August 9, 2018.
“Q3 2018 Exela Technologies Inc Earnings Call,” Thomson Reuters, conference call,
November 8, 2018.
“Q4 2018 Exela Technologies Inc Earnings Call,” Thomson Reuters, conference call,
March 18, 2019.
“Q1 2019 Exela Technologies Inc Earnings Call,” Thomson Reuters, conference call,
May 9, 2019.
“Q2 2019 Exela Technologies Inc Earnings Call,” Thomson Reuters, conference call,
August 8, 2019.
“Q3 2019 Exela Technologies Inc Earnings Call,” Thomson Reuters, conference call,
November 12, 2019.
ACADEMIC AND PROFESSIONAL LITERATURE
Anderson, David R., Dennis J. Sweeney, and Thomas A. Williams, “Statistical
Inference About Means and Proportions with Two Populations,” Chapter 10 of
Statistics for Business and Economics, 2nd Edition, West Publishing, 1984.
Atkins, Allen B., and Edward A. Dyl, “Price Reversals, Bid-Ask Spreads, and Market
Efficiency,” Journal of Financial and Quantitative Analysis, vol. 25, no. 4, 1990.
Ball, Ray, and Philip Brown, “An Empirical Evaluation of Accounting Income
Numbers,” Journal of Accounting Research, 1968.
Barber, Brad M., Paul A. Griffin, and Baruch Lev, “The Fraud-on-the-Market Theory
and the Indicators of Common Stocks’ Efficiency,” The Journal of Corporation Law,
1994.
Binder, John J., “The Event Study Methodology Since 1969,” Review of Quantitative
Finance and Accounting, Vol. 11, 1998.
Brav Alon, and J. B. Heaton, “Event Studies in Securities Litigation: Low Power,
Confounding Effects, and Bias,” Washington University Law Review, Vol. 93, No. 2,
2015.
63
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Exhibit-2
Documents and Other Information Considered
Campbell, John, Andrew W. Lo, and A. Craig Mackinlay, “Event-Study Analysis,”
Chapter 4 of The Econometrics of Financial Markets, Princeton University Press,
1997.
Corrado, Charles J., “Event Studies: A Methodology Review,” Accounting and
Finance, Vol. 51, 2011.
Fama, Eugene F., and Kenneth R. French, “The Cross-Section of Expected Stock
Returns,” The Journal of Finance, Vol. 47, No. 2, 1992.
Fama, Eugene F., “Efficient Capital Markets: II,” The Journal of Finance, Vol. 46,
No. 5, 1991.
Fama, Eugene F., Lawrence Fisher, Michael C. Jensen, and Richard Roll, “The
Adjustment of Stock Prices to New Information,” International Economic Review,
vol. 10, 1969.
Fama, Eugene F., “Efficient Capital Markets: A Review of Theory and Empirical
Work,” The Journal of Finance, vol. 25, no. 2, 1970.
Ferrillo, Paul A., Frederick C. Dunber, and David Tabak, “The ‘Less Than’ Efficient
Capital Markets Hypothesis: Requiring More Proof from Plaintiffs in Fraud-On-The-
Market Cases,” St. John’s Law Review, Vol. 78, No. 1, 2004.
Gold, Kevin L., Eric Korman, and Ahmer Nabi, “Federal Securities Acts and Areas of
Expert Analysis,” Chapter 27 of the Litigation Services Handbook: The Role of the
Financial Expert, 6th Edition, edited by Roman L. Weil, Daniel G. Lentz, and
Elizabeth A. Evans, John Wiley & Sons, Inc., 2017.
Harris, Larry, Trading & Exchanges: Market Microstructure for Practitioners, Oxford
University Press, 2003.
Hartzmark, Michael L., and H. Nejat Seyhun, “The Curious Incident of the Dog That
Didn’t Bark and Establishing Cause-and-Effect in Class Action Securities Litigation,”
Virginia Law & Business Review, Vol. 6, No. 3, 2012.
Kaye, David H., and David A. Freeman, “Reference Guide on Statistics,” Reference
Manual on Scientific Evidence, 3rd Edition, The National Academies Press, 2011.
Krippendorff, Klaus, Content Analysis: An Introduction to Its Methodology, 2nd
edition, 2004.
Mason, Robert D., Douglas A. Lind, and William G. Marchal, “Tests of Hypothesis,”
Chapter 9 of Statistical Techniques in Business and Economics, 10th Edition, Irwin
McGraw-Hill, 1999.
Piotroski, Joseph D., and Darren T. Roulstone, “The Influence of Analysts,
Institutional Investors, and Insiders on the Incorporation of Market, Industry, and
Firm-Specific Information into Stock Prices,” The Accounting Review, vol. 79, no. 4,
2004.
Tabak, David I., “Use and Misuse of Event Studies to Examine Market Efficiency,”
NERA White Paper, April 30, 2010.
Tabak, David I., and Frederick C. Dunbar, “Materiality and Magnitude: Event Studies
in the Courtroom,” Chapter 19 of the Litigation Services Handbook: The Role of the
Financial Expert, 3rd Edition, edited by Roman L. Weil et al., John Wiley & Sons,
Inc., 2001.
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Exhibit-2
Documents and Other Information Considered
DATA AND DATABASES
Bloomberg
CRSP (Center for Research in Security Prices)
EDGAR
Factiva
Refinitiv Eikon
LEGAL CASES
Amgen Inc. v. Conn. Ret. Plans & Trust Funds, 568 U.S. 455 (2013).
Basic, Inc. v. Levinson, 485 U.S. 224 (1988).
Cammer v. Bloom, 711 F. Supp. 1264 (D.N.J. 1989).
Christel Billhofer et al. v. Flamel Technologies, S.A. et al., 281 F.R.D. 150 (S.D.N.Y.
2012).
Dura Pharmaceuticals, Inc. v. Broudo, 544 U.S. 336 (2005).
In re Polymedica Corp. Sec. Litig., 453 F. Supp. 2d 260 (D. Mass 2006).
In re Alston SA Sec. Litig., 253 F.R.D. 266 (S.D.N.Y. 2008).
In re DVI, Inc. Securities Litigation, 249 F.R.D. (3d Cir. 2011).
Krogman v. Sterritt, 202 F.R.D. 467 (N.D.Tex. 2001).
McIntire v. China MediaExpress Holdings, Inc., 38 F. Supp. 3d 415 (S.D.N.Y. 2014).
Unger v. Amedisys, 401 F.3d 316 (5th Cir. 2005)
Vinh Nguyen v. Radient Pharmaceuticals. Corp., 287 F.R.D. 563 (C.D. Cal. 2012).
OTHER
Section 10(b) of the Securities Exchange Act of 1934.
Section 20(a) of the Securities Exchange Act of 1934.
15 U.S.C. § 78u-4(e), Private Securities Litigation Reform Act of 1995.
“Revisions to The Eligibility Requirements for Primary Securities Offerings on
Forms S-3 And F-3,” SEC Release No. 33-8878, December 19, 2007.
Brief of Testifying Economists as Amici Curiae in Support of Respondent,
Halliburton Co. and David Lesar v., Erica P. John Fund, Inc., FKA Archdiocese of
Milwaukee Supporting Fund, Inc., No. 13-317, dated February 5, 2014.
Other documents cited in my report.
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Exhibit-3
Average Weekly Volume
Shares Traded as a Shares Traded as a
Week Ending Percent of Outstanding Shares Percent of Float
3/16/2018 0.32% 1.37%
3/23/2018 0.71% 3.05%
3/29/2018 0.20% 0.84%
4/6/2018 0.42% 1.80%
4/13/2018 3.02% 12.93%
4/20/2018 1.11% 4.77%
4/27/2018 0.39% 1.68%
5/4/2018 0.24% 1.03%
5/11/2018 0.42% 1.81%
5/18/2018 0.70% 3.01%
5/25/2018 0.33% 1.41%
6/1/2018 0.55% 2.36%
6/8/2018 0.35% 1.51%
6/15/2018 1.08% 4.65%
6/22/2018 4.23% 18.16%
6/29/2018 1.09% 4.66%
7/6/2018 0.63% 2.76%
7/13/2018 0.37% 1.61%
7/20/2018 0.50% 2.16%
7/27/2018 0.40% 1.76%
8/3/2018 0.39% 1.68%
8/10/2018 0.37% 1.62%
8/17/2018 0.37% 1.64%
8/24/2018 0.23% 1.02%
8/31/2018 0.20% 0.90%
9/7/2018 0.26% 1.13%
9/14/2018 1.28% 5.64%
9/21/2018 1.69% 7.47%
9/28/2018 0.48% 2.13%
10/5/2018 0.29% 1.27%
10/12/2018 0.40% 1.75%
10/19/2018 0.33% 1.43%
10/26/2018 0.43% 1.88%
11/2/2018 0.57% 2.49%
11/9/2018 0.72% 3.16%
11/16/2018 0.66% 2.89%
11/23/2018 0.44% 1.92%
11/30/2018 0.65% 2.82%
12/7/2018 0.43% 1.88%
12/14/2018 0.24% 1.03%
12/21/2018 0.63% 2.76%
12/28/2018 0.21% 0.92%
1/4/2019 0.25% 1.12%
1/11/2019 0.52% 2.34%
1/18/2019 0.19% 0.87%
1/25/2019 0.23% 1.05%
2/1/2019 0.37% 1.68%
2/8/2019 0.12% 0.55%
2/15/2019 0.27% 1.23%
2/22/2019 0.20% 0.89%
3/1/2019 0.24% 1.07%
3/8/2019 0.20% 0.92%
3/15/2019 0.39% 1.75%
3/22/2019 0.41% 1.84%
3/29/2019 0.14% 0.65%
4/5/2019 0.18% 0.80%
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Exhibit-3
Average Weekly Volume
Shares Traded as a Shares Traded as a
Week Ending Percent of Outstanding Shares Percent of Float
4/12/2019 0.38% 1.73%
4/18/2019 0.19% 0.86%
4/26/2019 0.15% 0.70%
5/3/2019 0.18% 0.79%
5/10/2019 0.20% 0.92%
5/17/2019 0.31% 1.41%
5/24/2019 1.47% 6.62%
5/31/2019 1.97% 8.90%
6/7/2019 0.30% 1.38%
6/14/2019 0.43% 1.96%
6/21/2019 0.50% 2.26%
6/28/2019 0.36% 1.62%
7/5/2019 0.21% 0.93%
7/12/2019 0.29% 1.31%
7/19/2019 1.66% 7.52%
7/26/2019 0.74% 3.36%
8/2/2019 0.55% 2.47%
8/9/2019 1.56% 7.08%
8/16/2019 1.23% 5.56%
8/23/2019 0.80% 3.63%
8/30/2019 0.56% 2.52%
9/6/2019 0.22% 1.00%
9/13/2019 0.37% 1.69%
9/20/2019 0.34% 1.55%
9/27/2019 0.42% 1.91%
10/4/2019 11.58% 51.62%
10/11/2019 2.41% 10.74%
10/18/2019 1.00% 4.44%
10/25/2019 0.79% 3.53%
11/1/2019 1.76% 7.84%
11/8/2019 0.82% 3.66%
11/15/2019 8.89% 39.61%
11/22/2019 1.21% 5.40%
11/29/2019 0.84% 3.76%
12/6/2019 1.89% 8.44%
12/13/2019 0.97% 4.32%
12/20/2019 2.46% 10.98%
12/27/2019 1.42% 6.31%
1/3/2020 2.41% 10.71%
1/10/2020 1.71% 7.58%
1/17/2020 7.89% 35.04%
1/24/2020 1.51% 6.72%
1/31/2020 1.52% 6.77%
2/7/2020 0.87% 3.88%
2/14/2020 2.02% 8.98%
2/21/2020 1.12% 4.97%
2/28/2020 1.47% 6.55%
3/6/2020 2.85% 12.67%
3/13/2020 3.13% 13.90%
3/16/2020 0.40% 1.78%
Average weekly volume as percentage of
outstanding shares/float: 1.04% 4.62%
Source: CRSP and SEC Filings.
67
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Exhibit-4
XELA Research Reports and Analyst Recommendations
Research reports & analyst recommendations issued during Class Period 36
Research & Recommendations - Class Period
March 16, 2018 through March 16, 2020
Date Content Provider Recommendation
April 1, 2018 Cantor Fitzgerald Overweight
April 10, 2018 Cantor Fitzgerald Overweight
April 18, 2018 RBC Capital Markets Outperform
May 10, 2018 RBC Capital Markets Outperform
May 11, 2018 Cantor Fitzgerald Overweight
June 24, 2018 Cantor Fitzgerald Overweight
June 28, 2018 Cantor Fitzgerald Overweight
August 9, 2018 RBC Capital Markets Outperform
August 9, 2018 RBC Capital Markets Outperform
August 10, 2018 Cantor Fitzgerald Overweight
September 18, 2018 Cantor Fitzgerald Overweight
October 22, 2018 Morgan Stanley Overweight
November 5, 2018 RBC Capital Markets Outperform
November 8, 2018 RBC Capital Markets Outperform
November 8, 2018 RBC Capital Markets Outperform
November 9, 2018 Morgan Stanley Overweight
November 9, 2018 Cantor Fitzgerald Overweight
November 13, 2018 RBC Capital Markets Outperform
January 3, 2019 RBC Capital Markets Outperform
March 15, 2019 RBC Capital Markets Outperform
March 15, 2019 RBC Capital Markets Outperform
March 18, 2019 RBC Capital Markets Outperform
March 19, 2019 Morgan Stanley Equal-weight
March 19, 2019 Cantor Fitzgerald Overweight
April 7, 2019 Cantor Fitzgerald Overweight
April 11, 2019 Cantor Fitzgerald Overweight
May 6, 2019 RBC Capital Markets Outperform
May 9, 2019 RBC Capital Markets Outperform
May 9, 2019 RBC Capital Markets Outperform
May 10, 2019 Morgan Stanley Equal-weight
May 10, 2019 Cantor Fitzgerald Overweight
August 8, 2019 RBC Capital Markets Outperform
August 9, 2019 Cantor Fitzgerald Overweight
68
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Exhibit-4
XELA Research Reports and Analyst Recommendations
Research reports & analyst recommendations issued during Class Period 36
Research & Recommendations - Class Period
March 16, 2018 through March 16, 2020
August 9, 2019 RBC Capital Markets Outperform
November 11, 2019 RBC Capital Markets Outperform
November 13, 2019 Cantor Fitzgerald Overweight
Source: Thomson Eikon.
69
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Exhibit-5
XELA Market Makers
April 2018 through February 2020
No. Code Market Maker Total Volume
1 MSCO MORGAN STANLEY & CO., INCORPOR 10,160,632
2 UBSS UBS SECURITIES LLC. 4,662,697
3 GSCO GOLDMAN SACHS 3,575,468
4 IBKR INTERACTIVE BROKERS LLC 2,731,740
5 DBAB DEUTSCHE BANK SECURITIES INC. 2,617,120
6 LEHM BARCLAYS CAPITAL INC. 2,591,090
7 FBCO CREDIT SUISSE FIRST BOSTON LLC 1,895,418
8 INCA INSTINET CORPORATION 1,850,150
9 NITE VIRTU AMERICAS LLC 1,660,917
10 SBSH CITIGROUP GLOBAL MARKETS INC. 1,413,738
11 LIME LIME BROKERAGE LLC 1,065,630
12 WSEA WOLVERINE SECURITIES 910,111
13 CPEM CLEARPOOL EXECUTION SERVICES, LLC 846,254
14 NFSC NATIONAL FINANCIAL SERVICES LL 811,083
15 VALX Virtu Americas 754,179
16 ITGI ITG INC. 583,622
17 CANT CANTOR FITZGERALD & CO. 583,456
18 TRCM TRC MARKETS LLC 509,383
19 DEGS Dart Executions, LLC 431,496
20 TRBT TRADEBOT SYSTEMS, INC. 327,047
21 GEBB GLOBAL EXECUTION BROKERS, LP 326,565
22 ETRS E*TRADE CLEARING LLC 317,202
23 JEFF JEFFERIES & COMPANY, INC. 309,489
24 CODA 298,392
25 WCHV Wells Fargo Securities, LLC 221,328
26 SAGL SAGETRADER, LLC 209,379
27 WEXM WOLVERINE EXECUTION SERVICES, LLC 203,706
28 VALR 180,355
29 PUMA Puma Capital, LLC 165,773
30 FOMA AMERITRADE, INC. 140,676
31 ETBE Electronic Transaction Clearing, Inc. 140,634
32 SPDR SPEEDROUTE LLC 118,227
33 IEQY CITADEL SECURITIES LLC 111,798
34 JNST 110,920
35 INJX INSTINET, LLC 106,696
36 ETDX ELECTRONIC TRANSACTION CLEARING, INC. 104,435
37 GSLT GOLDMAN SACHS & CO. LLC 99,552
38 LMGP LIME BROKERAGE LLC 92,976
39 GSCS GOLDMAN, SACHS & CO. 88,070
40 JMPT JUMP TRADING, LLC 86,944
41 AGIS AEGIS CAPITAL CORP. 85,000
42 ETEJ ELECTRONIC TRANSACTION CLEARING, INC. 83,171
43 GTSZ GTS SECURITIES LLC 77,845
44 FRET Fox River Execution Tehnology, LLC 76,577
45 CPEX CLEARPOOL EXECUTION SERVICES 54,549
70
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Exhibit-5
XELA Market Makers
April 2018 through February 2020
No. Code Market Maker Total Volume
46 SPTD Stock USA Investments 54,400
47 CTDL Citadel Derivatives Group Llc 52,891
48 LTCO LADENBURG, THALMANN & CO. INC. 43,507
49 MICA SPARTAN SECURITIES GROUP LTD 40,200
50 DFIN ELECTRONIC BROKERAGE SYSTEMS, LLC 36,001
51 MAXM MAXIM GROUP, LLC 34,694
52 PDQM PDQ ATS. Inc. 31,481
53 BTIG BTIG, LLC 30,340
54 NQRB BRUT, LLC 29,074
55 ETFO 24,437
56 STFL STIFEL NICOLAUS 24,263
57 LSCI LEK SECURITIES CORPORATION 20,640
58 WABR WALL STREET ACCESS 19,802
59 FOXB 19,633
60 EGXW BATS TRADING, INC. 19,235
61 WEDB WEDBUSH MORGAN SECURITIES INC. 18,500
62 BERN SANFORD C. BERNSTEIN AND CO. I 16,812
63 CPET CLEARPOOL EXECUTION SERVICES, LLC 16,374
64 ETDR ELECTRONIC TRANSACTION CLEARING, INC. 15,210
65 CHAS CHARLES SCHWAB AND CO. INC. 14,750
66 NITP VIRTU AMERICAS LLC 10,863
67 PATH BENJAMIN & JEROLD BROKERAGE I, LLC 10,122
68 GLPX ACS EXECUTION SERVICES, LLC 9,400
69 SPHN STEPHENS INC. 7,900
70 BMOC BMO CAPITAL MARKETS 6,363
71 VERT THE VERTICAL GROUP, INC. 5,198
72 HSBC HSBC SECURITIES (USA) INC. 4,371
73 DBUL Deutsche Bank Securities Inc. 3,923
74 ELEV ELEVATION, LLC 3,349
75 DRWK 3,188
76 JONE JONES AND ASSOCIATES INC. 2,928
77 BNPX BNP PARIBAS SECURITIES CORP. 1,550
78 NORT NORTHLAND SECURITIES, INC. 1,222
79 LXBJ BENJAMIN & JEROLD BROKERAGE I, LLC 1,103
80 ETBT ELECTRONIC TRANSACTION CLEARING, INC. 1,000
81 BAYC BAY CREST PARTNERS, LLC 947
82 ETFA ELECTRONIC TRANSACTION CLEARING, INC. 810
83 LAMP LAMPOST CAPITAL LLC 700
84 RILY B. RILEY AND CO. INC. 600
85 EGAW BATS TRADING, INC. 500
86 WBPX WHITE BAY PT LLC 200
87 SHMR O'CONNOR & COMPANY LLC 101
88 SAGC SAGETRADER, LLC 24
89 ETBA ELECTRONIC TRANSACTION CLEARING, INC. 10
90 WEXX WOLVERINE EXECUTION SERVICES, 4
Source: Bloomberg.
71
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Exhibit-6
XELA, Market Index, and Peer Index Returns
July 14, 2017 through March 16, 2020
Market Index Industry Index
Date XL Return Return Return
7/14/2017 -7.43% 0.48% 0.65%
7/17/2017 -2.44% 0.00% 0.36%
7/18/2017 -4.48% 0.05% 0.31%
7/19/2017 -10.47% 0.60% 0.41%
7/20/2017 -7.05% 0.00% 0.30%
7/21/2017 3.03% -0.09% 0.28%
7/24/2017 0.82% -0.01% -0.74%
7/25/2017 5.27% 0.35% -0.34%
7/26/2017 0.28% -0.01% -0.06%
7/27/2017 -0.56% -0.21% -0.30%
7/28/2017 -2.86% -0.11% 0.91%
7/31/2017 -0.15% -0.09% 0.59%
8/1/2017 -0.87% 0.24% 0.37%
8/2/2017 0.15% -0.10% -1.27%
8/3/2017 -3.56% -0.22% -0.42%
8/4/2017 -3.40% 0.20% 0.01%
8/7/2017 3.20% 0.14% -0.12%
8/8/2017 -3.36% -0.28% -1.23%
8/9/2017 9.14% -0.15% 0.17%
8/10/2017 -7.12% -1.45% -1.30%
8/11/2017 -17.25% 0.15% -0.10%
8/14/2017 10.90% 0.98% 1.06%
8/15/2017 -7.13% -0.15% -0.02%
8/16/2017 2.95% 0.22% 0.11%
8/17/2017 3.86% -1.47% -1.41%
8/18/2017 0.66% -0.12% -0.64%
8/21/2017 -1.98% 0.09% 0.03%
8/22/2017 -1.85% 0.94% 1.33%
8/23/2017 -1.37% -0.19% -0.70%
8/24/2017 0.52% -0.12% -0.06%
8/25/2017 4.52% 0.20% 0.19%
8/28/2017 -2.82% 0.03% -0.08%
8/29/2017 -2.56% 0.07% -0.02%
8/30/2017 1.88% 0.46% 0.28%
8/31/2017 -6.48% 0.69% 0.99%
9/1/2017 4.77% 0.29% 0.28%
9/5/2017 -0.61% -0.77% -0.56%
9/6/2017 -1.13% 0.32% 0.20%
72
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Exhibit-6
XELA, Market Index, and Peer Index Returns
July 14, 2017 through March 16, 2020
Market Index Industry Index
Date XL Return Return Return
7/14/2017 -7.43% 0.48% 0.65%
9/7/2017 4.29% 0.00% 0.46%
9/8/2017 -4.29% -0.13% -2.34%
9/11/2017 -0.18% 1.02% -0.78%
9/12/2017 1.91% 0.35% 1.20%
9/13/2017 -3.51% 0.06% -3.43%
9/14/2017 1.59% -0.05% -0.48%
9/15/2017 -1.77% 0.18% -0.06%
9/18/2017 -10.16% 0.20% 1.02%
9/19/2017 1.57% 0.11% 0.18%
9/20/2017 0.39% 0.09% 0.74%
9/21/2017 6.76% -0.25% 0.40%
9/22/2017 -4.07% 0.11% 1.52%
9/25/2017 -4.25% -0.19% 0.23%
9/26/2017 0.79% 0.02% -1.44%
9/27/2017 -6.05% 0.50% 0.60%
9/28/2017 0.62% 0.16% 0.55%
9/29/2017 1.23% 0.33% -0.12%
10/2/2017 -2.06% 0.45% 1.06%
10/3/2017 -3.61% 0.25% 0.49%
10/4/2017 3.19% 0.08% 0.53%
10/5/2017 -2.97% 0.48% -0.18%
10/6/2017 4.63% -0.10% -0.29%
10/9/2017 0.82% -0.20% -0.10%
10/10/2017 -3.74% 0.27% 0.39%
10/11/2017 10.64% 0.20% -1.36%
10/12/2017 0.76% -0.15% 0.02%
10/13/2017 2.89% 0.09% 0.17%
10/16/2017 5.28% 0.10% -0.10%
10/17/2017 -4.45% -0.02% -0.09%
10/18/2017 -5.23% 0.10% 1.38%
10/19/2017 2.09% -0.01% -0.16%
10/20/2017 0.75% 0.42% 0.52%
10/23/2017 1.11% -0.43% -0.61%
10/24/2017 -0.37% 0.17% -0.05%
10/25/2017 1.65% -0.54% -1.47%
10/26/2017 -3.33% 0.15% 1.46%
10/27/2017 1.31% 0.76% 0.16%
73
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Exhibit-6
XELA, Market Index, and Peer Index Returns
July 14, 2017 through March 16, 2020
Market Index Industry Index
Date XL Return Return Return
7/14/2017 -7.43% 0.48% 0.65%
10/30/2017 0.37% -0.34% -1.68%
10/31/2017 6.28% 0.20% 0.55%
11/1/2017 -2.11% 0.07% 0.53%
11/2/2017 2.11% 0.03% 0.71%
11/3/2017 -5.36% 0.28% 0.21%
11/6/2017 -0.37% 0.21% 0.20%
11/7/2017 1.10% -0.18% -0.03%
11/8/2017 0.18% 0.14% 0.33%
11/9/2017 -2.58% -0.36% -0.51%
11/10/2017 0.19% -0.03% -0.22%
11/13/2017 -2.07% 0.02% 0.25%
11/14/2017 2.63% -0.26% 0.42%
11/15/2017 -0.37% -0.49% -0.18%
11/16/2017 -1.12% 0.93% 0.45%
11/17/2017 0.56% -0.09% 0.80%
11/20/2017 -4.79% 0.18% 0.37%
11/21/2017 -1.18% 0.65% 0.33%
11/22/2017 2.93% -0.01% 0.00%
11/24/2017 -0.39% 0.21% 0.20%
11/27/2017 1.15% -0.15% 0.23%
11/28/2017 0.76% 0.88% 1.67%
11/29/2017 -1.92% -0.07% -0.38%
11/30/2017 -2.35% 0.72% 0.66%
12/1/2017 1.77% -0.11% -0.92%
12/4/2017 0.58% -0.18% 0.64%
12/5/2017 0.99% -0.42% -0.49%
12/6/2017 -2.74% -0.14% 0.37%
12/7/2017 0.39% 0.40% 0.23%
12/8/2017 0.98% 0.50% 0.56%
12/11/2017 -0.98% 0.28% -0.63%
12/12/2017 -0.20% 0.07% -0.15%
12/13/2017 -1.78% 0.05% -0.77%
12/14/2017 2.57% -0.44% -0.28%
12/15/2017 0.78% 0.79% 1.44%
12/18/2017 1.54% 0.67% 0.30%
12/19/2017 -0.57% -0.34% -0.20%
12/20/2017 2.46% -0.01% -0.01%
74
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Exhibit-6
XELA, Market Index, and Peer Index Returns
July 14, 2017 through March 16, 2020
Market Index Industry Index
Date XL Return Return Return
7/14/2017 -7.43% 0.48% 0.65%
12/21/2017 -2.08% 0.25% -0.14%
12/22/2017 2.82% -0.02% -0.13%
12/26/2017 -0.37% -0.02% -0.35%
12/27/2017 -1.69% 0.08% -0.01%
12/28/2017 -1.14% 0.25% 0.38%
12/29/2017 -1.35% -0.48% -0.40%
1/2/2018 1.73% 0.85% 0.42%
1/3/2018 5.75% 0.58% -0.43%
1/4/2018 -1.09% 0.40% 0.80%
1/5/2018 -1.10% 0.58% 0.72%
1/8/2018 2.37% 0.18% 0.65%
1/9/2018 2.49% 0.09% -0.15%
1/10/2018 6.78% -0.15% -0.45%
1/11/2018 -3.84% 0.83% 0.77%
1/12/2018 2.69% 0.61% 0.66%
1/16/2018 -0.83% -0.44% -0.33%
1/17/2018 0.50% 0.85% 0.65%
1/18/2018 1.81% -0.20% -0.51%
1/19/2018 -0.33% 0.54% 1.36%
1/22/2018 0.00% 0.76% 0.21%
1/23/2018 0.49% 0.26% -0.12%
1/24/2018 0.81% -0.09% 0.11%
1/25/2018 0.81% 0.01% 0.20%
1/26/2018 1.59% 0.99% 0.70%
1/29/2018 -2.72% -0.69% -0.97%
1/30/2018 -5.68% -1.03% -0.54%
1/31/2018 -1.91% 0.01% 1.04%
2/1/2018 -2.48% -0.03% 0.44%
2/2/2018 -5.73% -2.11% -2.34%
2/5/2018 2.81% -3.88% -3.62%
2/6/2018 0.18% 1.52% 1.15%
2/7/2018 -5.11% -0.42% -0.34%
2/8/2018 0.58% -3.53% -4.50%
2/9/2018 -0.39% 1.22% 0.28%
2/12/2018 -1.17% 1.31% 1.52%
2/13/2018 0.39% 0.29% 0.71%
2/14/2018 2.32% 1.43% 1.32%
75
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Exhibit-6
XELA, Market Index, and Peer Index Returns
July 14, 2017 through March 16, 2020
Market Index Industry Index
Date XL Return Return Return
7/14/2017 -7.43% 0.48% 0.65%
2/15/2018 -1.73% 1.11% 1.33%
2/16/2018 -0.98% 0.04% 0.09%
2/20/2018 0.20% -0.63% -0.89%
2/21/2018 2.13% -0.44% 0.31%
2/22/2018 2.65% 0.02% 0.42%
2/23/2018 3.12% 1.46% 1.48%
2/26/2018 0.72% 1.00% 0.52%
2/27/2018 0.18% -1.26% -0.93%
2/28/2018 3.17% -1.11% -0.93%
3/1/2018 -2.82% -1.09% -1.52%
3/2/2018 -7.60% 0.59% 1.75%
3/5/2018 2.29% 1.01% 1.51%
3/6/2018 1.12% 0.41% 0.80%
3/7/2018 -0.94% 0.05% 0.59%
3/8/2018 0.00% 0.36% 0.22%
3/9/2018 -0.38% 1.56% 1.98%
3/12/2018 -0.95% -0.02% -0.37%
3/13/2018 3.74% -0.62% -0.35%
3/14/2018 -2.23% -0.46% -0.45%
3/15/2018 -1.70% -0.22% 0.03%
3/16/2018 3.19% 0.24% 0.51%
3/19/2018 -1.49% -1.30% -0.90%
3/20/2018 3.32% 0.13% 0.47%
3/21/2018 2.33% 0.04% -0.24%
3/22/2018 -1.25% -2.42% -2.45%
3/23/2018 -3.47% -1.95% -2.19%
3/26/2018 0.74% 2.40% 2.07%
3/27/2018 -0.56% -1.67% -0.74%
3/28/2018 -3.20% -0.26% 0.21%
3/29/2018 5.77% 1.34% 0.63%
4/2/2018 -2.19% -2.16% -1.85%
4/3/2018 3.99% 1.15% 1.63%
4/4/2018 -3.07% 1.03% 0.51%
4/5/2018 4.48% 0.74% 1.16%
4/6/2018 2.08% -2.02% -2.13%
4/9/2018 -1.38% 0.28% 0.36%
4/10/2018 -2.29% 1.63% 1.84%
76
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Exhibit-6
XELA, Market Index, and Peer Index Returns
July 14, 2017 through March 16, 2020
Market Index Industry Index
Date XL Return Return Return
7/14/2017 -7.43% 0.48% 0.65%
4/11/2018 -10.50% -0.38% -0.74%
4/12/2018 -9.53% 0.69% 0.56%
4/13/2018 3.84% -0.31% -0.47%
4/16/2018 -1.48% 0.80% 1.33%
4/17/2018 -1.50% 1.02% 0.95%
4/18/2018 8.07% 0.16% 0.56%
4/19/2018 -9.15% -0.54% 0.20%
4/20/2018 1.30% -0.75% -2.41%
4/23/2018 2.55% -0.04% 0.09%
4/24/2018 -1.48% -1.14% -0.46%
4/25/2018 -3.24% 0.08% 0.64%
4/26/2018 1.31% 0.90% -0.88%
4/27/2018 -0.65% 0.07% -0.19%
4/30/2018 -1.32% -0.73% -0.72%
5/1/2018 1.54% 0.22% 0.13%
5/2/2018 -1.98% -0.56% -1.30%
5/3/2018 -2.70% -0.23% -0.40%
5/4/2018 0.68% 1.22% 1.01%
5/7/2018 7.22% 0.41% 0.60%
5/8/2018 -1.06% 0.04% 0.14%
5/9/2018 -4.80% 0.86% 1.20%
5/10/2018 0.22% 0.86% 0.60%
5/11/2018 1.33% 0.15% 0.23%
5/14/2018 -4.97% 0.08% -0.64%
5/15/2018 3.64% -0.58% 0.19%
5/16/2018 2.21% 0.48% 0.49%
5/17/2018 -1.32% 0.03% -0.03%
5/18/2018 1.32% -0.22% 0.48%
5/21/2018 0.22% 0.70% 0.85%
5/22/2018 0.43% -0.35% -1.07%
5/23/2018 -1.31% 0.23% -0.44%
5/24/2018 -2.22% -0.18% -0.09%
5/25/2018 0.45% -0.22% -0.44%
5/29/2018 -1.12% -1.00% -0.72%
5/30/2018 2.24% 1.30% 1.12%
5/31/2018 4.33% -0.65% -0.66%
77
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Exhibit-6
XELA, Market Index, and Peer Index Returns
July 14, 2017 through March 16, 2020
Market Index Industry Index
Date XL Return Return Return
7/14/2017 -7.43% 0.48% 0.65%
6/1/2018 1.89% 0.96% 0.75%
6/4/2018 -1.89% 0.45% 1.12%
6/5/2018 0.42% 0.15% 1.22%
6/6/2018 4.34% 0.80% 1.85%
6/7/2018 0.20% -0.11% -0.05%
6/8/2018 0.60% 0.30% 0.33%
6/11/2018 4.89% 0.15% -0.56%
6/12/2018 -0.77% 0.19% 0.15%
6/13/2018 -0.58% -0.36% 0.53%
6/14/2018 -0.19% 0.26% 0.54%
6/15/2018 0.19% -0.16% -0.23%
6/18/2018 -0.58% -0.08% -0.34%
6/19/2018 -2.36% -0.41% -0.48%
6/20/2018 0.79% 0.27% 0.70%
6/21/2018 0.39% -0.69% -0.80%
6/22/2018 0.20% 0.23% 0.43%
6/25/2018 1.17% -1.45% -1.79%
6/26/2018 -1.37% 0.29% 0.61%
6/27/2018 -0.99% -0.98% -1.91%
6/28/2018 -2.21% 0.56% 0.99%
6/29/2018 -3.52% 0.16% 0.11%
7/2/2018 1.05% 0.22% 0.47%
7/3/2018 1.04% -0.29% -0.17%
7/5/2018 0.41% 0.84% 1.28%
7/6/2018 -0.21% 0.84% 0.63%
7/9/2018 1.23% 0.84% 0.95%
7/10/2018 5.54% 0.23% -0.63%
7/11/2018 -4.12% -0.74% -0.12%
7/12/2018 0.00% 0.82% 0.49%
7/13/2018 -1.01% 0.07% -0.16%
7/16/2018 2.00% -0.18% -0.50%
7/17/2018 -2.00% 0.39% 0.56%
7/18/2018 1.21% 0.25% 0.33%
7/19/2018 -1.01% -0.25% -0.43%
7/20/2018 -1.02% -0.10% -0.24%
7/23/2018 1.42% 0.10% 0.85%
78
Case 1:21-md-02989-CMA Document 582-5 Entered on FLSD Docket 06/21/2023 Page 82 of
Case 3:20-cv-00691-D Document 83-1 Filed
139 04/14/23 Page 82 of 139 PageID 3221
Exhibit-6
XELA, Market Index, and Peer Index Returns
July 14, 2017 through March 16, 2020
Market Index Industry Index
Date XL Return Return Return
7/14/2017 -7.43% 0.48% 0.65%
7/24/2018 0.80% 0.20% -0.18%
7/25/2018 -3.45% 0.82% 1.79%
7/26/2018 1.84% -0.16% -2.12%
7/27/2018 -2.88% -0.77% -0.96%
7/30/2018 6.27% -0.56% -0.49%
7/31/2018 -1.78% 0.55% 0.91%
8/1/2018 -0.40% -0.13% 1.31%
8/2/2018 -0.80% 0.55% 0.01%
8/3/2018 -1.63% 0.33% -0.46%
8/6/2018 -3.34% 0.38% 1.24%
8/7/2018 2.10% 0.23% 0.14%
8/8/2018 -0.21% -0.03% -0.07%
8/9/2018 3.08% -0.03% 0.96%
8/10/2018 6.07% -0.64% -0.31%
8/13/2018 -4.87% -0.47% 0.28%
8/14/2018 0.80% 0.66% 1.08%
8/15/2018 0.00% -0.91% -0.74%
8/16/2018 6.89% 0.80% 0.59%
8/17/2018 2.01% 0.39% 0.22%
8/20/2018 0.90% 0.28% 0.03%
8/21/2018 1.60% 0.31% 0.78%
8/22/2018 -0.71% 0.07% -0.25%
8/23/2018 0.00% -0.24% 0.29%
8/24/2018 4.52% 0.62% -0.19%
8/27/2018 0.85% 0.71% 0.62%
8/28/2018 -0.17% 0.00% 0.05%
8/29/2018 2.01% 0.52% 0.54%
8/30/2018 -0.83% -0.44% -0.28%
8/31/2018 -0.17% 0.03% 0.35%
9/4/2018 -1.69% -0.23% 0.57%
9/5/2018 -2.06% -0.35% -1.18%
9/6/2018 2.57% -0.40% 0.09%
9/7/2018 0.17% -0.24% -1.61%
9/10/2018 6.38% 0.23% 0.26%
9/11/2018 4.04% 0.32% -0.51%
9/12/2018 -0.46% 0.08% 0.32%
79
Case 1:21-md-02989-CMA Document 582-5 Entered on FLSD Docket 06/21/2023 Page 83 of
Case 3:20-cv-00691-D Document 83-1 Filed
139 04/14/23 Page 83 of 139 PageID 3222
Exhibit-6
XELA, Market Index, and Peer Index Returns
July 14, 2017 through March 16, 2020
Market Index Industry Index
Date XL Return Return Return
7/14/2017 -7.43% 0.48% 0.65%
9/13/2018 4.92% 0.43% 0.11%
9/14/2018 -1.02% 0.09% 0.19%
9/17/2018 2.04% -0.60% -0.86%
9/18/2018 1.57% 0.55% 0.82%
9/19/2018 3.48% 0.05% -1.99%
9/20/2018 -0.27% 0.78% 0.43%
9/21/2018 -4.50% -0.10% -0.10%
9/24/2018 0.43% -0.37% -0.48%
9/25/2018 1.56% -0.05% 0.10%
9/26/2018 -0.99% -0.40% -0.16%
9/27/2018 -0.43% 0.24% -0.39%
9/28/2018 1.84% 0.01% 0.59%
10/1/2018 -1.84% 0.18% -0.39%
10/2/2018 -6.04% -0.23% -0.32%
10/3/2018 3.72% 0.16% 0.42%
10/4/2018 -1.18% -0.94% -1.47%
10/5/2018 -1.34% -0.61% -0.15%
10/8/2018 1.49% -0.13% -0.78%
10/9/2018 2.19% -0.18% 0.04%
10/10/2018 -10.66% -3.19% -3.43%
10/11/2018 -2.94% -1.90% -1.92%
10/12/2018 -0.66% 1.22% 1.41%
10/15/2018 5.35% -0.37% -0.34%
10/16/2018 1.72% 2.12% 2.35%
10/17/2018 -0.31% -0.14% -0.15%
10/18/2018 -0.31% -1.47% -1.06%
10/19/2018 -0.94% -0.18% -0.57%
10/22/2018 5.52% -0.39% 0.61%
10/23/2018 -4.58% -0.60% -1.10%
10/24/2018 -5.13% -3.11% -3.56%
10/25/2018 -0.16% 1.73% -0.32%
10/26/2018 -0.83% -1.56% -1.06%
10/29/2018 -0.67% -0.70% -0.01%
10/30/2018 1.66% 1.55% 2.01%
10/31/2018 0.33% 1.04% 1.60%
11/1/2018 0.00% 1.29% 0.59%
80
Case 1:21-md-02989-CMA Document 582-5 Entered on FLSD Docket 06/21/2023 Page 84 of
Case 3:20-cv-00691-D Document 83-1 Filed
139 04/14/23 Page 84 of 139 PageID 3223
Exhibit-6
XELA, Market Index, and Peer Index Returns
July 14, 2017 through March 16, 2020
Market Index Industry Index
Date XL Return Return Return
7/14/2017 -7.43% 0.48% 0.65%
11/2/2018 0.65% -0.48% -0.27%
11/5/2018 -3.48% 0.44% 0.16%
11/6/2018 -0.51% 0.57% 0.98%
11/7/2018 0.17% 1.91% 1.17%
11/8/2018 5.43% -0.29% 0.43%
11/9/2018 -16.71% -0.98% -1.03%
11/12/2018 -5.35% -1.91% -1.18%
11/13/2018 -5.86% -0.12% -0.44%
11/14/2018 3.13% -0.66% -1.17%
11/15/2018 -0.62% 1.07% 1.73%
11/16/2018 0.00% 0.21% -0.10%
11/19/2018 -2.30% -1.67% -1.37%
11/20/2018 -5.21% -1.81% -1.63%
11/21/2018 1.33% 0.62% 0.77%
11/23/2018 -0.44% -0.56% -0.21%
11/26/2018 4.32% 1.45% 1.32%
11/27/2018 -2.79% 0.05% 0.01%
11/28/2018 -0.22% 2.21% 2.54%
11/29/2018 -3.55% -0.18% -0.50%
11/30/2018 2.45% 0.68% 0.57%
12/3/2018 -0.66% 1.14% 1.09%
12/4/2018 -3.61% -3.23% -4.12%
12/6/2018 -0.46% -0.19% -0.76%
12/7/2018 -5.70% -2.13% -2.05%
12/10/2018 2.65% -0.03% -0.17%
12/11/2018 -3.88% -0.07% -0.17%
12/12/2018 3.41% 0.63% 0.55%
12/13/2018 -3.90% -0.22% -1.20%
12/14/2018 0.74% -1.72% -1.21%
12/17/2018 -2.50% -2.11% -1.49%
12/18/2018 0.76% -0.02% 0.26%
12/19/2018 -4.37% -1.49% -1.49%
12/20/2018 -1.85% -1.55% -1.72%
12/21/2018 -6.35% -2.08% -2.19%
12/24/2018 -1.43% -2.45% -2.32%
12/26/2018 5.89% 4.58% 4.34%
81
Case 1:21-md-02989-CMA Document 582-5 Entered on FLSD Docket 06/21/2023 Page 85 of
Case 3:20-cv-00691-D Document 83-1 Filed
139 04/14/23 Page 85 of 139 PageID 3224
Exhibit-6
XELA, Market Index, and Peer Index Returns
July 14, 2017 through March 16, 2020
Market Index Industry Index
Date XL Return Return Return
7/14/2017 -7.43% 0.48% 0.65%
12/27/2018 -1.10% 0.68% 0.74%
12/28/2018 2.99% 0.02% -0.46%
12/31/2018 3.93% 0.83% 1.02%
1/2/2019 1.02% 0.18% -0.44%
1/3/2019 -5.22% -2.13% -2.35%
1/4/2019 4.20% 3.29% 4.05%
1/7/2019 3.04% 0.92% 0.37%
1/8/2019 -0.50% 1.02% 1.51%
1/9/2019 -1.01% 0.62% 0.83%
1/10/2019 -1.02% 0.45% 0.28%
1/11/2019 1.27% -0.02% 0.01%
1/14/2019 -3.08% -0.55% -0.58%
1/15/2019 -0.52% 0.98% 0.97%
1/16/2019 -1.32% 0.32% 0.55%
1/17/2019 0.00% 0.71% 1.20%
1/18/2019 -0.53% 1.20% 1.58%
1/22/2019 -4.08% -1.43% -0.98%
1/23/2019 -1.96% 0.13% 0.11%
1/24/2019 -0.57% 0.28% -0.05%
1/25/2019 2.81% 0.95% 1.19%
1/28/2019 -0.83% -0.65% -0.84%
1/29/2019 0.56% -0.09% -0.26%
1/30/2019 0.00% 1.43% 1.75%
1/31/2019 9.02% 0.84% 0.60%
2/1/2019 0.63% 0.14% 0.10%
2/4/2019 1.13% 0.67% 0.63%
2/5/2019 2.46% 0.44% 0.13%
2/6/2019 -0.73% -0.25% -0.05%
2/7/2019 0.00% -0.89% -0.16%
2/8/2019 4.32% 0.07% 0.70%
2/11/2019 4.36% 0.13% 1.54%
2/12/2019 -0.68% 1.23% 0.63%
2/13/2019 -2.99% 0.28% 0.53%
2/14/2019 -5.51% -0.14% 0.01%
2/15/2019 2.43% 1.08% 1.09%
2/19/2019 0.24% 0.23% -0.39%
82
Case 1:21-md-02989-CMA Document 582-5 Entered on FLSD Docket 06/21/2023 Page 86 of
Case 3:20-cv-00691-D Document 83-1 Filed
139 04/14/23 Page 86 of 139 PageID 3225
Exhibit-6
XELA, Market Index, and Peer Index Returns
July 14, 2017 through March 16, 2020
Market Index Industry Index
Date XL Return Return Return
7/14/2017 -7.43% 0.48% 0.65%
2/20/2019 -2.18% 0.21% -0.57%
2/21/2019 -3.24% -0.35% 0.54%
2/22/2019 1.76% 0.63% 0.63%
2/25/2019 -3.03% 0.14% -0.50%
2/26/2019 0.00% -0.15% -0.15%
2/27/2019 3.03% 0.05% -0.11%
2/28/2019 -1.00% -0.28% 0.44%
3/1/2019 0.25% 0.61% 0.85%
3/4/2019 0.75% -0.42% -0.80%
3/5/2019 -1.00% -0.13% -0.17%
3/6/2019 -7.29% -0.78% -0.86%
3/7/2019 2.14% -0.75% -0.47%
3/8/2019 -2.41% -0.19% -0.65%
3/11/2019 2.67% 1.42% 1.57%
3/12/2019 -0.26% 0.27% 0.61%
3/13/2019 2.61% 0.64% 0.68%
3/14/2019 -1.04% -0.10% 0.18%
3/15/2019 0.78% 0.45% 0.11%
3/18/2019 1.79% 0.44% 1.15%
3/19/2019 -5.48% -0.07% -0.06%
3/20/2019 -6.36% -0.32% -0.94%
3/21/2019 -1.73% 1.02% 1.54%
3/22/2019 -5.07% -2.06% -2.41%
3/25/2019 -2.16% -0.03% -0.22%
3/26/2019 0.00% 0.77% 0.53%
3/27/2019 1.55% -0.47% -0.30%
3/28/2019 -0.93% 0.41% 0.25%
3/29/2019 3.66% 0.60% 0.65%
4/1/2019 4.11% 1.12% 1.26%
4/2/2019 0.57% -0.01% 0.03%
4/3/2019 2.54% 0.25% 1.76%
4/4/2019 -5.14% 0.19% -0.01%
4/5/2019 5.98% 0.51% 0.11%
4/8/2019 3.53% 0.10% -0.15%
4/9/2019 0.27% -0.63% -0.62%
4/10/2019 1.84% 0.48% 0.50%
83
Case 1:21-md-02989-CMA Document 582-5 Entered on FLSD Docket 06/21/2023 Page 87 of
Case 3:20-cv-00691-D Document 83-1 Filed
139 04/14/23 Page 87 of 139 PageID 3226
Exhibit-6
XELA, Market Index, and Peer Index Returns
July 14, 2017 through March 16, 2020
Market Index Industry Index
Date XL Return Return Return
7/14/2017 -7.43% 0.48% 0.65%
4/11/2019 -1.05% -0.01% 0.75%
4/12/2019 0.26% 0.64% 0.35%
4/15/2019 -0.26% -0.10% 0.34%
4/16/2019 -3.76% 0.07% -0.23%
4/17/2019 -3.34% -0.31% -0.41%
4/18/2019 -0.57% 0.11% 0.86%
4/22/2019 -4.07% 0.05% -0.19%
4/23/2019 0.89% 0.89% 0.83%
4/24/2019 -1.48% -0.21% -0.71%
4/25/2019 -3.96% -0.15% -0.62%
4/26/2019 1.85% 0.54% 0.83%
4/29/2019 3.30% 0.15% 0.03%
4/30/2019 -2.99% 0.04% 0.37%
5/1/2019 -0.61% -0.76% -1.28%
5/2/2019 0.61% -0.17% -0.02%
5/3/2019 4.46% 1.08% 1.23%
5/6/2019 -1.46% -0.38% -0.12%
5/7/2019 -0.89% -1.63% -2.05%
5/8/2019 1.48% -0.16% -0.50%
5/9/2019 -0.88% -0.28% -0.39%
5/10/2019 -5.16% 0.41% 0.48%
5/13/2019 -3.49% -2.48% -2.62%
5/14/2019 -3.61% 0.89% 1.31%
5/15/2019 1.33% 0.57% 0.48%
5/16/2019 0.33% 0.84% 1.13%
5/17/2019 -0.33% -0.68% -0.52%
5/20/2019 -7.89% -0.65% -0.04%
5/21/2019 4.88% 0.89% 1.51%
5/22/2019 -19.88% -0.38% 0.03%
5/23/2019 -23.25% -1.28% -1.59%
5/24/2019 -13.43% 0.28% 0.32%
5/28/2019 35.85% -0.75% -0.50%
5/29/2019 -8.74% -0.69% -0.81%
5/30/2019 6.20% 0.14% 0.34%
5/31/2019 -6.20% -1.18% -0.94%
6/3/2019 7.05% -0.21% 0.46%
84
Case 1:21-md-02989-CMA Document 582-5 Entered on FLSD Docket 06/21/2023 Page 88 of
Case 3:20-cv-00691-D Document 83-1 Filed
139 04/14/23 Page 88 of 139 PageID 3227
Exhibit-6
XELA, Market Index, and Peer Index Returns
July 14, 2017 through March 16, 2020
Market Index Industry Index
Date XL Return Return Return
7/14/2017 -7.43% 0.48% 0.65%
6/4/2019 -7.05% 2.07% 1.84%
6/5/2019 -3.72% 0.65% 1.15%
6/6/2019 -0.95% 0.51% 0.13%
6/7/2019 -0.48% 0.96% 0.62%
6/10/2019 5.61% 0.48% 0.77%
6/11/2019 -4.18% -0.06% -0.54%
6/12/2019 2.80% -0.19% 0.24%
6/13/2019 0.92% 0.49% 0.66%
6/14/2019 -4.67% -0.27% -0.27%
6/17/2019 -2.42% 0.16% -0.12%
6/18/2019 2.42% 0.99% 0.36%
6/19/2019 -4.90% 0.37% 0.68%
6/20/2019 3.94% 0.88% 0.44%
6/21/2019 2.39% -0.25% -1.07%
6/24/2019 -7.34% -0.29% -0.77%
6/25/2019 -0.51% -0.90% -0.88%
6/26/2019 2.02% -0.10% 0.91%
6/27/2019 0.50% 0.58% 1.25%
6/28/2019 8.58% 0.66% 1.24%
7/1/2019 -4.67% 0.66% 0.53%
7/2/2019 -2.42% 0.20% 0.42%
7/3/2019 -0.49% 0.77% 0.93%
7/5/2019 -0.49% -0.11% -0.56%
7/8/2019 2.45% -0.54% -0.50%
7/9/2019 7.00% 0.18% 0.04%
7/10/2019 -2.74% 0.40% 0.19%
7/11/2019 -4.26% 0.12% 0.32%
7/12/2019 3.33% 0.47% 0.82%
7/15/2019 0.47% -0.02% 0.36%
7/16/2019 -2.35% -0.30% -0.01%
7/17/2019 -1.44% -0.56% -0.24%
7/18/2019 19.27% 0.34% 0.83%
7/19/2019 -5.32% -0.56% -0.48%
7/22/2019 2.90% 0.23% 0.00%
7/23/2019 -1.65% 0.62% 0.78%
7/24/2019 1.65% 0.60% 0.97%
85
Case 1:21-md-02989-CMA Document 582-5 Entered on FLSD Docket 06/21/2023 Page 89 of
Case 3:20-cv-00691-D Document 83-1 Filed
139 04/14/23 Page 89 of 139 PageID 3228
Exhibit-6
XELA, Market Index, and Peer Index Returns
July 14, 2017 through March 16, 2020
Market Index Industry Index
Date XL Return Return Return
7/14/2017 -7.43% 0.48% 0.65%
7/25/2019 -2.06% -0.64% -0.77%
7/26/2019 14.16% 0.73% 1.50%
7/29/2019 -2.38% -0.27% -1.36%
7/30/2019 -3.39% -0.13% -0.54%
7/31/2019 1.52% -1.00% -0.66%
8/1/2019 2.24% -0.93% -0.65%
8/2/2019 -3.00% -0.78% -0.42%
8/5/2019 -8.32% -2.88% -2.56%
8/6/2019 -7.73% 1.18% 1.21%
8/7/2019 0.89% 0.13% 0.64%
8/8/2019 8.07% 1.84% 2.10%
8/9/2019 -64.92% -0.72% -0.90%
8/12/2019 -1.57% -1.21% -1.04%
8/13/2019 -2.41% 1.32% 1.18%
8/14/2019 -4.15% -2.82% -2.49%
8/15/2019 -1.71% 0.18% 0.37%
8/16/2019 -3.51% 1.48% 1.70%
8/19/2019 3.51% 1.06% 0.78%
8/20/2019 1.71% -0.68% -0.48%
8/21/2019 -1.71% 0.79% 0.61%
8/22/2019 6.67% -0.10% -0.69%
8/23/2019 4.73% -2.46% -2.39%
8/26/2019 0.00% 0.99% 1.24%
8/27/2019 -9.68% -0.39% 0.45%
8/28/2019 -4.33% 0.63% 0.67%
8/29/2019 0.88% 1.25% 0.97%
8/30/2019 0.87% 0.06% 0.27%
9/3/2019 -1.75% -0.72% -0.64%
9/4/2019 0.00% 1.07% 0.90%
9/5/2019 10.09% 1.23% 1.10%
9/6/2019 -0.80% 0.03% 0.14%
9/9/2019 6.25% 0.06% -0.52%
9/10/2019 0.38% 0.12% -1.33%
9/11/2019 4.07% 0.81% 0.32%
9/12/2019 0.72% 0.24% 0.93%
9/13/2019 0.00% -0.04% 0.06%
86
Case 1:21-md-02989-CMA Document 582-5 Entered on FLSD Docket 06/21/2023 Page 90 of
Case 3:20-cv-00691-D Document 83-1 Filed
139 04/14/23 Page 90 of 139 PageID 3229
Exhibit-6
XELA, Market Index, and Peer Index Returns
July 14, 2017 through March 16, 2020
Market Index Industry Index
Date XL Return Return Return
7/14/2017 -7.43% 0.48% 0.65%
9/16/2019 -2.92% -0.13% 0.16%
9/17/2019 0.74% 0.22% 0.27%
9/18/2019 -0.74% -0.07% 0.03%
9/19/2019 0.00% -0.01% -0.41%
9/20/2019 2.20% -0.41% -0.36%
9/23/2019 -5.21% -0.01% -0.62%
9/24/2019 -5.90% -0.92% -0.67%
9/25/2019 -3.71% 0.56% 0.92%
9/26/2019 -4.29% -0.31% -0.07%
9/27/2019 -1.77% -0.57% -1.58%
9/30/2019 5.22% 0.44% 1.18%
10/1/2019 -2.58% -1.26% -1.32%
10/2/2019 -1.75% -1.63% -1.77%
10/3/2019 -2.69% 0.76% 0.63%
10/4/2019 22.68% 1.26% 1.73%
10/7/2019 -8.31% -0.39% -0.27%
10/8/2019 -9.93% -1.52% -1.54%
10/9/2019 -2.64% 0.83% 1.10%
10/10/2019 0.89% 0.56% 0.69%
10/11/2019 -5.46% 1.13% 1.05%
10/14/2019 -4.79% -0.16% -0.58%
10/15/2019 0.00% 0.91% 1.08%
10/16/2019 -2.99% -0.19% -0.16%
10/17/2019 -0.86% 0.37% 0.58%
10/18/2019 -5.39% -0.37% -0.42%
10/21/2019 -3.08% 0.66% 0.45%
10/22/2019 -9.74% -0.33% -1.47%
10/23/2019 -0.06% 0.24% -0.14%
10/24/2019 1.05% 0.23% 0.88%
10/25/2019 -2.95% 0.41% -0.99%
10/28/2019 -8.79% 0.52% 0.30%
10/29/2019 -2.08% -0.06% 0.04%
10/30/2019 -22.47% 0.28% -0.31%
10/31/2019 6.12% -0.35% -0.68%
11/1/2019 -4.02% 1.02% 1.15%
11/4/2019 5.61% 0.38% -2.62%
87
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Exhibit-6
XELA, Market Index, and Peer Index Returns
July 14, 2017 through March 16, 2020
Market Index Industry Index
Date XL Return Return Return
7/14/2017 -7.43% 0.48% 0.65%
11/5/2019 -0.58% -0.11% -0.75%
11/6/2019 -2.24% -0.03% 0.41%
11/7/2019 0.08% 0.28% -0.35%
11/8/2019 -6.66% 0.26% -0.33%
11/11/2019 6.72% -0.16% 0.00%
11/12/2019 -0.61% 0.11% 0.04%
11/13/2019 -54.03% 0.03% 0.73%
11/14/2019 -12.10% 0.10% 0.99%
11/15/2019 9.29% 0.70% 0.28%
11/18/2019 3.44% 0.01% 0.05%
11/19/2019 -0.63% 0.00% 0.88%
11/20/2019 -4.02% -0.30% -0.22%
11/21/2019 -8.70% -0.17% -0.67%
11/22/2019 1.19% 0.20% 0.33%
11/25/2019 -0.97% 0.85% 0.71%
11/26/2019 2.87% 0.22% 1.16%
11/27/2019 -2.74% 0.43% 0.22%
11/29/2019 4.61% -0.41% -0.73%
12/2/2019 -10.95% -0.86% -0.69%
12/3/2019 -1.63% -0.57% -0.45%
12/4/2019 -1.69% 0.60% 0.39%
12/5/2019 -1.18% 0.11% 0.68%
12/6/2019 6.89% 0.84% 1.01%
12/9/2019 -1.73% -0.27% -0.23%
12/10/2019 -2.28% -0.07% -0.16%
12/11/2019 1.53% 0.27% 0.27%
12/12/2019 -1.04% 0.78% 0.98%
12/13/2019 3.05% 0.00% 0.58%
12/16/2019 1.38% 0.70% 0.24%
12/17/2019 7.91% 0.05% 0.10%
12/18/2019 3.98% 0.02% -0.59%
12/19/2019 -6.35% 0.42% 0.38%
12/20/2019 9.33% 0.45% 1.08%
12/23/2019 -5.89% 0.10% -0.23%
12/24/2019 0.58% 0.04% -0.17%
12/26/2019 -2.73% 0.46% 0.06%
88
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Exhibit-6
XELA, Market Index, and Peer Index Returns
July 14, 2017 through March 16, 2020
Market Index Industry Index
Date XL Return Return Return
7/14/2017 -7.43% 0.48% 0.65%
12/27/2019 1.18% -0.06% 0.08%
12/30/2019 16.37% -0.51% -0.54%
12/31/2019 6.30% 0.30% 0.65%
1/2/2020 2.69% 0.74% 0.89%
1/3/2020 -4.27% -0.58% 0.23%
1/6/2020 -4.93% 0.33% 0.26%
1/7/2020 1.64% -0.21% 0.00%
1/8/2020 2.04% 0.40% 0.86%
1/9/2020 -1.37% 0.58% 0.94%
1/10/2020 -8.21% -0.26% -0.14%
1/13/2020 5.33% 0.71% 0.86%
1/14/2020 -0.63% -0.04% -0.38%
1/15/2020 3.28% 0.19% 1.09%
1/16/2020 11.29% 0.84% 0.28%
1/17/2020 3.58% 0.25% 0.48%
1/21/2020 1.73% -0.30% 0.18%
1/22/2020 -4.96% 0.04% 0.62%
1/23/2020 -3.96% 0.10% 0.28%
1/24/2020 -4.52% -0.89% -0.73%
1/27/2020 9.70% -1.50% -0.85%
1/28/2020 -4.97% 0.96% 0.81%
1/29/2020 -6.33% -0.12% -0.52%
1/30/2020 -0.28% 0.28% 0.08%
1/31/2020 -5.04% -1.68% -1.87%
2/3/2020 -2.59% 0.75% 1.23%
2/4/2020 0.30% 1.47% 1.55%
2/5/2020 2.37% 0.93% 0.63%
2/6/2020 -0.05% 0.26% -0.42%
2/7/2020 -2.51% -0.55% -0.30%
2/10/2020 -6.63% 0.67% 0.12%
2/11/2020 -10.96% 0.34% -0.26%
2/12/2020 8.66% 0.64% 0.17%
2/13/2020 -9.38% -0.08% 0.72%
2/14/2020 -0.26% 0.17% 0.21%
2/18/2020 1.60% -0.19% -0.62%
2/19/2020 -2.72% 0.52% 0.44%
89
Case 1:21-md-02989-CMA Document 582-5 Entered on FLSD Docket 06/21/2023 Page 93 of
Case 3:20-cv-00691-D Document 83-1 Filed
139 04/14/23 Page 93 of 139 PageID 3232
Exhibit-6
XELA, Market Index, and Peer Index Returns
July 14, 2017 through March 16, 2020
Market Index Industry Index
Date XL Return Return Return
7/14/2017 -7.43% 0.48% 0.65%
2/20/2020 6.62% -0.26% -0.31%
2/21/2020 -7.96% -0.98% -1.07%
2/24/2020 -0.78% -3.23% -2.30%
2/25/2020 -4.34% -2.99% -3.63%
2/26/2020 -2.33% -0.54% 0.07%
2/27/2020 -3.55% -4.19% -4.71%
2/28/2020 -3.44% -0.86% -0.98%
3/2/2020 10.27% 3.95% 3.44%
3/3/2020 14.70% -2.49% -2.36%
3/4/2020 8.15% 3.69% 4.77%
3/5/2020 -0.34% -3.20% -3.52%
3/6/2020 -9.21% -1.79% -1.45%
3/9/2020 -15.32% -8.26% -10.03%
3/10/2020 -3.31% 4.34% 5.04%
3/11/2020 -27.35% -5.12% -3.72%
3/12/2020 -10.46% -10.19% -9.43%
3/13/2020 7.29% 8.20% 6.14%
3/16/2020 -7.08% -12.58% -9.25%
Sources: Bloomberg and CRSP.
Note: All returns are logarithmic returns.
90
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Exhibit-7
XELA Market Efficiency Statistics
March 16, 2018 through March 16, 2020
Closing Average
Closing Closing Bid/Ask Bid/Ask Outstanding Market
Date Closing Price Log Return Volume Bid Ask Spread Spread % Shares Capitalization
[a] [b] [c] [d] [e] [f] [g]
3/16/2018 $5.41 3.19% 487,888 $5.38 $5.42 $0.04 0.74% 152,565,218 $825,377,829
3/19/2018 $5.33 -1.49% 296,815 $5.33 $5.34 $0.01 0.19% 152,565,218 $813,172,612
3/20/2018 $5.51 3.32% 328,018 $5.49 $5.51 $0.02 0.36% 152,565,218 $840,634,351
3/21/2018 $5.64 2.33% 188,406 $5.63 $5.64 $0.01 0.18% 152,565,218 $860,467,830
3/22/2018 $5.57 -1.25% 31,024 $5.56 $5.60 $0.04 0.72% 152,565,218 $849,788,264
3/23/2018 $5.38 -3.47% 244,469 $5.38 $5.40 $0.02 0.37% 152,565,218 $820,800,873
3/26/2018 $5.42 0.74% 82,678 $5.41 $5.46 $0.05 0.92% 152,565,218 $826,903,482
3/27/2018 $5.39 -0.56% 33,365 $5.37 $5.39 $0.02 0.37% 152,565,218 $822,326,525
3/28/2018 $5.22 -3.20% 125,097 $5.22 $5.24 $0.02 0.38% 152,565,218 $796,390,438
3/29/2018 $5.53 5.77% 58,959 $5.52 $5.55 $0.03 0.54% 152,565,218 $843,685,656
4/2/2018 $5.41 -2.19% 307,185 $5.38 $5.41 $0.03 0.56% 152,515,918 $825,111,116
4/3/2018 $5.63 3.99% 196,115 $5.62 $5.64 $0.02 0.36% 152,515,918 $858,664,618
4/4/2018 $5.46 -3.07% 54,061 $5.45 $5.46 $0.01 0.18% 152,515,918 $832,736,912
4/5/2018 $5.71 4.48% 43,532 $5.71 $5.74 $0.03 0.52% 152,515,918 $870,865,892
4/6/2018 $5.83 2.08% 39,658 $5.83 $5.84 $0.01 0.17% 152,515,918 $889,167,802
4/9/2018 $5.75 -1.38% 35,423 $5.75 $5.79 $0.04 0.69% 152,515,918 $876,966,529
4/10/2018 $5.62 -2.29% 26,310 $5.60 $5.65 $0.05 0.89% 152,515,918 $857,139,459
4/11/2018 $5.06 -10.50% 406,535 $5.01 $5.06 $0.05 0.99% 152,515,918 $771,730,545
4/12/2018 $4.60 -9.53% 3,527,864 $4.60 $4.62 $0.02 0.43% 152,515,918 $701,573,223
4/13/2018 $4.78 3.84% 612,153 $4.76 $4.79 $0.03 0.63% 152,515,918 $729,026,088
4/16/2018 $4.71 -1.48% 226,146 $4.71 $4.77 $0.06 1.27% 152,515,918 $718,349,974
4/17/2018 $4.64 -1.50% 208,999 $4.64 $4.65 $0.01 0.22% 152,515,918 $707,673,860
4/18/2018 $5.03 8.07% 693,195 $5.03 $5.04 $0.01 0.20% 152,515,918 $767,155,068
4/19/2018 $4.59 -9.15% 347,413 $4.58 $4.60 $0.02 0.44% 152,515,918 $700,048,064
4/20/2018 $4.65 1.30% 223,973 $4.64 $4.65 $0.01 0.22% 152,515,918 $709,199,019
4/23/2018 $4.77 2.55% 157,788 $4.78 $4.81 $0.03 0.63% 152,515,918 $727,500,929
4/24/2018 $4.70 -1.48% 115,486 $4.70 $4.72 $0.02 0.42% 152,515,918 $716,824,815
4/25/2018 $4.55 -3.24% 74,441 $4.56 $4.58 $0.02 0.44% 152,515,918 $693,947,427
4/26/2018 $4.61 1.31% 157,905 $4.60 $4.62 $0.02 0.43% 152,515,918 $703,098,382
4/27/2018 $4.58 -0.65% 94,202 $4.56 $4.58 $0.02 0.44% 152,515,918 $698,522,904
4/30/2018 $4.52 -1.32% 79,031 $4.52 $4.53 $0.01 0.22% 152,515,918 $689,371,949
5/1/2018 $4.59 1.54% 45,297 $4.56 $4.59 $0.03 0.66% 152,515,918 $700,048,064
5/2/2018 $4.50 -1.98% 43,717 $4.49 $4.50 $0.01 0.22% 152,515,918 $686,321,631
5/3/2018 $4.38 -2.70% 169,435 $4.37 $4.38 $0.01 0.23% 152,515,918 $668,019,721
5/4/2018 $4.41 0.68% 28,124 $4.41 $4.42 $0.01 0.23% 152,515,918 $672,595,198
5/7/2018 $4.74 7.22% 124,264 $4.74 $4.79 $0.05 1.05% 152,379,013 $722,276,522
5/8/2018 $4.69 -1.06% 66,610 $4.69 $4.71 $0.02 0.43% 152,379,013 $714,657,571
5/9/2018 $4.47 -4.80% 111,782 $4.45 $4.47 $0.02 0.45% 152,379,013 $681,134,188
5/10/2018 $4.48 0.22% 101,963 $4.48 $4.50 $0.02 0.45% 152,379,013 $682,657,978
5/11/2018 $4.54 1.33% 237,837 $4.55 $4.56 $0.01 0.22% 152,379,013 $691,800,719
5/14/2018 $4.32 -4.97% 104,246 $4.32 $4.34 $0.02 0.46% 152,379,013 $658,277,336
5/15/2018 $4.48 3.64% 52,445 $4.46 $4.48 $0.02 0.45% 152,379,013 $682,657,978
5/16/2018 $4.58 2.21% 685,597 $4.58 $4.59 $0.01 0.22% 152,379,013 $697,895,880
5/17/2018 $4.52 -1.32% 94,659 $4.52 $4.54 $0.02 0.44% 152,379,013 $688,753,139
5/18/2018 $4.58 1.32% 131,753 $4.53 $4.55 $0.02 0.44% 152,379,013 $697,895,880
5/21/2018 $4.59 0.22% 60,806 $4.56 $4.59 $0.03 0.66% 152,379,013 $699,419,670
5/22/2018 $4.61 0.43% 47,797 $4.60 $4.61 $0.01 0.22% 152,379,013 $702,467,250
5/23/2018 $4.55 -1.31% 69,148 $4.55 $4.57 $0.02 0.44% 152,379,013 $693,324,509
5/24/2018 $4.45 -2.22% 45,094 $4.44 $4.45 $0.01 0.22% 152,379,013 $678,086,608
5/25/2018 $4.47 0.45% 278,692 $4.46 $4.47 $0.01 0.22% 152,379,013 $681,134,188
5/29/2018 $4.42 -1.12% 28,472 $4.42 $4.44 $0.02 0.45% 152,379,013 $673,515,237
5/30/2018 $4.52 2.24% 77,163 $4.50 $4.53 $0.03 0.66% 152,379,013 $688,753,139
5/31/2018 $4.72 4.33% 624,415 $4.68 $4.72 $0.04 0.85% 152,379,013 $719,228,941
6/1/2018 $4.81 1.89% 106,258 $4.80 $4.86 $0.06 1.24% 152,379,013 $732,943,053
6/4/2018 $4.72 -1.89% 103,260 $4.72 $4.74 $0.02 0.42% 152,379,013 $719,228,941
6/5/2018 $4.74 0.42% 90,347 $4.74 $4.78 $0.04 0.84% 152,379,013 $722,276,522
6/6/2018 $4.95 4.34% 168,146 $4.95 $4.96 $0.01 0.20% 152,379,013 $754,276,114
91
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Exhibit-7
XELA Market Efficiency Statistics
March 16, 2018 through March 16, 2020
Closing Average
Closing Closing Bid/Ask Bid/Ask Outstanding Market
Date Closing Price Log Return Volume Bid Ask Spread Spread % Shares Capitalization
[a] [b] [c] [d] [e] [f] [g]
6/7/2018 $4.96 0.20% 103,052 $4.96 $4.97 $0.01 0.20% 152,379,013 $755,799,904
6/8/2018 $4.99 0.60% 72,684 $4.97 $5.01 $0.04 0.80% 152,379,013 $760,371,275
6/11/2018 $5.24 4.89% 613,308 $5.22 $5.24 $0.02 0.38% 152,379,013 $798,466,028
6/12/2018 $5.20 -0.77% 477,311 $5.19 $5.20 $0.01 0.19% 152,379,013 $792,370,868
6/13/2018 $5.17 -0.58% 177,947 $5.13 $5.17 $0.04 0.78% 152,379,013 $787,799,497
6/14/2018 $5.16 -0.19% 206,280 $5.16 $5.19 $0.03 0.58% 152,379,013 $786,275,707
6/15/2018 $5.17 0.19% 176,850 $5.17 $5.18 $0.01 0.19% 152,379,013 $787,799,497
6/18/2018 $5.14 -0.58% 216,766 $5.13 $5.14 $0.01 0.19% 152,379,013 $783,228,127
6/19/2018 $5.02 -2.36% 176,177 $5.00 $5.02 $0.02 0.40% 152,379,013 $764,942,645
6/20/2018 $5.06 0.79% 124,840 $5.05 $5.06 $0.01 0.20% 152,379,013 $771,037,806
6/21/2018 $5.08 0.39% 277,905 $5.07 $5.08 $0.01 0.20% 152,379,013 $774,085,386
6/22/2018 $5.09 0.20% 5,649,133 $5.07 $5.10 $0.03 0.59% 152,379,013 $775,609,176
6/25/2018 $5.15 1.17% 450,133 $5.16 $5.17 $0.01 0.19% 152,379,013 $784,751,917
6/26/2018 $5.08 -1.37% 451,185 $5.09 $5.10 $0.01 0.20% 152,379,013 $774,085,386
6/27/2018 $5.03 -0.99% 433,130 $5.02 $5.03 $0.01 0.20% 152,379,013 $766,466,435
6/28/2018 $4.92 -2.21% 153,167 $4.92 $4.93 $0.01 0.20% 152,379,013 $749,704,744
6/29/2018 $4.75 -3.52% 166,609 $4.75 $4.76 $0.01 0.21% 152,379,013 $723,800,312
7/2/2018 $4.80 1.05% 613,390 $4.81 $4.82 $0.01 0.21% 151,747,225 $728,386,680
7/3/2018 $4.85 1.04% 93,277 $4.84 $4.85 $0.01 0.21% 151,747,225 $735,974,041
7/5/2018 $4.87 0.41% 125,595 $4.87 $4.88 $0.01 0.21% 151,747,225 $739,008,986
7/6/2018 $4.86 -0.21% 130,261 $4.85 $4.86 $0.01 0.21% 151,747,225 $737,491,514
7/9/2018 $4.92 1.23% 167,894 $4.92 $4.93 $0.01 0.20% 151,747,225 $746,596,347
7/10/2018 $5.20 5.54% 196,020 $5.20 $5.21 $0.01 0.19% 151,747,225 $789,085,570
7/11/2018 $4.99 -4.12% 85,329 $4.99 $5.00 $0.01 0.20% 151,747,225 $757,218,653
7/12/2018 $4.99 0.00% 58,712 $4.98 $4.99 $0.01 0.20% 151,747,225 $757,218,653
7/13/2018 $4.94 -1.01% 52,413 $4.94 $4.95 $0.01 0.20% 151,747,225 $749,631,292
7/16/2018 $5.04 2.00% 176,663 $5.03 $5.04 $0.01 0.20% 151,747,225 $764,806,014
7/17/2018 $4.94 -2.00% 149,169 $4.92 $4.93 $0.01 0.20% 151,747,225 $749,631,292
7/18/2018 $5.00 1.21% 300,597 $5.00 $5.02 $0.02 0.40% 151,747,225 $758,736,125
7/19/2018 $4.95 -1.01% 50,310 $4.95 $4.96 $0.01 0.20% 151,747,225 $751,148,764
7/20/2018 $4.90 -1.02% 74,922 $4.89 $4.90 $0.01 0.20% 151,747,225 $743,561,403
7/23/2018 $4.97 1.42% 82,539 $4.96 $4.98 $0.02 0.40% 151,747,225 $754,183,708
7/24/2018 $5.01 0.80% 110,638 $5.01 $5.02 $0.01 0.20% 151,747,225 $760,253,597
7/25/2018 $4.84 -3.45% 268,990 $4.84 $4.86 $0.02 0.41% 151,747,225 $734,456,569
7/26/2018 $4.93 1.84% 83,138 $4.91 $4.93 $0.02 0.41% 151,747,225 $748,113,819
7/27/2018 $4.79 -2.88% 69,080 $4.79 $4.81 $0.02 0.42% 151,747,225 $726,869,208
7/30/2018 $5.10 6.27% 181,023 $5.10 $5.11 $0.01 0.20% 151,747,225 $773,910,848
7/31/2018 $5.01 -1.78% 143,988 $5.01 $5.02 $0.01 0.20% 151,747,225 $760,253,597
8/1/2018 $4.99 -0.40% 53,970 $4.99 $5.00 $0.01 0.20% 151,747,225 $757,218,653
8/2/2018 $4.95 -0.80% 39,915 $4.93 $4.95 $0.02 0.40% 151,747,225 $751,148,764
8/3/2018 $4.87 -1.63% 166,506 $4.87 $4.88 $0.01 0.21% 151,747,225 $739,008,986
8/6/2018 $4.71 -3.34% 64,788 $4.71 $4.72 $0.01 0.21% 151,121,721 $711,783,306
8/7/2018 $4.81 2.10% 99,337 $4.80 $4.81 $0.01 0.21% 151,121,721 $726,895,478
8/8/2018 $4.80 -0.21% 27,744 $4.78 $4.80 $0.02 0.42% 151,121,721 $725,384,261
8/9/2018 $4.95 3.08% 162,645 $4.95 $4.97 $0.02 0.40% 151,121,721 $748,052,519
8/10/2018 $5.26 6.07% 198,585 $5.24 $5.26 $0.02 0.38% 151,121,721 $794,900,252
8/13/2018 $5.01 -4.87% 68,429 $5.01 $5.03 $0.02 0.40% 151,121,721 $757,119,822
8/14/2018 $5.05 0.80% 83,844 $5.04 $5.05 $0.01 0.20% 151,121,721 $763,164,691
8/15/2018 $5.05 0.00% 80,834 $5.05 $5.07 $0.02 0.40% 151,121,721 $763,164,691
8/16/2018 $5.41 6.89% 175,473 $5.40 $5.41 $0.01 0.19% 151,121,721 $817,568,511
8/17/2018 $5.52 2.01% 153,757 $5.52 $5.53 $0.01 0.18% 151,121,721 $834,191,900
8/20/2018 $5.57 0.90% 94,759 $5.56 $5.58 $0.02 0.36% 151,121,721 $841,747,986
8/21/2018 $5.66 1.60% 74,899 $5.66 $5.68 $0.02 0.35% 151,121,721 $855,348,941
8/22/2018 $5.62 -0.71% 78,986 $5.61 $5.62 $0.01 0.18% 151,121,721 $849,304,072
8/23/2018 $5.62 0.00% 47,351 $5.62 $5.63 $0.01 0.18% 151,121,721 $849,304,072
8/24/2018 $5.88 4.52% 54,897 $5.86 $5.88 $0.02 0.34% 151,121,721 $888,595,719
8/27/2018 $5.93 0.85% 62,705 $5.93 $5.94 $0.01 0.17% 151,121,721 $896,151,806
92
Case 1:21-md-02989-CMA Document 582-5 Entered on FLSD Docket 06/21/2023 Page 96 of
Case 3:20-cv-00691-D Document 83-1 Filed
139 04/14/23 Page 96 of 139 PageID 3235
Exhibit-7
XELA Market Efficiency Statistics
March 16, 2018 through March 16, 2020
Closing Average
Closing Closing Bid/Ask Bid/Ask Outstanding Market
Date Closing Price Log Return Volume Bid Ask Spread Spread % Shares Capitalization
[a] [b] [c] [d] [e] [f] [g]
8/28/2018 $5.92 -0.17% 66,964 $5.91 $5.92 $0.01 0.17% 151,121,721 $894,640,588
8/29/2018 $6.04 2.01% 63,925 $6.02 $6.04 $0.02 0.33% 151,121,721 $912,775,195
8/30/2018 $5.99 -0.83% 61,624 $5.99 $6.01 $0.02 0.33% 151,121,721 $905,219,109
8/31/2018 $5.98 -0.17% 52,739 $5.97 $5.98 $0.01 0.17% 151,121,721 $903,707,892
9/4/2018 $5.88 -1.69% 53,862 $5.88 $5.89 $0.01 0.17% 151,121,721 $888,595,719
9/5/2018 $5.76 -2.06% 242,497 $5.75 $5.76 $0.01 0.17% 151,121,721 $870,461,113
9/6/2018 $5.91 2.57% 56,729 $5.91 $5.92 $0.01 0.17% 151,121,721 $893,129,371
9/7/2018 $5.92 0.17% 35,256 $5.92 $5.95 $0.03 0.51% 151,121,721 $894,640,588
9/10/2018 $6.31 6.38% 651,988 $6.30 $6.31 $0.01 0.16% 151,121,721 $953,578,060
9/11/2018 $6.57 4.04% 402,666 $6.57 $6.58 $0.01 0.15% 151,121,721 $992,869,707
9/12/2018 $6.54 -0.46% 400,275 $6.53 $6.54 $0.01 0.15% 151,121,721 $988,336,055
9/13/2018 $6.87 4.92% 200,695 $6.87 $6.88 $0.01 0.15% 151,121,721 $1,038,206,223
9/14/2018 $6.80 -1.02% 276,867 $6.79 $6.80 $0.01 0.15% 151,121,721 $1,027,627,703
9/17/2018 $6.94 2.04% 194,043 $6.93 $6.94 $0.01 0.14% 151,121,721 $1,048,784,744
9/18/2018 $7.05 1.57% 343,723 $7.04 $7.05 $0.01 0.14% 151,121,721 $1,065,408,133
9/19/2018 $7.30 3.48% 207,451 $7.30 $7.31 $0.01 0.14% 151,121,721 $1,103,188,563
9/20/2018 $7.28 -0.27% 337,610 $7.27 $7.28 $0.01 0.14% 151,121,721 $1,100,166,129
9/21/2018 $6.96 -4.50% 1,474,453 $6.96 $6.97 $0.01 0.14% 151,121,721 $1,051,807,178
9/24/2018 $6.99 0.43% 180,739 $6.98 $6.99 $0.01 0.14% 151,121,721 $1,056,340,830
9/25/2018 $7.10 1.56% 208,860 $7.10 $7.11 $0.01 0.14% 151,121,721 $1,072,964,219
9/26/2018 $7.03 -0.99% 111,373 $7.02 $7.03 $0.01 0.14% 151,121,721 $1,062,385,699
9/27/2018 $7.00 -0.43% 152,638 $7.00 $7.01 $0.01 0.14% 151,121,721 $1,057,852,047
9/28/2018 $7.13 1.84% 75,574 $7.12 $7.13 $0.01 0.14% 151,121,721 $1,077,497,871
10/1/2018 $7.00 -1.84% 75,233 $6.97 $7.00 $0.03 0.43% 151,648,643 $1,061,540,501
10/2/2018 $6.59 -6.04% 123,787 $6.58 $6.59 $0.01 0.15% 151,648,643 $999,364,557
10/3/2018 $6.84 3.72% 93,459 $6.82 $6.84 $0.02 0.29% 151,648,643 $1,037,276,718
10/4/2018 $6.76 -1.18% 92,373 $6.75 $6.76 $0.01 0.15% 151,648,643 $1,025,144,827
10/5/2018 $6.67 -1.34% 58,102 $6.67 $6.68 $0.01 0.15% 151,648,643 $1,011,496,449
10/8/2018 $6.77 1.49% 103,562 $6.76 $6.77 $0.01 0.15% 151,648,643 $1,026,661,313
10/9/2018 $6.92 2.19% 172,397 $6.91 $6.92 $0.01 0.14% 151,648,643 $1,049,408,610
10/10/2018 $6.22 -10.66% 89,825 $6.22 $6.23 $0.01 0.16% 151,648,643 $943,254,559
10/11/2018 $6.04 -2.94% 130,826 $6.03 $6.04 $0.01 0.17% 151,648,643 $915,957,804
10/12/2018 $6.00 -0.66% 112,229 $6.00 $6.01 $0.01 0.17% 151,648,643 $909,891,858
10/15/2018 $6.33 5.35% 174,842 $6.33 $6.35 $0.02 0.32% 151,648,643 $959,935,910
10/16/2018 $6.44 1.72% 64,727 $6.42 $6.44 $0.02 0.31% 151,648,643 $976,617,261
10/17/2018 $6.42 -0.31% 65,107 $6.42 $6.43 $0.01 0.16% 151,648,643 $973,584,288
10/18/2018 $6.40 -0.31% 75,282 $6.39 $6.40 $0.01 0.16% 151,648,643 $970,551,315
10/19/2018 $6.34 -0.94% 115,802 $6.33 $6.35 $0.02 0.32% 151,648,643 $961,452,397
10/22/2018 $6.70 5.52% 89,706 $6.70 $6.71 $0.01 0.15% 151,648,643 $1,016,045,908
10/23/2018 $6.40 -4.58% 67,430 $6.39 $6.40 $0.01 0.16% 151,648,643 $970,551,315
10/24/2018 $6.08 -5.13% 142,478 $6.07 $6.08 $0.01 0.16% 151,648,643 $922,023,749
10/25/2018 $6.07 -0.16% 146,574 $6.10 $6.11 $0.01 0.16% 151,648,643 $920,507,263
10/26/2018 $6.02 -0.83% 206,368 $6.02 $6.03 $0.01 0.17% 151,648,643 $912,924,831
10/29/2018 $5.98 -0.67% 261,304 $5.98 $6.00 $0.02 0.33% 151,648,643 $906,858,885
10/30/2018 $6.08 1.66% 127,966 $6.07 $6.08 $0.01 0.16% 151,648,643 $922,023,749
10/31/2018 $6.10 0.33% 220,011 $6.08 $6.10 $0.02 0.33% 151,648,643 $925,056,722
11/1/2018 $6.10 0.00% 55,181 $6.09 $6.10 $0.01 0.16% 151,648,643 $925,056,722
11/2/2018 $6.14 0.65% 200,588 $6.14 $6.16 $0.02 0.33% 151,648,643 $931,122,668
11/5/2018 $5.93 -3.48% 85,717 $5.92 $5.93 $0.01 0.17% 151,648,643 $899,276,453
11/6/2018 $5.90 -0.51% 69,319 $5.88 $5.90 $0.02 0.34% 151,648,643 $894,726,994
11/7/2018 $5.91 0.17% 229,858 $5.90 $5.91 $0.01 0.17% 151,648,643 $896,243,480
11/8/2018 $6.24 5.43% 116,597 $6.24 $6.25 $0.01 0.16% 151,648,643 $946,287,532
11/9/2018 $5.28 -16.71% 596,921 $5.27 $5.28 $0.01 0.19% 151,648,643 $800,704,835
11/12/2018 $5.01 -5.35% 250,365 $5.00 $5.01 $0.01 0.20% 151,648,643 $759,001,458
11/13/2018 $4.72 -5.86% 259,526 $4.71 $4.72 $0.01 0.21% 151,648,643 $715,781,595
11/14/2018 $4.87 3.13% 103,416 $4.87 $4.89 $0.02 0.41% 151,648,643 $738,528,891
11/15/2018 $4.84 -0.62% 212,544 $4.83 $4.84 $0.01 0.21% 151,648,643 $733,979,432
93
Case 1:21-md-02989-CMA Document 582-5 Entered on FLSD Docket 06/21/2023 Page 97 of
Case 3:20-cv-00691-D Document 83-1 Filed
139 04/14/23 Page 97 of 139 PageID 3236
Exhibit-7
XELA Market Efficiency Statistics
March 16, 2018 through March 16, 2020
Closing Average
Closing Closing Bid/Ask Bid/Ask Outstanding Market
Date Closing Price Log Return Volume Bid Ask Spread Spread % Shares Capitalization
[a] [b] [c] [d] [e] [f] [g]
11/16/2018 $4.84 0.00% 178,464 $4.84 $4.85 $0.01 0.21% 151,648,643 $733,979,432
11/19/2018 $4.73 -2.30% 321,188 $4.73 $4.74 $0.01 0.21% 151,648,643 $717,298,081
11/20/2018 $4.49 -5.21% 234,078 $4.48 $4.49 $0.01 0.22% 151,648,643 $680,902,407
11/21/2018 $4.55 1.33% 72,931 $4.54 $4.55 $0.01 0.22% 151,648,643 $690,001,326
11/23/2018 $4.53 -0.44% 40,827 $4.51 $4.53 $0.02 0.44% 151,648,643 $686,968,353
11/26/2018 $4.73 4.32% 132,421 $4.73 $4.74 $0.01 0.21% 151,648,643 $717,298,081
11/27/2018 $4.60 -2.79% 83,966 $4.60 $4.61 $0.01 0.22% 151,648,643 $697,583,758
11/28/2018 $4.59 -0.22% 205,239 $4.59 $4.60 $0.01 0.22% 151,648,643 $696,067,271
11/29/2018 $4.43 -3.55% 68,423 $4.43 $4.44 $0.01 0.23% 151,648,643 $671,803,488
11/30/2018 $4.54 2.45% 491,214 $4.55 $4.57 $0.02 0.44% 151,648,643 $688,484,839
12/3/2018 $4.51 -0.66% 139,504 $4.51 $4.52 $0.01 0.22% 151,648,643 $683,935,380
12/4/2018 $4.35 -3.61% 227,225 $4.35 $4.37 $0.02 0.46% 151,648,643 $659,671,597
12/6/2018 $4.33 -0.46% 174,776 $4.32 $4.33 $0.01 0.23% 151,648,643 $656,638,624
12/7/2018 $4.09 -5.70% 112,003 $4.08 $4.09 $0.01 0.24% 151,648,643 $620,242,950
12/10/2018 $4.20 2.65% 80,003 $4.19 $4.20 $0.01 0.24% 151,648,643 $636,924,301
12/11/2018 $4.04 -3.88% 62,003 $4.03 $4.04 $0.01 0.25% 151,648,643 $612,660,518
12/12/2018 $4.18 3.41% 61,500 $4.16 $4.18 $0.02 0.48% 151,648,643 $633,891,328
12/13/2018 $4.02 -3.90% 79,711 $4.01 $4.02 $0.01 0.25% 151,648,643 $609,627,545
12/14/2018 $4.05 0.74% 73,324 $4.05 $4.06 $0.01 0.25% 151,648,643 $614,177,004
12/17/2018 $3.95 -2.50% 147,230 $3.95 $3.97 $0.02 0.51% 151,648,643 $599,012,140
12/18/2018 $3.98 0.76% 258,339 $3.98 $3.99 $0.01 0.25% 151,648,643 $603,561,599
12/19/2018 $3.81 -4.37% 136,371 $3.81 $3.82 $0.01 0.26% 151,648,643 $577,781,330
12/20/2018 $3.74 -1.85% 149,138 $3.74 $3.75 $0.01 0.27% 151,648,643 $567,165,925
12/21/2018 $3.51 -6.35% 269,811 $3.51 $3.53 $0.02 0.57% 151,648,643 $532,286,737
12/24/2018 $3.46 -1.43% 35,754 $3.46 $3.49 $0.03 0.86% 151,648,643 $524,704,305
12/26/2018 $3.67 5.89% 100,515 $3.67 $3.68 $0.01 0.27% 151,648,643 $556,550,520
12/27/2018 $3.63 -1.10% 68,020 $3.62 $3.63 $0.01 0.28% 151,648,643 $550,484,574
12/28/2018 $3.74 2.99% 115,923 $3.72 $3.74 $0.02 0.54% 151,648,643 $567,165,925
12/31/2018 $3.89 3.93% 108,302 $3.89 $3.90 $0.01 0.26% 150,142,955 $584,056,095
1/2/2019 $3.93 1.02% 122,842 $3.90 $3.93 $0.03 0.77% 150,142,955 $590,061,813
1/3/2019 $3.73 -5.22% 72,723 $3.72 $3.73 $0.01 0.27% 150,142,955 $560,033,222
1/4/2019 $3.89 4.20% 67,996 $3.88 $3.89 $0.01 0.26% 150,142,955 $584,056,095
1/7/2019 $4.01 3.04% 117,176 $3.99 $4.01 $0.02 0.50% 150,142,955 $602,073,250
1/8/2019 $3.99 -0.50% 465,393 $3.96 $3.99 $0.03 0.75% 150,142,955 $599,070,390
1/9/2019 $3.95 -1.01% 43,050 $3.93 $3.95 $0.02 0.51% 150,142,955 $593,064,672
1/10/2019 $3.91 -1.02% 55,954 $3.90 $3.91 $0.01 0.26% 150,142,955 $587,058,954
1/11/2019 $3.96 1.27% 96,051 $3.95 $3.96 $0.01 0.25% 150,142,955 $594,566,102
1/14/2019 $3.84 -3.08% 55,933 $3.83 $3.85 $0.02 0.52% 150,142,955 $576,548,947
1/15/2019 $3.82 -0.52% 43,688 $3.82 $3.83 $0.01 0.26% 150,142,955 $573,546,088
1/16/2019 $3.77 -1.32% 64,670 $3.75 $3.77 $0.02 0.53% 150,142,955 $566,038,940
1/17/2019 $3.77 0.00% 68,410 $3.77 $3.79 $0.02 0.53% 150,142,955 $566,038,940
1/18/2019 $3.75 -0.53% 57,243 $3.75 $3.77 $0.02 0.53% 150,142,955 $563,036,081
1/22/2019 $3.60 -4.08% 46,122 $3.60 $3.62 $0.02 0.55% 150,142,955 $540,514,638
1/23/2019 $3.53 -1.96% 29,558 $3.52 $3.53 $0.01 0.28% 150,142,955 $530,004,631
1/24/2019 $3.51 -0.57% 87,076 $3.49 $3.51 $0.02 0.57% 150,142,955 $527,001,772
1/25/2019 $3.61 2.81% 186,856 $3.60 $3.61 $0.01 0.28% 150,142,955 $542,016,068
1/28/2019 $3.58 -0.83% 105,665 $3.58 $3.60 $0.02 0.56% 150,142,955 $537,511,779
1/29/2019 $3.60 0.56% 128,837 $3.59 $3.60 $0.01 0.28% 150,142,955 $540,514,638
1/30/2019 $3.60 0.00% 35,395 $3.59 $3.60 $0.01 0.28% 150,142,955 $540,514,638
1/31/2019 $3.94 9.02% 240,774 $3.93 $3.94 $0.01 0.25% 150,142,955 $591,563,243
2/1/2019 $3.97 0.63% 48,972 $3.95 $3.98 $0.03 0.76% 150,142,955 $595,316,817
2/4/2019 $4.01 1.13% 30,054 $4.00 $4.01 $0.01 0.25% 150,142,955 $602,073,250
2/5/2019 $4.11 2.46% 40,497 $4.11 $4.13 $0.02 0.49% 150,142,955 $617,087,545
2/6/2019 $4.08 -0.73% 23,110 $4.06 $4.08 $0.02 0.49% 150,142,955 $612,583,256
2/7/2019 $4.08 0.00% 35,171 $4.07 $4.11 $0.04 0.98% 150,142,955 $612,583,256
2/8/2019 $4.26 4.32% 55,489 $4.26 $4.27 $0.01 0.23% 150,142,955 $639,608,988
2/11/2019 $4.45 4.36% 42,512 $4.45 $4.50 $0.05 1.12% 150,142,955 $668,136,150
94
Case 1:21-md-02989-CMA Document 582-5 Entered on FLSD Docket 06/21/2023 Page 98 of
Case 3:20-cv-00691-D Document 83-1 Filed
139 04/14/23 Page 98 of 139 PageID 3237
Exhibit-7
XELA Market Efficiency Statistics
March 16, 2018 through March 16, 2020
Closing Average
Closing Closing Bid/Ask Bid/Ask Outstanding Market
Date Closing Price Log Return Volume Bid Ask Spread Spread % Shares Capitalization
[a] [b] [c] [d] [e] [f] [g]
2/12/2019 $4.42 -0.68% 75,025 $4.40 $4.42 $0.02 0.45% 150,142,955 $663,631,861
2/13/2019 $4.29 -2.99% 125,007 $4.28 $4.29 $0.01 0.23% 150,142,955 $644,113,277
2/14/2019 $4.06 -5.51% 60,360 $4.06 $4.07 $0.01 0.25% 150,142,955 $609,580,397
2/15/2019 $4.16 2.43% 106,962 $4.16 $4.17 $0.01 0.24% 150,142,955 $624,594,693
2/19/2019 $4.17 0.24% 43,171 $4.16 $4.17 $0.01 0.24% 150,142,955 $626,096,122
2/20/2019 $4.08 -2.18% 77,710 $4.08 $4.09 $0.01 0.24% 150,142,955 $612,583,256
2/21/2019 $3.95 -3.24% 113,202 $3.93 $3.95 $0.02 0.51% 150,142,955 $593,064,672
2/22/2019 $4.02 1.76% 60,645 $4.02 $4.03 $0.01 0.25% 150,142,955 $603,574,679
2/25/2019 $3.90 -3.03% 47,200 $3.90 $3.91 $0.01 0.26% 150,142,955 $585,557,525
2/26/2019 $3.90 0.00% 63,379 $3.89 $3.92 $0.03 0.77% 150,142,955 $585,557,525
2/27/2019 $4.02 3.03% 76,905 $4.02 $4.03 $0.01 0.25% 150,142,955 $603,574,679
2/28/2019 $3.98 -1.00% 134,707 $3.99 $4.00 $0.01 0.25% 150,142,955 $597,568,961
3/1/2019 $3.99 0.25% 34,663 $3.97 $3.99 $0.02 0.50% 150,142,955 $599,070,390
3/4/2019 $4.02 0.75% 59,636 $4.02 $4.03 $0.01 0.25% 150,142,955 $603,574,679
3/5/2019 $3.98 -1.00% 23,208 $3.97 $3.98 $0.01 0.25% 150,142,955 $597,568,961
3/6/2019 $3.70 -7.29% 42,316 $3.70 $3.71 $0.01 0.27% 150,142,955 $555,528,934
3/7/2019 $3.78 2.14% 53,272 $3.78 $3.79 $0.01 0.26% 150,142,955 $567,540,370
3/8/2019 $3.69 -2.41% 125,998 $3.69 $3.70 $0.01 0.27% 150,142,955 $554,027,504
3/11/2019 $3.79 2.67% 46,835 $3.77 $3.79 $0.02 0.53% 150,142,955 $569,041,799
3/12/2019 $3.78 -0.26% 131,874 $3.77 $3.79 $0.02 0.53% 150,142,955 $567,540,370
3/13/2019 $3.88 2.61% 54,021 $3.88 $3.90 $0.02 0.51% 150,142,955 $582,554,665
3/14/2019 $3.84 -1.04% 46,077 $3.84 $3.85 $0.01 0.26% 150,142,955 $576,548,947
3/15/2019 $3.87 0.78% 304,738 $3.84 $3.85 $0.01 0.26% 150,142,955 $581,053,236
3/18/2019 $3.94 1.79% 93,757 $3.89 $3.94 $0.05 1.28% 150,142,955 $591,563,243
3/19/2019 $3.73 -5.48% 191,553 $3.71 $3.73 $0.02 0.54% 150,142,955 $560,033,222
3/20/2019 $3.50 -6.36% 84,072 $3.48 $3.50 $0.02 0.57% 150,142,955 $525,500,343
3/21/2019 $3.44 -1.73% 120,301 $3.44 $3.47 $0.03 0.87% 150,142,955 $516,491,765
3/22/2019 $3.27 -5.07% 122,566 $3.27 $3.29 $0.02 0.61% 150,142,955 $490,967,463
3/25/2019 $3.20 -2.16% 52,903 $3.19 $3.20 $0.01 0.31% 150,142,955 $480,457,456
3/26/2019 $3.20 0.00% 43,739 $3.20 $3.21 $0.01 0.31% 150,142,955 $480,457,456
3/27/2019 $3.25 1.55% 34,720 $3.24 $3.25 $0.01 0.31% 150,142,955 $487,964,604
3/28/2019 $3.22 -0.93% 26,285 $3.20 $3.22 $0.02 0.62% 150,142,955 $483,460,315
3/29/2019 $3.34 3.66% 57,013 $3.34 $3.35 $0.01 0.30% 150,142,955 $501,477,470
4/1/2019 $3.48 4.11% 50,470 $3.47 $3.48 $0.01 0.29% 150,142,955 $522,497,483
4/2/2019 $3.50 0.57% 71,573 $3.47 $3.50 $0.03 0.86% 150,142,955 $525,500,343
4/3/2019 $3.59 2.54% 49,374 $3.58 $3.59 $0.01 0.28% 150,142,955 $539,013,208
4/4/2019 $3.41 -5.14% 52,550 $3.39 $3.41 $0.02 0.59% 150,142,955 $511,987,477
4/5/2019 $3.62 5.98% 43,558 $3.61 $3.63 $0.02 0.55% 150,142,955 $543,517,497
4/8/2019 $3.75 3.53% 181,209 $3.75 $3.77 $0.02 0.53% 150,142,955 $563,036,081
4/9/2019 $3.76 0.27% 127,630 $3.76 $3.78 $0.02 0.53% 150,142,955 $564,537,511
4/10/2019 $3.83 1.84% 58,915 $3.83 $3.84 $0.01 0.26% 150,142,955 $575,047,518
4/11/2019 $3.79 -1.05% 95,935 $3.79 $3.81 $0.02 0.53% 150,142,955 $569,041,799
4/12/2019 $3.80 0.26% 112,732 $3.79 $3.80 $0.01 0.26% 150,142,955 $570,543,229
4/15/2019 $3.79 -0.26% 95,311 $3.78 $3.79 $0.01 0.26% 150,142,955 $569,041,799
4/16/2019 $3.65 -3.76% 66,666 $3.65 $3.67 $0.02 0.55% 150,142,955 $548,021,786
4/17/2019 $3.53 -3.34% 62,900 $3.53 $3.54 $0.01 0.28% 150,142,955 $530,004,631
4/18/2019 $3.51 -0.57% 62,200 $3.51 $3.52 $0.01 0.28% 150,142,955 $527,001,772
4/22/2019 $3.37 -4.07% 52,566 $3.37 $3.39 $0.02 0.59% 150,142,955 $505,981,758
4/23/2019 $3.40 0.89% 44,370 $3.39 $3.40 $0.01 0.29% 150,142,955 $510,486,047
4/24/2019 $3.35 -1.48% 38,210 $3.35 $3.37 $0.02 0.60% 150,142,955 $502,978,899
4/25/2019 $3.22 -3.96% 66,108 $3.22 $3.23 $0.01 0.31% 150,142,955 $483,460,315
4/26/2019 $3.28 1.85% 30,254 $3.27 $3.28 $0.01 0.31% 150,142,955 $492,468,892
4/29/2019 $3.39 3.30% 68,180 $3.38 $3.40 $0.02 0.59% 150,142,955 $508,984,617
4/30/2019 $3.29 -2.99% 65,879 $3.27 $3.29 $0.02 0.61% 150,142,955 $493,970,322
5/1/2019 $3.27 -0.61% 42,063 $3.26 $3.27 $0.01 0.31% 150,142,955 $490,967,463
5/2/2019 $3.29 0.61% 49,348 $3.29 $3.30 $0.01 0.30% 150,142,955 $493,970,322
5/3/2019 $3.44 4.46% 37,446 $3.42 $3.44 $0.02 0.58% 150,142,955 $516,491,765
95
Case 1:21-md-02989-CMA Document 582-5 Entered on FLSD Docket 06/21/2023 Page 99 of
Case 3:20-cv-00691-D Document 83-1 Filed
139 04/14/23 Page 99 of 139 PageID 3238
Exhibit-7
XELA Market Efficiency Statistics
March 16, 2018 through March 16, 2020
Closing Average
Closing Closing Bid/Ask Bid/Ask Outstanding Market
Date Closing Price Log Return Volume Bid Ask Spread Spread % Shares Capitalization
[a] [b] [c] [d] [e] [f] [g]
5/6/2019 $3.39 -1.46% 36,491 $3.39 $3.41 $0.02 0.59% 150,142,955 $508,984,617
5/7/2019 $3.36 -0.89% 47,810 $3.36 $3.37 $0.01 0.30% 150,142,955 $504,480,329
5/8/2019 $3.41 1.48% 45,939 $3.41 $3.43 $0.02 0.58% 150,142,955 $511,987,477
5/9/2019 $3.38 -0.88% 70,213 $3.36 $3.38 $0.02 0.59% 150,142,955 $507,483,188
5/10/2019 $3.21 -5.16% 107,044 $3.19 $3.21 $0.02 0.63% 150,142,955 $481,958,886
5/13/2019 $3.10 -3.49% 54,822 $3.10 $3.11 $0.01 0.32% 150,142,955 $465,443,161
5/14/2019 $2.99 -3.61% 75,323 $2.98 $2.99 $0.01 0.34% 150,142,955 $448,927,435
5/15/2019 $3.03 1.33% 96,807 $3.01 $3.03 $0.02 0.66% 150,142,955 $454,933,154
5/16/2019 $3.04 0.33% 71,509 $3.03 $3.05 $0.02 0.66% 150,142,955 $456,434,583
5/17/2019 $3.03 -0.33% 169,251 $3.01 $3.04 $0.03 0.99% 150,142,955 $454,933,154
5/20/2019 $2.80 -7.89% 193,199 $2.80 $2.82 $0.02 0.71% 150,142,955 $420,400,274
5/21/2019 $2.94 4.88% 91,959 $2.92 $2.94 $0.02 0.68% 150,142,955 $441,420,288
5/22/2019 $2.41 -19.88% 546,450 $2.40 $2.41 $0.01 0.42% 150,142,955 $361,844,522
5/23/2019 $1.91 -23.25% 802,413 $1.90 $1.91 $0.01 0.52% 150,142,955 $286,773,044
5/24/2019 $1.67 -13.43% 569,310 $1.66 $1.67 $0.01 0.60% 150,142,955 $250,738,735
5/28/2019 $2.39 35.85% 2,053,317 $2.36 $2.37 $0.01 0.42% 150,142,955 $358,841,662
5/29/2019 $2.19 -8.74% 617,843 $2.19 $2.20 $0.01 0.46% 150,142,955 $328,813,071
5/30/2019 $2.33 6.20% 118,305 $2.32 $2.33 $0.01 0.43% 150,142,955 $349,833,085
5/31/2019 $2.19 -6.20% 171,028 $2.19 $2.20 $0.01 0.46% 150,142,955 $328,813,071
6/3/2019 $2.35 7.05% 128,517 $2.35 $2.37 $0.02 0.85% 150,142,955 $352,835,944
6/4/2019 $2.19 -7.05% 78,984 $2.19 $2.21 $0.02 0.91% 150,142,955 $328,813,071
6/5/2019 $2.11 -3.72% 104,077 $2.11 $2.12 $0.01 0.47% 150,142,955 $316,801,635
6/6/2019 $2.09 -0.95% 73,153 $2.08 $2.09 $0.01 0.48% 150,142,955 $313,798,776
6/7/2019 $2.08 -0.48% 72,986 $2.07 $2.08 $0.01 0.48% 150,142,955 $312,297,346
6/10/2019 $2.20 5.61% 143,962 $2.19 $2.20 $0.01 0.46% 150,142,955 $330,314,501
6/11/2019 $2.11 -4.18% 90,482 $2.10 $2.11 $0.01 0.48% 150,142,955 $316,801,635
6/12/2019 $2.17 2.80% 110,850 $2.16 $2.17 $0.01 0.46% 150,142,955 $325,810,212
6/13/2019 $2.19 0.92% 168,510 $2.18 $2.19 $0.01 0.46% 150,142,955 $328,813,071
6/14/2019 $2.09 -4.67% 138,013 $2.07 $2.09 $0.02 0.96% 150,142,955 $313,798,776
6/17/2019 $2.04 -2.42% 109,345 $2.01 $2.02 $0.01 0.50% 150,142,955 $306,291,628
6/18/2019 $2.09 2.42% 137,400 $2.09 $2.10 $0.01 0.48% 150,142,955 $313,798,776
6/19/2019 $1.99 -4.90% 263,502 $1.99 $2.02 $0.03 1.50% 150,142,955 $298,784,480
6/20/2019 $2.07 3.94% 87,744 $2.07 $2.09 $0.02 0.96% 150,142,955 $310,795,917
6/21/2019 $2.12 2.39% 155,230 $2.10 $2.12 $0.02 0.95% 150,142,955 $318,303,065
6/24/2019 $1.97 -7.34% 84,789 $1.97 $1.99 $0.02 1.01% 150,142,955 $295,781,621
6/25/2019 $1.96 -0.51% 82,713 $1.96 $1.97 $0.01 0.51% 150,142,955 $294,280,192
6/26/2019 $2.00 2.02% 48,215 $1.99 $2.00 $0.01 0.50% 150,142,955 $300,285,910
6/27/2019 $2.01 0.50% 109,380 $2.00 $2.01 $0.01 0.50% 150,142,955 $301,787,340
6/28/2019 $2.19 8.58% 214,843 $2.16 $2.18 $0.02 0.92% 150,142,955 $328,813,071
7/1/2019 $2.09 -4.67% 168,440 $2.09 $2.10 $0.01 0.48% 150,007,085 $313,514,808
7/2/2019 $2.04 -2.42% 47,823 $2.03 $2.05 $0.02 0.98% 150,007,085 $306,014,453
7/3/2019 $2.03 -0.49% 51,155 $2.02 $2.03 $0.01 0.49% 150,007,085 $304,514,383
7/5/2019 $2.02 -0.49% 40,884 $2.01 $2.03 $0.02 0.99% 150,007,085 $303,014,312
7/8/2019 $2.07 2.45% 26,237 $2.07 $2.08 $0.01 0.48% 150,007,085 $310,514,666
7/9/2019 $2.22 7.00% 41,106 $2.21 $2.22 $0.01 0.45% 150,007,085 $333,015,729
7/10/2019 $2.16 -2.74% 59,139 $2.15 $2.16 $0.01 0.46% 150,007,085 $324,015,304
7/11/2019 $2.07 -4.26% 248,695 $2.06 $2.07 $0.01 0.48% 150,007,085 $310,514,666
7/12/2019 $2.14 3.33% 57,256 $2.14 $2.15 $0.01 0.47% 150,007,085 $321,015,162
7/15/2019 $2.15 0.47% 82,934 $2.14 $2.15 $0.01 0.47% 150,007,085 $322,515,233
7/16/2019 $2.10 -2.35% 62,784 $2.10 $2.11 $0.01 0.48% 150,007,085 $315,014,879
7/17/2019 $2.07 -1.44% 76,807 $2.06 $2.07 $0.01 0.48% 150,007,085 $310,514,666
7/18/2019 $2.51 19.27% 2,039,131 $2.50 $2.51 $0.01 0.40% 150,007,085 $376,517,783
7/19/2019 $2.38 -5.32% 229,182 $2.38 $2.39 $0.01 0.42% 150,007,085 $357,016,862
7/22/2019 $2.45 2.90% 114,192 $2.44 $2.45 $0.01 0.41% 150,007,085 $367,517,358
7/23/2019 $2.41 -1.65% 63,024 $2.40 $2.41 $0.01 0.42% 150,007,085 $361,517,075
7/24/2019 $2.45 1.65% 133,055 $2.43 $2.45 $0.02 0.82% 150,007,085 $367,517,358
7/25/2019 $2.40 -2.06% 119,699 $2.40 $2.41 $0.01 0.42% 150,007,085 $360,017,004
96
Case 1:21-md-02989-CMA Document 582-5 Entered on FLSD Docket 06/21/2023 Page 100 of
Case 3:20-cv-00691-D Document 83-1 Filed
139 04/14/23 Page 100 of 139 PageID 3239
Exhibit-7
XELA Market Efficiency Statistics
March 16, 2018 through March 16, 2020
Closing Average
Closing Closing Bid/Ask Bid/Ask Outstanding Market
Date Closing Price Log Return Volume Bid Ask Spread Spread % Shares Capitalization
[a] [b] [c] [d] [e] [f] [g]
7/26/2019 $2.77 14.16% 684,327 $2.76 $2.77 $0.01 0.36% 150,007,085 $414,769,590
7/29/2019 $2.70 -2.38% 342,174 $2.69 $2.70 $0.01 0.37% 150,007,085 $405,019,130
7/30/2019 $2.61 -3.39% 163,264 $2.61 $2.63 $0.02 0.76% 150,007,085 $391,518,492
7/31/2019 $2.65 1.52% 167,494 $2.65 $2.67 $0.02 0.75% 150,007,085 $397,518,775
8/1/2019 $2.71 2.24% 92,161 $2.71 $2.72 $0.01 0.37% 150,007,085 $406,519,200
8/2/2019 $2.63 -3.00% 54,528 $2.61 $2.63 $0.02 0.76% 150,007,085 $394,518,634
8/5/2019 $2.42 -8.32% 126,936 $2.41 $2.42 $0.01 0.41% 150,007,085 $363,017,146
8/6/2019 $2.24 -7.73% 81,322 $2.23 $2.24 $0.01 0.45% 150,007,085 $336,015,870
8/7/2019 $2.26 0.89% 51,544 $2.25 $2.27 $0.02 0.88% 150,007,085 $339,016,012
8/8/2019 $2.45 8.07% 239,358 $2.46 $2.47 $0.01 0.41% 150,007,085 $367,517,358
8/9/2019 $1.28 -64.92% 1,845,046 $1.27 $1.28 $0.01 0.78% 150,007,085 $192,009,069
8/12/2019 $1.26 -1.57% 620,565 $1.25 $1.26 $0.01 0.80% 150,007,085 $189,008,927
8/13/2019 $1.23 -2.41% 431,965 $1.21 $1.23 $0.02 1.64% 150,007,085 $184,508,715
8/14/2019 $1.18 -4.15% 278,907 $1.17 $1.18 $0.01 0.85% 150,007,085 $177,008,360
8/15/2019 $1.16 -1.71% 196,516 $1.15 $1.16 $0.01 0.87% 150,007,085 $174,008,219
8/16/2019 $1.12 -3.51% 315,117 $1.12 $1.13 $0.01 0.89% 150,007,085 $168,007,935
8/19/2019 $1.16 3.51% 203,004 $1.15 $1.16 $0.01 0.87% 150,007,085 $174,008,219
8/20/2019 $1.18 1.71% 289,678 $1.16 $1.18 $0.02 1.71% 150,007,085 $177,008,360
8/21/2019 $1.16 -1.71% 194,680 $1.16 $1.17 $0.01 0.86% 150,007,085 $174,008,219
8/22/2019 $1.24 6.67% 209,552 $1.24 $1.25 $0.01 0.80% 150,007,085 $186,008,785
8/23/2019 $1.30 4.73% 305,976 $1.30 $1.31 $0.01 0.77% 150,007,085 $195,009,211
8/26/2019 $1.30 0.00% 168,584 $1.29 $1.31 $0.02 1.54% 150,007,085 $195,009,211
8/27/2019 $1.18 -9.69% 195,712 $1.18 $1.20 $0.02 1.68% 150,007,085 $177,008,360
8/28/2019 $1.13 -4.33% 310,925 $1.12 $1.13 $0.01 0.89% 150,007,085 $169,508,006
8/29/2019 $1.14 0.88% 84,922 $1.13 $1.15 $0.02 1.75% 150,007,085 $171,008,077
8/30/2019 $1.15 0.87% 73,510 $1.14 $1.15 $0.01 0.87% 150,007,085 $172,508,148
9/3/2019 $1.13 -1.75% 56,216 $1.13 $1.14 $0.01 0.88% 150,007,085 $169,508,006
9/4/2019 $1.13 0.00% 45,009 $1.12 $1.13 $0.01 0.89% 150,007,085 $169,508,006
9/5/2019 $1.25 10.09% 166,616 $1.23 $1.25 $0.02 1.61% 150,007,085 $187,508,856
9/6/2019 $1.24 -0.80% 64,408 $1.24 $1.25 $0.01 0.80% 150,007,085 $186,008,785
9/9/2019 $1.32 6.25% 183,732 $1.31 $1.32 $0.01 0.76% 150,007,085 $198,009,352
9/10/2019 $1.33 0.38% 135,727 $1.32 $1.33 $0.01 0.75% 150,007,085 $198,759,388
9/11/2019 $1.38 4.07% 87,223 $1.37 $1.38 $0.01 0.73% 150,007,085 $207,009,777
9/12/2019 $1.39 0.72% 58,063 $1.38 $1.39 $0.01 0.72% 150,007,085 $208,509,848
9/13/2019 $1.39 0.00% 95,367 $1.39 $1.40 $0.01 0.72% 150,007,085 $208,509,848
9/16/2019 $1.35 -2.92% 106,292 $1.35 $1.36 $0.01 0.74% 150,007,085 $202,509,565
9/17/2019 $1.36 0.74% 123,718 $1.36 $1.37 $0.01 0.73% 150,007,085 $204,009,636
9/18/2019 $1.35 -0.74% 80,201 $1.35 $1.36 $0.01 0.74% 150,007,085 $202,509,565
9/19/2019 $1.35 0.00% 51,470 $1.35 $1.36 $0.01 0.74% 150,007,085 $202,509,565
9/20/2019 $1.38 2.20% 150,193 $1.35 $1.36 $0.01 0.74% 150,007,085 $207,009,777
9/23/2019 $1.31 -5.21% 37,754 $1.30 $1.31 $0.01 0.77% 150,007,085 $196,509,281
9/24/2019 $1.24 -5.90% 93,984 $1.23 $1.24 $0.01 0.81% 150,007,085 $185,258,750
9/25/2019 $1.19 -3.71% 346,702 $1.19 $1.20 $0.01 0.84% 150,007,085 $178,508,431
9/26/2019 $1.14 -4.29% 89,824 $1.14 $1.15 $0.01 0.87% 150,007,085 $171,008,077
9/27/2019 $1.12 -1.77% 63,467 $1.12 $1.13 $0.01 0.89% 150,007,085 $168,007,935
9/30/2019 $1.18 5.22% 260,423 $1.17 $1.18 $0.01 0.85% 150,698,864 $177,824,660
10/1/2019 $1.15 -2.58% 172,348 $1.15 $1.16 $0.01 0.87% 150,698,864 $173,303,694
10/2/2019 $1.13 -1.75% 120,676 $1.13 $1.14 $0.01 0.88% 150,698,864 $170,289,716
10/3/2019 $1.10 -2.69% 144,755 $1.09 $1.10 $0.01 0.91% 150,698,864 $165,768,750
10/4/2019 $1.38 22.68% 16,757,642 $1.38 $1.39 $0.01 0.72% 150,698,864 $207,964,432
10/7/2019 $1.27 -8.31% 1,389,960 $1.26 $1.27 $0.01 0.79% 150,698,864 $191,387,557
10/8/2019 $1.15 -9.93% 800,653 $1.15 $1.16 $0.01 0.87% 150,698,864 $173,303,694
10/9/2019 $1.12 -2.64% 423,929 $1.12 $1.13 $0.01 0.89% 150,698,864 $168,782,728
10/10/2019 $1.13 0.89% 316,515 $1.12 $1.13 $0.01 0.89% 150,698,864 $170,289,716
10/11/2019 $1.07 -5.46% 702,562 $1.04 $1.05 $0.01 0.96% 150,698,864 $161,247,784
10/14/2019 $1.02 -4.79% 374,024 $1.01 $1.02 $0.01 0.99% 150,698,864 $153,712,841
10/15/2019 $1.02 0.00% 303,309 $1.01 $1.02 $0.01 0.99% 150,698,864 $153,712,841
97
Case 1:21-md-02989-CMA Document 582-5 Entered on FLSD Docket 06/21/2023 Page 101 of
Case 3:20-cv-00691-D Document 83-1 Filed
139 04/14/23 Page 101 of 139 PageID 3240
Exhibit-7
XELA Market Efficiency Statistics
March 16, 2018 through March 16, 2020
Closing Average
Closing Closing Bid/Ask Bid/Ask Outstanding Market
Date Closing Price Log Return Volume Bid Ask Spread Spread % Shares Capitalization
[a] [b] [c] [d] [e] [f] [g]
10/16/2019 $0.99 -2.99% 480,035 $0.98 $0.99 $0.01 0.61% 150,698,864 $149,191,875
10/17/2019 $0.98 -0.86% 196,562 $0.98 $0.98 $0.01 0.58% 150,698,864 $147,910,935
10/18/2019 $0.93 -5.39% 148,862 $0.93 $0.93 $0.00 0.01% 150,698,864 $140,149,944
10/21/2019 $0.90 -3.08% 428,297 $0.90 $0.90 $0.00 0.10% 150,698,864 $135,900,236
10/22/2019 $0.82 -9.74% 311,168 $0.82 $0.82 $0.00 0.01% 150,698,864 $123,286,741
10/23/2019 $0.82 -0.06% 127,760 $0.82 $0.82 $0.00 0.15% 150,698,864 $123,211,391
10/24/2019 $0.83 1.05% 197,279 $0.83 $0.83 $0.00 0.12% 150,698,864 $124,507,401
10/25/2019 $0.80 -2.95% 128,647 $0.80 $0.80 $0.00 0.46% 150,698,864 $120,890,629
10/28/2019 $0.73 -8.79% 441,334 $0.73 $0.74 $0.01 1.21% 150,698,864 $110,718,455
10/29/2019 $0.72 -2.08% 338,918 $0.72 $0.72 $0.00 0.47% 150,698,864 $108,442,903
10/30/2019 $0.57 -22.47% 1,054,877 $0.57 $0.57 $0.01 1.26% 150,698,864 $86,621,707
10/31/2019 $0.61 6.12% 627,847 $0.60 $0.61 $0.01 1.39% 150,698,864 $92,092,076
11/1/2019 $0.59 -4.02% 188,439 $0.59 $0.59 $0.00 0.22% 150,698,864 $88,460,233
11/4/2019 $0.62 5.61% 241,776 $0.62 $0.63 $0.01 0.82% 150,698,864 $93,568,925
11/5/2019 $0.62 -0.58% 252,223 $0.61 $0.62 $0.01 0.94% 150,698,864 $93,026,409
11/6/2019 $0.60 -2.24% 385,171 $0.60 $0.60 $0.00 0.35% 150,698,864 $90,961,834
11/7/2019 $0.60 0.08% 102,322 $0.60 $0.61 $0.00 0.68% 150,698,864 $91,037,184
11/8/2019 $0.57 -6.66% 256,482 $0.56 $0.57 $0.01 1.00% 150,698,864 $85,174,998
11/11/2019 $0.60 6.72% 247,257 $0.60 $0.60 $0.00 0.36% 150,698,864 $91,097,463
11/12/2019 $0.60 -0.61% 257,810 $0.60 $0.61 $0.00 0.80% 150,698,864 $90,539,877
11/13/2019 $0.35 -54.03% 4,642,376 $0.35 $0.35 $0.00 0.43% 150,698,864 $52,744,602
11/14/2019 $0.31 -12.10% 7,326,319 $0.31 $0.31 $0.00 0.06% 150,698,864 $46,731,718
11/15/2019 $0.34 9.29% 923,189 $0.34 $0.34 $0.00 0.79% 150,698,864 $51,282,823
11/18/2019 $0.35 3.44% 605,277 $0.34 $0.34 $0.00 1.11% 150,698,864 $53,076,140
11/19/2019 $0.35 -0.63% 256,778 $0.35 $0.35 $0.00 0.03% 150,698,864 $52,744,602
11/20/2019 $0.34 -4.02% 241,489 $0.34 $0.34 $0.00 1.01% 150,698,864 $50,664,958
11/21/2019 $0.31 -8.70% 520,572 $0.31 $0.31 $0.00 0.45% 150,698,864 $46,445,390
11/22/2019 $0.31 1.19% 201,191 $0.31 $0.31 $0.00 0.03% 150,698,864 $47,002,976
11/25/2019 $0.31 -0.97% 267,207 $0.31 $0.31 $0.00 0.45% 150,698,864 $46,550,879
11/26/2019 $0.32 2.87% 515,510 $0.31 $0.32 $0.00 0.98% 150,698,864 $47,907,169
11/27/2019 $0.31 -2.74% 273,922 $0.31 $0.31 $0.00 0.52% 150,698,864 $46,611,159
11/29/2019 $0.32 4.61% 215,497 $0.32 $0.32 $0.01 1.71% 150,698,864 $48,811,362
12/2/2019 $0.29 -10.95% 711,096 $0.29 $0.29 $0.00 0.03% 150,698,864 $43,747,880
12/3/2019 $0.29 -1.63% 781,048 $0.29 $0.29 $0.00 1.01% 150,698,864 $43,039,596
12/4/2019 $0.28 -1.69% 469,049 $0.28 $0.28 $0.00 0.28% 150,698,864 $42,316,241
12/5/2019 $0.28 -1.18% 251,570 $0.28 $0.28 $0.00 0.54% 150,698,864 $41,818,935
12/6/2019 $0.30 6.89% 640,177 $0.30 $0.30 $0.00 0.77% 150,698,864 $44,802,772
12/9/2019 $0.29 -1.73% 334,552 $0.29 $0.29 $0.00 0.72% 150,698,864 $44,034,208
12/10/2019 $0.29 -2.28% 223,103 $0.28 $0.29 $0.00 0.99% 150,698,864 $43,039,596
12/11/2019 $0.29 1.53% 179,013 $0.28 $0.29 $0.01 2.83% 150,698,864 $43,702,671
12/12/2019 $0.29 -1.04% 460,540 $0.29 $0.29 $0.00 0.03% 150,698,864 $43,250,574
12/13/2019 $0.30 3.05% 263,412 $0.30 $0.30 $0.00 0.94% 150,698,864 $44,591,794
12/16/2019 $0.30 1.38% 194,229 $0.29 $0.30 $0.01 2.92% 150,698,864 $45,209,659
12/17/2019 $0.32 7.91% 932,169 $0.32 $0.32 $0.00 0.56% 150,698,864 $48,931,921
12/18/2019 $0.34 3.98% 905,305 $0.33 $0.34 $0.00 0.95% 150,698,864 $50,921,146
12/19/2019 $0.32 -6.35% 666,999 $0.31 $0.32 $0.00 1.02% 150,698,864 $47,786,610
12/20/2019 $0.35 9.33% 1,013,431 $0.34 $0.34 $0.00 0.03% 150,698,864 $52,458,275
12/23/2019 $0.33 -5.89% 923,489 $0.33 $0.33 $0.00 0.03% 150,698,864 $49,459,367
12/24/2019 $0.33 0.58% 225,959 $0.33 $0.33 $0.00 0.12% 150,698,864 $49,745,695
12/26/2019 $0.32 -2.73% 391,334 $0.32 $0.32 $0.00 0.37% 150,698,864 $48,404,475
12/27/2019 $0.33 1.18% 594,415 $0.33 $0.33 $0.00 1.50% 150,698,864 $48,977,131
12/30/2019 $0.38 16.37% 1,241,775 $0.38 $0.39 $0.01 2.71% 150,698,864 $57,687,525
12/31/2019 $0.41 6.30% 1,441,339 $0.41 $0.41 $0.00 0.56% 150,851,689 $61,502,234
1/2/2020 $0.42 2.69% 485,109 $0.42 $0.42 $0.00 0.02% 150,851,689 $63,176,687
1/3/2020 $0.40 -4.27% 468,618 $0.40 $0.40 $0.00 0.15% 150,851,689 $60,536,783
1/6/2020 $0.38 -4.93% 468,410 $0.38 $0.38 $0.00 0.03% 150,851,689 $57,625,345
1/7/2020 $0.39 1.64% 379,447 $0.39 $0.39 $0.00 0.41% 150,851,689 $58,575,711
98
Case 1:21-md-02989-CMA Document 582-5 Entered on FLSD Docket 06/21/2023 Page 102 of
Case 3:20-cv-00691-D Document 83-1 Filed
139 04/14/23 Page 102 of 139 PageID 3241
Exhibit-7
XELA Market Efficiency Statistics
March 16, 2018 through March 16, 2020
Closing Average
Closing Closing Bid/Ask Bid/Ask Outstanding Market
Date Closing Price Log Return Volume Bid Ask Spread Spread % Shares Capitalization
[a] [b] [c] [d] [e] [f] [g]
1/8/2020 $0.40 2.04% 571,757 $0.40 $0.40 $0.00 0.50% 150,851,689 $59,782,524
1/9/2020 $0.39 -1.37% 623,971 $0.39 $0.39 $0.00 1.24% 150,851,689 $58,967,925
1/10/2020 $0.36 -8.21% 531,113 $0.36 $0.36 $0.00 0.03% 150,851,689 $54,321,693
1/13/2020 $0.38 5.33% 440,840 $0.37 $0.38 $0.01 2.26% 150,851,689 $57,293,471
1/14/2020 $0.38 -0.63% 266,989 $0.38 $0.38 $0.00 0.50% 150,851,689 $56,931,427
1/15/2020 $0.39 3.28% 6,953,844 $0.39 $0.39 $0.00 0.13% 150,851,689 $58,832,159
1/16/2020 $0.44 11.29% 2,176,282 $0.44 $0.44 $0.00 0.55% 150,851,689 $65,861,847
1/17/2020 $0.45 3.58% 2,064,991 $0.45 $0.45 $0.00 0.53% 150,851,689 $68,260,389
1/21/2020 $0.46 1.73% 1,162,197 $0.46 $0.46 $0.00 0.24% 150,851,689 $69,452,118
1/22/2020 $0.44 -4.96% 536,196 $0.44 $0.44 $0.00 0.02% 150,851,689 $66,088,125
1/23/2020 $0.42 -3.96% 284,777 $0.42 $0.42 $0.00 0.73% 150,851,689 $63,523,646
1/24/2020 $0.40 -4.52% 298,699 $0.40 $0.41 $0.01 1.80% 150,851,689 $60,717,805
1/27/2020 $0.44 9.70% 823,424 $0.44 $0.45 $0.00 0.45% 150,851,689 $66,902,724
1/28/2020 $0.42 -4.97% 388,357 $0.42 $0.42 $0.00 0.02% 150,851,689 $63,659,413
1/29/2020 $0.40 -6.33% 568,932 $0.40 $0.40 $0.00 0.53% 150,851,689 $59,752,354
1/30/2020 $0.40 -0.28% 228,922 $0.40 $0.40 $0.00 0.25% 150,851,689 $59,586,417
1/31/2020 $0.38 -5.04% 290,132 $0.38 $0.38 $0.00 0.53% 150,851,689 $56,659,894
2/3/2020 $0.37 -2.59% 382,034 $0.37 $0.37 $0.00 0.33% 150,851,689 $55,211,718
2/4/2020 $0.37 0.30% 233,568 $0.37 $0.37 $0.00 0.76% 150,851,689 $55,377,655
2/5/2020 $0.38 2.37% 282,120 $0.38 $0.39 $0.00 1.28% 150,851,689 $56,705,150
2/6/2020 $0.38 -0.05% 218,497 $0.37 $0.37 $0.00 1.00% 150,851,689 $56,674,980
2/7/2020 $0.37 -2.51% 200,345 $0.37 $0.37 $0.00 0.98% 150,851,689 $55,272,059
2/10/2020 $0.34 -6.63% 644,025 $0.34 $0.34 $0.00 0.55% 150,851,689 $51,727,044
2/11/2020 $0.31 -10.96% 870,475 $0.31 $0.31 $0.00 0.29% 150,851,689 $46,356,724
2/12/2020 $0.34 8.66% 718,498 $0.34 $0.34 $0.00 0.03% 150,851,689 $50,550,401
2/13/2020 $0.31 -9.38% 437,845 $0.31 $0.31 $0.00 0.16% 150,851,689 $46,024,850
2/14/2020 $0.30 -0.26% 378,883 $0.30 $0.30 $0.00 0.03% 150,851,689 $45,904,169
2/18/2020 $0.31 1.60% 478,439 $0.31 $0.31 $0.00 0.29% 150,851,689 $46,643,342
2/19/2020 $0.30 -2.72% 181,974 $0.30 $0.30 $0.00 0.17% 150,851,689 $45,391,273
2/20/2020 $0.32 6.62% 427,747 $0.32 $0.32 $0.00 0.53% 150,851,689 $48,498,818
2/21/2020 $0.30 -7.96% 601,017 $0.30 $0.30 $0.00 0.77% 150,851,689 $44,787,866
2/24/2020 $0.29 -0.78% 307,511 $0.29 $0.30 $0.00 0.24% 150,851,689 $44,440,908
2/25/2020 $0.28 -4.34% 354,578 $0.28 $0.28 $0.00 1.56% 150,851,689 $42,555,261
2/26/2020 $0.28 -2.33% 446,257 $0.27 $0.27 $0.00 0.04% 150,851,689 $41,574,725
2/27/2020 $0.27 -3.55% 500,358 $0.27 $0.27 $0.00 0.26% 150,851,689 $40,126,549
2/28/2020 $0.26 -3.44% 615,718 $0.27 $0.27 $0.00 1.83% 150,851,689 $38,768,884
3/2/2020 $0.28 10.27% 333,096 $0.28 $0.28 $0.00 1.59% 150,851,689 $42,962,561
3/3/2020 $0.33 14.70% 926,976 $0.33 $0.33 $0.00 1.50% 150,851,689 $49,765,972
3/4/2020 $0.36 8.15% 1,330,168 $0.35 $0.35 $0.00 1.00% 150,851,689 $53,989,819
3/5/2020 $0.36 -0.34% 1,099,711 $0.35 $0.36 $0.01 1.90% 150,851,689 $53,808,797
3/6/2020 $0.33 -9.21% 613,012 $0.32 $0.33 $0.01 1.61% 150,851,689 $49,072,054
3/9/2020 $0.28 -15.32% 1,147,414 $0.27 $0.27 $0.00 1.80% 150,851,689 $42,102,706
3/10/2020 $0.27 -3.31% 475,440 $0.27 $0.27 $0.00 1.34% 150,851,689 $40,729,956
3/11/2020 $0.21 -27.35% 1,128,347 $0.21 $0.21 $0.00 0.15% 150,851,689 $30,984,937
3/12/2020 $0.19 -10.46% 1,168,241 $0.18 $0.18 $0.00 0.94% 150,851,689 $27,907,562
3/13/2020 $0.20 7.29% 803,504 $0.19 $0.20 $0.01 4.52% 150,851,689 $30,019,486
3/16/2020 $0.19 -7.08% 604,420 $0.16 $0.17 $0.01 4.69% 150,851,689 $27,967,903
Average $3.23 -0.66% 331,474 $3.23 $3.24 $0.01 0.53% 150,947,433 $489.0 million
Median $3.62 -0.48% 135,727 $3.61 $3.63 $0.01 0.43% 150,698,864 $543.5 million
High $7.30 35.85% 16,757,642 $7.30 $7.31 $0.06 4.69% 152,565,218 $1,103.2 million
Low $0.19 -64.92% 23,110 $0.16 $0.17 $0.00 0.01% 150,007,085 $27.9 million
Source: CRSP.
99
Case 1:21-md-02989-CMA Document 582-5 Entered on FLSD Docket 06/21/2023 Page 103 of
Case 3:20-cv-00691-D Document 83-1 Filed
139 04/14/23 Page 103 of 139 PageID 3242
Exhibit-8
XELA Regression Results
March 16, 2018 through March 16, 2020
Industry
Standard Market Market Index Industry Index Industry
Error of the Index Standard Market Index Index Standard Index
Date R² Regression Intercept Coefficient Error t -statistic Coefficient Error t -statistic
3/16/2018 3.30% 3.62% -0.28% 0.44 0.62 0.71 -0.47 0.46 -1.04
3/19/2018 3.36% 3.62% -0.28% 0.44 0.62 0.71 -0.47 0.46 -1.04
3/20/2018 3.88% 3.61% -0.29% 0.46 0.61 0.76 -0.48 0.45 -1.06
3/21/2018 3.54% 3.61% -0.27% 0.44 0.61 0.73 -0.46 0.45 -1.01
3/22/2018 3.31% 3.60% -0.25% 0.45 0.61 0.75 -0.47 0.45 -1.04
3/23/2018 3.70% 3.59% -0.26% 0.48 0.60 0.81 -0.47 0.45 -1.04
3/26/2018 3.29% 3.59% -0.28% 0.55 0.59 0.92 -0.46 0.45 -1.02
3/27/2018 3.28% 3.58% -0.28% 0.57 0.58 0.98 -0.46 0.45 -1.03
3/28/2018 3.63% 3.57% -0.28% 0.56 0.57 0.98 -0.46 0.45 -1.03
3/29/2018 4.86% 3.57% -0.30% 0.58 0.57 1.03 -0.48 0.44 -1.07
4/2/2018 3.70% 3.58% -0.27% 0.71 0.56 1.27 -0.53 0.44 -1.20
4/3/2018 4.37% 3.57% -0.28% 0.75 0.55 1.35 -0.54 0.44 -1.21
4/4/2018 3.92% 3.58% -0.26% 0.76 0.55 1.37 -0.50 0.44 -1.14
4/5/2018 4.37% 3.57% -0.27% 0.70 0.55 1.28 -0.48 0.44 -1.08
4/6/2018 3.63% 3.58% -0.25% 0.70 0.55 1.27 -0.45 0.44 -1.01
4/9/2018 3.37% 3.58% -0.23% 0.66 0.55 1.20 -0.45 0.44 -1.03
4/10/2018 3.48% 3.57% -0.24% 0.65 0.55 1.20 -0.45 0.44 -1.03
4/11/2018 7.36% 3.56% -0.25% 0.63 0.54 1.16 -0.46 0.44 -1.05
4/12/2018 6.28% 3.63% -0.30% 0.62 0.55 1.11 -0.41 0.45 -0.91
4/13/2018 3.49% 3.69% -0.35% 0.55 0.56 0.98 -0.39 0.45 -0.86
4/16/2018 2.86% 3.69% -0.33% 0.55 0.56 0.97 -0.40 0.45 -0.89
4/17/2018 2.87% 3.68% -0.33% 0.55 0.56 0.98 -0.41 0.45 -0.91
4/18/2018 5.39% 3.68% -0.34% 0.54 0.56 0.96 -0.41 0.45 -0.91
4/19/2018 5.44% 3.72% -0.30% 0.49 0.57 0.87 -0.36 0.46 -0.78
4/20/2018 2.91% 3.76% -0.34% 0.63 0.57 1.10 -0.45 0.46 -0.98
4/23/2018 3.17% 3.75% -0.34% 0.64 0.56 1.14 -0.48 0.45 -1.06
4/24/2018 2.89% 3.75% -0.32% 0.64 0.56 1.13 -0.47 0.45 -1.05
4/25/2018 3.18% 3.74% -0.33% 0.65 0.56 1.16 -0.48 0.45 -1.07
4/26/2018 3.02% 3.73% -0.34% 0.67 0.56 1.20 -0.50 0.44 -1.12
4/27/2018 3.01% 3.72% -0.34% 0.69 0.54 1.27 -0.51 0.43 -1.18
4/30/2018 3.04% 3.71% -0.34% 0.69 0.54 1.27 -0.51 0.43 -1.18
5/1/2018 3.13% 3.70% -0.34% 0.69 0.54 1.28 -0.51 0.43 -1.18
5/2/2018 3.11% 3.70% -0.33% 0.69 0.54 1.29 -0.51 0.43 -1.19
5/3/2018 3.18% 3.69% -0.34% 0.69 0.54 1.28 -0.49 0.43 -1.15
5/4/2018 3.01% 3.68% -0.36% 0.69 0.54 1.28 -0.49 0.43 -1.14
5/7/2018 4.95% 3.68% -0.35% 0.69 0.53 1.31 -0.49 0.43 -1.15
5/8/2018 2.95% 3.70% -0.32% 0.70 0.54 1.30 -0.47 0.43 -1.09
5/9/2018 3.62% 3.70% -0.32% 0.70 0.53 1.30 -0.47 0.43 -1.09
5/10/2018 2.91% 3.70% -0.34% 0.69 0.54 1.29 -0.49 0.43 -1.14
5/11/2018 3.01% 3.69% -0.34% 0.69 0.53 1.30 -0.49 0.43 -1.15
5/14/2018 3.73% 3.69% -0.34% 0.69 0.53 1.30 -0.49 0.43 -1.15
5/15/2018 3.40% 3.70% -0.36% 0.65 0.53 1.21 -0.44 0.43 -1.04
5/16/2018 2.94% 3.70% -0.34% 0.58 0.53 1.09 -0.40 0.43 -0.94
5/17/2018 2.76% 3.70% -0.33% 0.59 0.53 1.11 -0.40 0.43 -0.94
5/18/2018 2.82% 3.69% -0.33% 0.59 0.53 1.11 -0.40 0.42 -0.94
5/21/2018 2.69% 3.68% -0.32% 0.56 0.53 1.07 -0.38 0.42 -0.90
5/22/2018 2.70% 3.67% -0.32% 0.57 0.52 1.08 -0.38 0.42 -0.90
5/23/2018 2.73% 3.67% -0.32% 0.57 0.52 1.09 -0.38 0.42 -0.92
5/24/2018 2.79% 3.66% -0.32% 0.56 0.52 1.07 -0.37 0.42 -0.89
5/25/2018 2.70% 3.65% -0.33% 0.56 0.52 1.08 -0.38 0.42 -0.90
5/29/2018 2.70% 3.64% -0.33% 0.56 0.52 1.08 -0.38 0.41 -0.91
5/30/2018 2.91% 3.63% -0.33% 0.57 0.52 1.10 -0.38 0.41 -0.92
5/31/2018 3.45% 3.63% -0.32% 0.59 0.51 1.16 -0.38 0.41 -0.93
6/1/2018 2.83% 3.64% -0.30% 0.57 0.51 1.11 -0.38 0.41 -0.93
6/4/2018 2.79% 3.63% -0.29% 0.59 0.51 1.14 -0.39 0.41 -0.94
6/5/2018 2.74% 3.62% -0.30% 0.59 0.51 1.16 -0.40 0.41 -0.97
6/6/2018 3.40% 3.61% -0.29% 0.58 0.51 1.14 -0.38 0.41 -0.95
6/7/2018 2.61% 3.62% -0.27% 0.54 0.51 1.07 -0.32 0.40 -0.79
6/8/2018 2.63% 3.61% -0.27% 0.54 0.51 1.07 -0.32 0.40 -0.79
100
Case 1:21-md-02989-CMA Document 582-5 Entered on FLSD Docket 06/21/2023 Page 104 of
Case 3:20-cv-00691-D Document 83-1 Filed
139 04/14/23 Page 104 of 139 PageID 3243
Exhibit-8
XELA Regression Results
March 16, 2018 through March 16, 2020
Industry
Standard Market Market Index Industry Index Industry
Error of the Index Standard Market Index Index Standard Index
Date R² Regression Intercept Coefficient Error t -statistic Coefficient Error t -statistic
6/11/2018 3.47% 3.61% -0.27% 0.54 0.50 1.08 -0.32 0.40 -0.79
6/12/2018 2.68% 3.61% -0.25% 0.59 0.50 1.16 -0.36 0.40 -0.90
6/13/2018 2.67% 3.60% -0.25% 0.59 0.50 1.16 -0.36 0.40 -0.90
6/14/2018 2.67% 3.60% -0.25% 0.59 0.50 1.17 -0.36 0.40 -0.90
6/15/2018 2.68% 3.59% -0.25% 0.59 0.50 1.17 -0.36 0.40 -0.90
6/18/2018 2.68% 3.58% -0.25% 0.59 0.50 1.18 -0.36 0.40 -0.91
6/19/2018 2.82% 3.57% -0.25% 0.58 0.50 1.18 -0.36 0.40 -0.91
6/20/2018 2.71% 3.57% -0.26% 0.59 0.50 1.19 -0.36 0.39 -0.90
6/21/2018 2.68% 3.56% -0.25% 0.59 0.49 1.18 -0.35 0.39 -0.89
6/22/2018 2.67% 3.55% -0.25% 0.58 0.49 1.18 -0.35 0.39 -0.89
6/25/2018 2.73% 3.55% -0.25% 0.58 0.49 1.18 -0.35 0.39 -0.89
6/26/2018 2.68% 3.54% -0.24% 0.57 0.49 1.16 -0.36 0.39 -0.91
6/27/2018 2.66% 3.53% -0.24% 0.57 0.49 1.17 -0.36 0.39 -0.93
6/28/2018 2.76% 3.52% -0.25% 0.57 0.49 1.17 -0.35 0.39 -0.91
6/29/2018 2.98% 3.52% -0.25% 0.57 0.49 1.17 -0.36 0.39 -0.94
7/2/2018 2.67% 3.52% -0.27% 0.57 0.49 1.17 -0.36 0.39 -0.93
7/3/2018 2.67% 3.51% -0.26% 0.57 0.49 1.16 -0.36 0.39 -0.93
7/5/2018 2.62% 3.51% -0.26% 0.56 0.49 1.15 -0.35 0.38 -0.92
7/6/2018 2.60% 3.50% -0.25% 0.56 0.48 1.16 -0.35 0.38 -0.92
7/9/2018 2.67% 3.49% -0.25% 0.56 0.48 1.16 -0.35 0.38 -0.92
7/10/2018 3.68% 3.49% -0.25% 0.56 0.48 1.17 -0.35 0.38 -0.91
7/11/2018 3.20% 3.50% -0.23% 0.63 0.48 1.30 -0.40 0.38 -1.06
7/12/2018 2.81% 3.50% -0.24% 0.67 0.48 1.40 -0.43 0.38 -1.13
7/13/2018 2.83% 3.49% -0.24% 0.67 0.48 1.40 -0.43 0.38 -1.13
7/16/2018 2.96% 3.48% -0.25% 0.67 0.48 1.40 -0.43 0.38 -1.13
7/17/2018 2.98% 3.45% -0.21% 0.68 0.47 1.44 -0.42 0.38 -1.12
7/18/2018 2.92% 3.45% -0.21% 0.67 0.47 1.42 -0.41 0.38 -1.10
7/19/2018 2.86% 3.44% -0.19% 0.66 0.47 1.39 -0.40 0.37 -1.06
7/20/2018 3.14% 3.38% -0.15% 0.72 0.46 1.55 -0.42 0.37 -1.14
7/23/2018 3.18% 3.35% -0.13% 0.69 0.46 1.50 -0.39 0.36 -1.07
7/24/2018 3.14% 3.35% -0.13% 0.69 0.46 1.51 -0.39 0.36 -1.07
7/25/2018 3.49% 3.35% -0.13% 0.69 0.46 1.51 -0.39 0.36 -1.07
7/26/2018 3.17% 3.34% -0.16% 0.66 0.46 1.44 -0.38 0.36 -1.06
7/27/2018 3.37% 3.34% -0.16% 0.69 0.45 1.51 -0.41 0.35 -1.16
7/30/2018 4.53% 3.34% -0.17% 0.70 0.45 1.54 -0.41 0.35 -1.15
7/31/2018 3.03% 3.36% -0.13% 0.63 0.46 1.38 -0.37 0.36 -1.04
8/1/2018 2.94% 3.37% -0.14% 0.63 0.46 1.38 -0.38 0.36 -1.07
8/2/2018 2.95% 3.37% -0.14% 0.63 0.46 1.38 -0.38 0.36 -1.06
8/3/2018 2.99% 3.37% -0.14% 0.62 0.46 1.36 -0.37 0.36 -1.04
8/6/2018 3.23% 3.36% -0.13% 0.60 0.45 1.33 -0.36 0.36 -1.02
8/7/2018 3.13% 3.36% -0.13% 0.63 0.45 1.40 -0.40 0.35 -1.13
8/8/2018 2.95% 3.36% -0.13% 0.63 0.45 1.39 -0.39 0.35 -1.11
8/9/2018 3.38% 3.35% -0.12% 0.66 0.45 1.45 -0.43 0.36 -1.21
8/10/2018 4.46% 3.30% -0.14% 0.66 0.45 1.49 -0.42 0.35 -1.22
8/13/2018 3.55% 3.30% -0.14% 0.66 0.45 1.49 -0.42 0.35 -1.22
8/14/2018 3.40% 3.12% -0.09% 0.77 0.42 1.84 -0.51 0.33 -1.55
8/15/2018 3.42% 3.05% -0.13% 0.71 0.41 1.73 -0.51 0.32 -1.60
8/16/2018 5.37% 3.01% -0.10% 0.69 0.40 1.70 -0.50 0.32 -1.59
8/17/2018 3.63% 3.04% -0.09% 0.73 0.41 1.80 -0.52 0.32 -1.62
8/20/2018 3.69% 3.03% -0.10% 0.79 0.41 1.94 -0.52 0.32 -1.64
8/21/2018 3.76% 3.03% -0.10% 0.79 0.41 1.94 -0.52 0.32 -1.63
8/22/2018 3.64% 3.03% -0.08% 0.79 0.41 1.93 -0.51 0.32 -1.61
8/23/2018 3.62% 3.03% -0.08% 0.79 0.41 1.93 -0.50 0.32 -1.58
8/24/2018 4.47% 3.03% -0.07% 0.79 0.41 1.94 -0.51 0.32 -1.60
8/27/2018 3.83% 3.04% -0.06% 0.84 0.41 2.07 -0.54 0.32 -1.71
8/28/2018 3.85% 3.02% -0.07% 0.84 0.40 2.08 -0.54 0.32 -1.72
8/29/2018 4.03% 3.02% -0.06% 0.84 0.40 2.09 -0.55 0.32 -1.73
8/30/2018 3.91% 3.01% -0.05% 0.85 0.40 2.12 -0.55 0.32 -1.74
8/31/2018 3.88% 3.01% -0.05% 0.85 0.40 2.10 -0.55 0.32 -1.73
101
Case 1:21-md-02989-CMA Document 582-5 Entered on FLSD Docket 06/21/2023 Page 105 of
Case 3:20-cv-00691-D Document 83-1 Filed
139 04/14/23 Page 105 of 139 PageID 3244
Exhibit-8
XELA Regression Results
March 16, 2018 through March 16, 2020
Industry
Standard Market Market Index Industry Index Industry
Error of the Index Standard Market Index Index Standard Index
Date R² Regression Intercept Coefficient Error t -statistic Coefficient Error t -statistic
9/4/2018 4.07% 2.98% -0.03% 0.85 0.40 2.14 -0.53 0.31 -1.68
9/5/2018 4.22% 2.97% -0.05% 0.86 0.39 2.17 -0.53 0.31 -1.72
9/6/2018 4.24% 2.97% -0.06% 0.84 0.40 2.13 -0.51 0.31 -1.66
9/7/2018 3.86% 2.98% -0.05% 0.82 0.40 2.08 -0.50 0.31 -1.61
9/10/2018 5.71% 2.96% -0.07% 0.84 0.39 2.14 -0.52 0.31 -1.69
9/11/2018 5.14% 2.97% -0.02% 0.97 0.40 2.43 -0.65 0.31 -2.06
9/12/2018 4.78% 2.98% 0.00% 1.05 0.41 2.59 -0.71 0.32 -2.24
9/13/2018 5.87% 2.97% -0.01% 1.07 0.41 2.64 -0.74 0.32 -2.31
9/14/2018 6.44% 2.96% 0.04% 1.39 0.42 3.28 -1.05 0.34 -3.05
9/17/2018 6.52% 2.96% 0.04% 1.38 0.42 3.27 -1.04 0.34 -3.03
9/18/2018 6.50% 2.96% 0.05% 1.39 0.42 3.29 -1.06 0.34 -3.08
9/19/2018 6.46% 2.90% 0.09% 1.30 0.42 3.13 -0.95 0.34 -2.81
9/20/2018 6.40% 2.90% 0.09% 1.34 0.41 3.28 -0.99 0.33 -3.01
9/21/2018 7.29% 2.90% 0.09% 1.34 0.41 3.28 -0.99 0.33 -3.01
9/24/2018 7.03% 2.87% 0.04% 1.42 0.41 3.50 -1.05 0.33 -3.22
9/25/2018 6.69% 2.87% 0.05% 1.37 0.41 3.36 -1.00 0.33 -3.03
9/26/2018 6.47% 2.86% 0.07% 1.34 0.41 3.28 -0.98 0.33 -2.96
9/27/2018 6.47% 2.86% 0.07% 1.36 0.41 3.30 -1.00 0.34 -2.97
9/28/2018 6.66% 2.83% 0.09% 1.36 0.41 3.34 -0.98 0.33 -2.95
10/1/2018 6.61% 2.83% 0.10% 1.34 0.41 3.30 -0.96 0.33 -2.91
10/2/2018 7.93% 2.84% 0.08% 1.31 0.41 3.23 -0.94 0.33 -2.84
10/3/2018 6.68% 2.86% 0.07% 1.31 0.41 3.19 -0.92 0.34 -2.74
10/4/2018 6.06% 2.86% 0.09% 1.29 0.41 3.15 -0.89 0.34 -2.66
10/5/2018 6.23% 2.86% 0.07% 1.31 0.41 3.21 -0.90 0.33 -2.70
10/8/2018 6.56% 2.85% 0.09% 1.37 0.41 3.35 -0.94 0.33 -2.83
10/9/2018 6.74% 2.83% 0.07% 1.37 0.41 3.37 -0.94 0.33 -2.83
10/10/2018 11.37% 2.84% 0.08% 1.36 0.41 3.34 -0.93 0.33 -2.81
10/11/2018 7.96% 2.89% 0.05% 1.53 0.41 3.73 -0.89 0.34 -2.64
10/12/2018 7.04% 2.83% 0.00% 1.34 0.41 3.32 -0.69 0.34 -2.05
10/15/2018 8.20% 2.83% -0.01% 1.34 0.41 3.31 -0.70 0.34 -2.07
10/16/2018 6.89% 2.84% 0.00% 1.33 0.41 3.26 -0.70 0.34 -2.06
10/17/2018 6.90% 2.83% -0.01% 1.32 0.40 3.25 -0.68 0.34 -2.03
10/18/2018 6.96% 2.81% 0.00% 1.32 0.40 3.28 -0.69 0.33 -2.05
10/19/2018 6.68% 2.80% 0.02% 1.23 0.40 3.06 -0.60 0.34 -1.78
10/22/2018 7.96% 2.80% 0.01% 1.22 0.40 3.04 -0.59 0.34 -1.76
10/23/2018 7.02% 2.82% 0.03% 1.11 0.40 2.77 -0.50 0.34 -1.49
10/24/2018 7.28% 2.84% 0.01% 1.10 0.40 2.72 -0.46 0.34 -1.38
10/25/2018 6.79% 2.84% 0.00% 1.14 0.40 2.83 -0.44 0.34 -1.32
10/26/2018 6.62% 2.85% -0.02% 1.04 0.39 2.68 -0.36 0.33 -1.10
10/29/2018 6.55% 2.84% 0.00% 0.99 0.39 2.53 -0.31 0.33 -0.92
10/30/2018 6.62% 2.84% -0.01% 0.98 0.39 2.52 -0.30 0.33 -0.91
10/31/2018 6.59% 2.84% 0.00% 0.98 0.39 2.49 -0.29 0.34 -0.87
11/1/2018 6.72% 2.81% -0.03% 1.00 0.39 2.58 -0.32 0.33 -0.97
11/2/2018 6.67% 2.81% -0.03% 0.97 0.39 2.52 -0.30 0.33 -0.91
11/5/2018 7.23% 2.81% -0.03% 0.99 0.39 2.56 -0.32 0.33 -0.96
11/6/2018 6.72% 2.79% -0.02% 0.98 0.38 2.55 -0.31 0.33 -0.94
11/7/2018 6.70% 2.80% -0.03% 0.98 0.38 2.55 -0.31 0.33 -0.95
11/8/2018 7.95% 2.79% -0.04% 0.96 0.38 2.52 -0.31 0.33 -0.93
11/9/2018 17.42% 2.82% -0.01% 0.89 0.38 2.34 -0.25 0.33 -0.75
11/12/2018 18.41% 2.82% 0.00% 0.89 0.38 2.34 -0.25 0.33 -0.77
11/13/2018 18.93% 2.83% -0.02% 0.97 0.38 2.55 -0.29 0.33 -0.87
11/14/2018 17.88% 2.85% -0.04% 0.94 0.38 2.46 -0.26 0.33 -0.77
11/15/2018 17.53% 2.85% -0.03% 0.98 0.38 2.57 -0.31 0.33 -0.92
11/16/2018 17.48% 2.85% -0.04% 0.99 0.38 2.57 -0.32 0.33 -0.96
11/19/2018 17.76% 2.85% -0.03% 1.01 0.38 2.62 -0.33 0.33 -0.99
11/20/2018 18.63% 2.85% -0.04% 1.03 0.38 2.68 -0.35 0.33 -1.03
11/21/2018 18.30% 2.84% -0.04% 1.06 0.38 2.79 -0.34 0.33 -1.01
11/23/2018 18.34% 2.84% -0.03% 1.08 0.38 2.82 -0.34 0.33 -1.03
11/26/2018 19.05% 2.83% -0.04% 1.08 0.38 2.83 -0.34 0.33 -1.03
102
Case 1:21-md-02989-CMA Document 582-5 Entered on FLSD Docket 06/21/2023 Page 106 of
Case 3:20-cv-00691-D Document 83-1 Filed
139 04/14/23 Page 106 of 139 PageID 3245
Exhibit-8
XELA Regression Results
March 16, 2018 through March 16, 2020
Industry
Standard Market Market Index Industry Index Industry
Error of the Index Standard Market Index Index Standard Index
Date R² Regression Intercept Coefficient Error t -statistic Coefficient Error t -statistic
11/27/2018 18.88% 2.84% -0.02% 1.10 0.38 2.90 -0.35 0.33 -1.04
11/28/2018 18.59% 2.85% -0.04% 1.11 0.38 2.91 -0.35 0.33 -1.05
11/29/2018 18.86% 2.85% -0.05% 1.10 0.38 2.89 -0.37 0.34 -1.09
11/30/2018 18.61% 2.85% -0.05% 1.10 0.38 2.87 -0.36 0.34 -1.07
12/3/2018 18.63% 2.85% -0.03% 1.12 0.38 2.93 -0.36 0.34 -1.08
12/4/2018 18.95% 2.85% -0.05% 1.09 0.38 2.86 -0.35 0.34 -1.02
12/6/2018 18.91% 2.85% -0.06% 1.11 0.38 2.89 -0.34 0.34 -1.00
12/7/2018 19.97% 2.85% -0.06% 1.11 0.38 2.89 -0.33 0.34 -0.99
12/10/2018 19.59% 2.86% -0.07% 1.13 0.38 2.94 -0.32 0.34 -0.94
12/11/2018 19.76% 2.86% -0.06% 1.14 0.39 2.95 -0.32 0.34 -0.96
12/12/2018 19.56% 2.87% -0.08% 1.13 0.39 2.93 -0.32 0.34 -0.94
12/13/2018 19.74% 2.88% -0.06% 1.16 0.39 2.99 -0.34 0.34 -0.99
12/14/2018 19.14% 2.89% -0.08% 1.11 0.39 2.86 -0.29 0.34 -0.84
12/17/2018 19.17% 2.89% -0.06% 1.10 0.39 2.84 -0.29 0.34 -0.85
12/18/2018 19.32% 2.88% -0.07% 1.12 0.38 2.92 -0.30 0.34 -0.89
12/19/2018 19.85% 2.88% -0.07% 1.12 0.38 2.92 -0.30 0.34 -0.89
12/20/2018 19.52% 2.89% -0.09% 1.13 0.39 2.94 -0.30 0.34 -0.87
12/21/2018 20.71% 2.89% -0.09% 1.14 0.39 2.94 -0.30 0.34 -0.86
12/24/2018 20.02% 2.90% -0.11% 1.17 0.39 3.01 -0.29 0.34 -0.83
12/26/2018 21.20% 2.90% -0.10% 1.17 0.39 3.04 -0.30 0.34 -0.86
12/27/2018 21.16% 2.89% -0.10% 1.20 0.38 3.16 -0.30 0.34 -0.86
12/28/2018 21.36% 2.89% -0.11% 1.20 0.38 3.16 -0.30 0.34 -0.87
12/31/2018 21.56% 2.90% -0.09% 1.22 0.38 3.22 -0.32 0.34 -0.93
1/2/2019 21.21% 2.90% -0.07% 1.22 0.38 3.21 -0.31 0.34 -0.90
1/3/2019 21.95% 2.90% -0.07% 1.23 0.38 3.23 -0.31 0.34 -0.91
1/4/2019 22.03% 2.91% -0.08% 1.24 0.38 3.23 -0.30 0.34 -0.86
1/7/2019 22.19% 2.90% -0.10% 1.16 0.38 3.02 -0.21 0.34 -0.61
1/8/2019 22.05% 2.90% -0.08% 1.17 0.38 3.07 -0.22 0.34 -0.64
1/9/2019 22.08% 2.90% -0.08% 1.18 0.38 3.08 -0.22 0.34 -0.66
1/10/2019 22.05% 2.89% -0.10% 1.19 0.38 3.12 -0.25 0.34 -0.71
1/11/2019 22.06% 2.89% -0.11% 1.18 0.38 3.09 -0.23 0.34 -0.68
1/14/2019 22.67% 2.86% -0.14% 1.15 0.38 3.05 -0.20 0.34 -0.60
1/15/2019 22.84% 2.85% -0.13% 1.17 0.38 3.12 -0.21 0.34 -0.61
1/16/2019 22.76% 2.85% -0.14% 1.16 0.38 3.10 -0.21 0.34 -0.61
1/17/2019 22.67% 2.85% -0.15% 1.17 0.38 3.10 -0.21 0.34 -0.63
1/18/2019 22.65% 2.85% -0.15% 1.17 0.38 3.11 -0.22 0.34 -0.64
1/22/2019 23.07% 2.85% -0.16% 1.16 0.38 3.09 -0.21 0.34 -0.63
1/23/2019 22.94% 2.85% -0.17% 1.19 0.38 3.15 -0.22 0.34 -0.66
1/24/2019 22.82% 2.85% -0.17% 1.19 0.38 3.15 -0.23 0.34 -0.67
1/25/2019 23.06% 2.85% -0.18% 1.18 0.38 3.13 -0.22 0.34 -0.65
1/28/2019 22.91% 2.85% -0.17% 1.19 0.38 3.14 -0.22 0.34 -0.64
1/29/2019 22.94% 2.85% -0.18% 1.19 0.38 3.15 -0.22 0.34 -0.65
1/30/2019 22.84% 2.85% -0.18% 1.19 0.38 3.13 -0.22 0.34 -0.64
1/31/2019 25.22% 2.85% -0.18% 1.19 0.38 3.14 -0.23 0.34 -0.68
2/1/2019 22.50% 2.89% -0.12% 1.20 0.38 3.12 -0.23 0.34 -0.67
2/4/2019 22.53% 2.89% -0.12% 1.18 0.39 3.04 -0.21 0.35 -0.60
2/5/2019 22.75% 2.88% -0.10% 1.16 0.39 3.01 -0.19 0.35 -0.56
2/6/2019 22.17% 2.88% -0.08% 1.16 0.39 3.01 -0.22 0.35 -0.63
2/7/2019 23.70% 2.84% -0.11% 1.28 0.38 3.34 -0.24 0.34 -0.70
2/8/2019 24.29% 2.84% -0.10% 1.28 0.38 3.35 -0.24 0.34 -0.69
2/11/2019 24.16% 2.84% -0.06% 1.23 0.38 3.22 -0.19 0.34 -0.56
2/12/2019 24.12% 2.84% -0.07% 1.14 0.38 3.02 -0.04 0.34 -0.12
2/13/2019 24.32% 2.84% -0.07% 1.15 0.38 3.02 -0.05 0.34 -0.13
2/14/2019 24.99% 2.85% -0.07% 1.16 0.38 3.05 -0.05 0.34 -0.14
2/15/2019 24.12% 2.87% -0.09% 1.17 0.38 3.06 -0.06 0.34 -0.17
2/19/2019 23.91% 2.87% -0.09% 1.17 0.38 3.06 -0.06 0.34 -0.17
2/20/2019 24.27% 2.86% -0.08% 1.18 0.38 3.09 -0.05 0.34 -0.14
2/21/2019 24.35% 2.86% -0.09% 1.15 0.38 3.02 -0.02 0.34 -0.07
2/22/2019 24.21% 2.87% -0.10% 1.19 0.38 3.12 -0.05 0.34 -0.15
103
Case 1:21-md-02989-CMA Document 582-5 Entered on FLSD Docket 06/21/2023 Page 107 of
Case 3:20-cv-00691-D Document 83-1 Filed
139 04/14/23 Page 107 of 139 PageID 3246
Exhibit-8
XELA Regression Results
March 16, 2018 through March 16, 2020
Industry
Standard Market Market Index Industry Index Industry
Error of the Index Standard Market Index Index Standard Index
Date R² Regression Intercept Coefficient Error t -statistic Coefficient Error t -statistic
2/25/2019 24.55% 2.86% -0.11% 1.22 0.38 3.21 -0.08 0.34 -0.23
2/26/2019 24.26% 2.87% -0.13% 1.21 0.38 3.18 -0.07 0.34 -0.20
2/27/2019 24.34% 2.86% -0.14% 1.20 0.38 3.15 -0.07 0.34 -0.20
2/28/2019 23.98% 2.87% -0.12% 1.21 0.38 3.17 -0.08 0.34 -0.23
3/1/2019 24.09% 2.87% -0.13% 1.23 0.38 3.23 -0.09 0.34 -0.26
3/4/2019 24.60% 2.85% -0.15% 1.26 0.38 3.32 -0.10 0.34 -0.30
3/5/2019 24.43% 2.85% -0.14% 1.27 0.38 3.35 -0.12 0.34 -0.35
3/6/2019 26.77% 2.81% -0.11% 1.16 0.38 3.09 0.02 0.33 0.05
3/7/2019 25.33% 2.83% -0.14% 1.18 0.38 3.10 0.02 0.34 0.05
3/8/2019 25.07% 2.84% -0.13% 1.16 0.38 3.04 0.02 0.34 0.07
3/11/2019 25.15% 2.84% -0.14% 1.14 0.38 2.99 0.04 0.34 0.13
3/12/2019 25.11% 2.84% -0.13% 1.14 0.38 3.00 0.05 0.34 0.14
3/13/2019 25.48% 2.84% -0.12% 1.15 0.38 3.01 0.06 0.34 0.17
3/14/2019 25.37% 2.84% -0.11% 1.15 0.38 3.03 0.06 0.34 0.16
3/15/2019 25.75% 2.83% -0.14% 1.18 0.38 3.13 0.04 0.34 0.11
3/18/2019 25.81% 2.83% -0.13% 1.18 0.38 3.13 0.03 0.34 0.10
3/19/2019 26.54% 2.83% -0.12% 1.17 0.38 3.09 0.05 0.34 0.16
3/20/2019 27.28% 2.83% -0.12% 1.17 0.38 3.09 0.05 0.34 0.16
3/21/2019 26.05% 2.85% -0.14% 1.13 0.38 2.96 0.10 0.34 0.30
3/22/2019 26.46% 2.85% -0.17% 1.15 0.38 3.02 0.07 0.34 0.20
3/25/2019 26.41% 2.85% -0.19% 1.15 0.38 3.01 0.09 0.34 0.26
3/26/2019 26.39% 2.85% -0.20% 1.16 0.38 3.04 0.10 0.34 0.28
3/27/2019 26.19% 2.85% -0.20% 1.15 0.38 3.02 0.10 0.34 0.28
3/28/2019 26.14% 2.85% -0.18% 1.17 0.38 3.05 0.09 0.34 0.27
3/29/2019 26.59% 2.85% -0.20% 1.20 0.39 3.10 0.07 0.34 0.21
4/1/2019 26.76% 2.85% -0.17% 1.19 0.39 3.05 0.09 0.34 0.27
4/2/2019 26.21% 2.84% -0.18% 1.12 0.39 2.88 0.14 0.34 0.42
4/3/2019 26.29% 2.84% -0.18% 1.13 0.39 2.89 0.14 0.34 0.41
4/4/2019 26.58% 2.84% -0.18% 1.09 0.39 2.82 0.17 0.34 0.50
4/5/2019 27.01% 2.85% -0.19% 1.13 0.39 2.88 0.15 0.34 0.45
4/8/2019 26.15% 2.86% -0.18% 1.18 0.39 3.01 0.10 0.34 0.30
4/9/2019 26.43% 2.85% -0.19% 1.23 0.39 3.15 0.09 0.34 0.28
4/10/2019 26.53% 2.85% -0.17% 1.23 0.39 3.14 0.10 0.34 0.29
4/11/2019 27.06% 2.84% -0.15% 1.25 0.39 3.21 0.11 0.34 0.33
4/12/2019 27.72% 2.77% -0.12% 1.29 0.38 3.41 0.05 0.33 0.15
4/15/2019 29.43% 2.69% -0.08% 1.34 0.37 3.64 0.03 0.32 0.11
4/16/2019 30.13% 2.67% -0.09% 1.34 0.37 3.66 0.04 0.32 0.14
4/17/2019 30.06% 2.68% -0.10% 1.31 0.37 3.58 0.08 0.32 0.25
4/18/2019 30.02% 2.68% -0.10% 1.33 0.37 3.62 0.08 0.32 0.25
4/22/2019 31.09% 2.63% -0.14% 1.37 0.36 3.82 0.03 0.31 0.09
4/23/2019 31.01% 2.59% -0.12% 1.25 0.35 3.52 0.13 0.31 0.42
4/24/2019 31.32% 2.58% -0.13% 1.19 0.36 3.34 0.19 0.31 0.62
4/25/2019 31.80% 2.58% -0.14% 1.19 0.36 3.35 0.20 0.31 0.63
4/26/2019 31.35% 2.59% -0.16% 1.18 0.36 3.27 0.22 0.31 0.70
4/29/2019 31.81% 2.58% -0.14% 1.15 0.36 3.19 0.25 0.31 0.80
4/30/2019 31.56% 2.59% -0.13% 1.13 0.37 3.07 0.26 0.32 0.82
5/1/2019 31.20% 2.60% -0.14% 1.15 0.37 3.11 0.25 0.32 0.76
5/2/2019 31.16% 2.60% -0.14% 1.15 0.37 3.12 0.24 0.32 0.75
5/3/2019 31.72% 2.60% -0.14% 1.15 0.37 3.10 0.24 0.32 0.76
5/6/2019 31.32% 2.60% -0.12% 1.16 0.37 3.14 0.24 0.32 0.74
5/7/2019 31.32% 2.60% -0.12% 1.17 0.37 3.17 0.23 0.32 0.71
5/8/2019 31.30% 2.60% -0.11% 1.18 0.37 3.17 0.22 0.32 0.67
5/9/2019 31.52% 2.57% -0.13% 1.19 0.37 3.25 0.19 0.32 0.59
5/10/2019 32.25% 2.57% -0.12% 1.19 0.37 3.25 0.19 0.32 0.60
5/13/2019 33.45% 2.54% -0.10% 1.18 0.36 3.26 0.22 0.32 0.70
5/14/2019 33.81% 2.54% -0.10% 1.19 0.36 3.28 0.22 0.32 0.69
5/15/2019 32.83% 2.56% -0.12% 1.20 0.36 3.29 0.19 0.32 0.59
5/16/2019 33.15% 2.54% -0.09% 1.26 0.36 3.47 0.13 0.32 0.42
5/17/2019 33.57% 2.52% -0.11% 1.33 0.36 3.66 0.08 0.31 0.24
104
Case 1:21-md-02989-CMA Document 582-5 Entered on FLSD Docket 06/21/2023 Page 108 of
Case 3:20-cv-00691-D Document 83-1 Filed
139 04/14/23 Page 108 of 139 PageID 3247
Exhibit-8
XELA Regression Results
March 16, 2018 through March 16, 2020
Industry
Standard Market Market Index Industry Index Industry
Error of the Index Standard Market Index Index Standard Index
Date R² Regression Intercept Coefficient Error t -statistic Coefficient Error t -statistic
5/20/2019 35.15% 2.52% -0.12% 1.32 0.36 3.64 0.08 0.31 0.25
5/21/2019 33.92% 2.56% -0.14% 1.41 0.37 3.84 0.01 0.32 0.03
5/22/2019 42.57% 2.57% -0.13% 1.41 0.37 3.82 0.03 0.32 0.08
5/23/2019 40.66% 2.84% -0.21% 1.57 0.41 3.85 -0.09 0.35 -0.26
5/24/2019 43.57% 2.85% -0.21% 1.56 0.41 3.80 -0.08 0.36 -0.22
5/28/2019 55.11% 2.98% -0.26% 1.56 0.43 3.64 -0.10 0.37 -0.27
5/29/2019 27.62% 3.81% -0.10% 1.28 0.55 2.34 0.04 0.48 0.09
5/30/2019 27.05% 3.84% -0.14% 1.29 0.55 2.33 0.06 0.48 0.13
5/31/2019 26.80% 3.86% -0.11% 1.28 0.56 2.30 0.08 0.48 0.16
6/3/2019 27.10% 3.87% -0.13% 1.31 0.56 2.35 0.06 0.49 0.13
6/4/2019 26.93% 3.88% -0.13% 1.24 0.56 2.23 0.14 0.49 0.29
6/5/2019 25.20% 3.93% -0.17% 1.10 0.56 1.96 0.19 0.49 0.38
6/6/2019 24.89% 3.94% -0.18% 1.10 0.57 1.95 0.18 0.49 0.36
6/7/2019 24.85% 3.94% -0.18% 1.09 0.57 1.93 0.18 0.50 0.37
6/10/2019 25.23% 3.93% -0.20% 1.12 0.57 1.98 0.14 0.50 0.27
6/11/2019 24.93% 3.95% -0.18% 1.11 0.57 1.95 0.16 0.50 0.32
6/12/2019 24.77% 3.95% -0.20% 1.08 0.57 1.90 0.19 0.50 0.38
6/13/2019 24.70% 3.95% -0.21% 1.00 0.57 1.75 0.27 0.50 0.54
6/14/2019 24.98% 3.95% -0.21% 1.00 0.57 1.75 0.27 0.50 0.54
6/17/2019 24.71% 3.95% -0.22% 1.00 0.58 1.74 0.27 0.51 0.54
6/18/2019 24.72% 3.96% -0.23% 0.99 0.58 1.72 0.28 0.51 0.56
6/19/2019 24.98% 3.96% -0.23% 1.01 0.57 1.76 0.27 0.50 0.53
6/20/2019 24.72% 3.97% -0.25% 1.03 0.57 1.79 0.24 0.51 0.48
6/21/2019 24.63% 3.98% -0.23% 1.06 0.57 1.85 0.22 0.51 0.43
6/24/2019 25.14% 3.98% -0.22% 1.10 0.57 1.93 0.17 0.50 0.34
6/25/2019 24.33% 4.00% -0.25% 1.06 0.57 1.85 0.23 0.51 0.45
6/26/2019 24.39% 4.00% -0.25% 1.06 0.57 1.84 0.23 0.51 0.45
6/27/2019 24.50% 4.00% -0.25% 1.03 0.57 1.80 0.28 0.50 0.56
6/28/2019 25.68% 4.00% -0.25% 1.02 0.57 1.80 0.29 0.50 0.57
7/1/2019 24.81% 4.03% -0.22% 0.97 0.57 1.68 0.37 0.51 0.72
7/2/2019 24.45% 4.04% -0.23% 0.93 0.58 1.61 0.40 0.51 0.78
7/3/2019 24.42% 4.03% -0.23% 0.94 0.58 1.63 0.39 0.51 0.76
7/5/2019 24.37% 4.04% -0.24% 0.94 0.58 1.64 0.38 0.51 0.75
7/8/2019 24.50% 4.03% -0.24% 0.95 0.58 1.65 0.38 0.51 0.74
7/9/2019 25.05% 4.04% -0.23% 0.94 0.58 1.62 0.38 0.51 0.75
7/10/2019 24.23% 4.06% -0.19% 0.96 0.58 1.66 0.36 0.51 0.71
7/11/2019 24.24% 4.07% -0.21% 0.95 0.58 1.63 0.37 0.51 0.73
7/12/2019 24.23% 4.06% -0.25% 0.87 0.58 1.50 0.44 0.51 0.86
7/15/2019 24.09% 4.06% -0.22% 0.82 0.58 1.40 0.49 0.52 0.95
7/16/2019 24.15% 4.06% -0.22% 0.82 0.58 1.41 0.49 0.52 0.95
7/17/2019 24.10% 4.06% -0.22% 0.84 0.58 1.43 0.48 0.52 0.92
7/18/2019 29.27% 4.06% -0.24% 0.83 0.58 1.42 0.49 0.52 0.95
7/19/2019 23.49% 4.23% -0.15% 0.71 0.61 1.17 0.64 0.54 1.19
7/22/2019 23.27% 4.24% -0.18% 0.73 0.61 1.19 0.63 0.54 1.18
7/23/2019 23.14% 4.24% -0.16% 0.74 0.61 1.22 0.62 0.54 1.15
7/24/2019 23.09% 4.24% -0.17% 0.74 0.61 1.22 0.61 0.54 1.14
7/25/2019 23.10% 4.24% -0.17% 0.75 0.61 1.23 0.61 0.54 1.12
7/26/2019 25.78% 4.24% -0.18% 0.74 0.61 1.22 0.61 0.54 1.14
7/29/2019 23.42% 4.31% -0.11% 0.57 0.62 0.91 0.85 0.55 1.54
7/30/2019 23.75% 4.30% -0.14% 0.42 0.63 0.67 1.00 0.56 1.78
7/31/2019 23.62% 4.30% -0.14% 0.41 0.63 0.64 1.01 0.56 1.80
8/1/2019 23.89% 4.28% -0.16% 0.40 0.63 0.64 1.02 0.56 1.83
8/2/2019 23.89% 4.28% -0.14% 0.36 0.63 0.58 1.05 0.56 1.88
8/5/2019 24.69% 4.29% -0.14% 0.34 0.63 0.54 1.08 0.57 1.90
8/6/2019 25.08% 4.29% -0.15% 0.43 0.63 0.68 1.05 0.57 1.84
8/7/2019 23.65% 4.34% -0.18% 0.41 0.64 0.63 1.03 0.58 1.78
8/8/2019 24.76% 4.33% -0.17% 0.34 0.64 0.53 1.10 0.58 1.90
8/9/2019 55.13% 4.34% -0.15% 0.35 0.64 0.55 1.13 0.58 1.94
8/12/2019 55.13% 4.35% -0.15% 0.35 0.65 0.55 1.13 0.58 1.94
105
Case 1:21-md-02989-CMA Document 582-5 Entered on FLSD Docket 06/21/2023 Page 109 of
Case 3:20-cv-00691-D Document 83-1 Filed
139 04/14/23 Page 109 of 139 PageID 3248
Exhibit-8
XELA Regression Results
March 16, 2018 through March 16, 2020
Industry
Standard Market Market Index Industry Index Industry
Error of the Index Standard Market Index Index Standard Index
Date R² Regression Intercept Coefficient Error t -statistic Coefficient Error t -statistic
8/13/2019 55.14% 4.34% -0.16% 0.39 0.65 0.60 1.09 0.59 1.86
8/14/2019 54.84% 4.34% -0.18% 0.36 0.65 0.55 1.10 0.59 1.88
8/15/2019 55.00% 4.33% -0.16% 0.29 0.65 0.45 1.17 0.59 1.99
8/16/2019 54.99% 4.33% -0.17% 0.29 0.65 0.45 1.16 0.59 1.98
8/19/2019 54.76% 4.35% -0.19% 0.29 0.65 0.44 1.14 0.59 1.93
8/20/2019 54.85% 4.33% -0.21% 0.27 0.65 0.41 1.15 0.59 1.95
8/21/2019 54.79% 4.33% -0.21% 0.24 0.65 0.37 1.16 0.59 1.98
8/22/2019 54.97% 4.34% -0.22% 0.22 0.65 0.34 1.18 0.59 2.00
8/23/2019 54.50% 4.36% -0.19% 0.31 0.65 0.47 1.08 0.59 1.83
8/26/2019 53.85% 4.39% -0.16% 0.22 0.65 0.34 1.09 0.60 1.82
8/27/2019 54.20% 4.39% -0.16% 0.22 0.65 0.34 1.08 0.60 1.81
8/28/2019 53.42% 4.43% -0.22% 0.30 0.66 0.46 1.01 0.60 1.67
8/29/2019 53.18% 4.44% -0.24% 0.29 0.66 0.44 1.01 0.60 1.66
8/30/2019 53.19% 4.44% -0.24% 0.29 0.66 0.43 1.01 0.60 1.67
9/3/2019 53.18% 4.44% -0.24% 0.28 0.66 0.43 1.01 0.60 1.67
9/4/2019 53.18% 4.44% -0.24% 0.28 0.66 0.43 1.01 0.60 1.67
9/5/2019 53.69% 4.44% -0.25% 0.27 0.66 0.42 1.01 0.60 1.68
9/6/2019 52.96% 4.47% -0.20% 0.31 0.67 0.46 1.02 0.61 1.67
9/9/2019 53.16% 4.48% -0.21% 0.32 0.67 0.48 1.01 0.62 1.64
9/10/2019 52.74% 4.49% -0.19% 0.43 0.67 0.63 0.91 0.62 1.47
9/11/2019 52.84% 4.49% -0.19% 0.43 0.67 0.64 0.91 0.62 1.47
9/12/2019 52.88% 4.48% -0.20% 0.47 0.67 0.70 0.87 0.61 1.42
9/13/2019 52.98% 4.47% -0.22% 0.39 0.67 0.59 0.94 0.61 1.54
9/16/2019 53.01% 4.47% -0.21% 0.39 0.67 0.58 0.95 0.61 1.54
9/17/2019 53.03% 4.46% -0.25% 0.37 0.67 0.55 0.96 0.61 1.57
9/18/2019 53.04% 4.46% -0.24% 0.36 0.67 0.55 0.97 0.61 1.58
9/19/2019 53.11% 4.46% -0.26% 0.36 0.67 0.53 0.98 0.61 1.61
9/20/2019 53.13% 4.46% -0.26% 0.36 0.67 0.54 0.98 0.61 1.59
9/23/2019 53.40% 4.45% -0.27% 0.12 0.69 0.17 1.22 0.64 1.91
9/24/2019 53.36% 4.45% -0.29% 0.07 0.69 0.10 1.27 0.64 1.99
9/25/2019 53.28% 4.46% -0.29% 0.11 0.69 0.16 1.24 0.64 1.96
9/26/2019 53.15% 4.47% -0.32% 0.13 0.69 0.19 1.22 0.64 1.91
9/27/2019 53.02% 4.47% -0.34% 0.15 0.69 0.22 1.20 0.64 1.88
9/30/2019 53.18% 4.47% -0.33% 0.16 0.68 0.24 1.19 0.63 1.88
10/1/2019 53.03% 4.48% -0.32% 0.11 0.69 0.16 1.25 0.63 1.98
10/2/2019 53.03% 4.48% -0.33% 0.12 0.69 0.18 1.23 0.63 1.95
10/3/2019 53.04% 4.48% -0.32% 0.13 0.69 0.20 1.22 0.63 1.92
10/4/2019 55.42% 4.47% -0.31% 0.12 0.69 0.18 1.21 0.63 1.92
10/7/2019 51.82% 4.65% -0.25% 0.05 0.72 0.07 1.38 0.66 2.10
10/8/2019 51.68% 4.68% -0.28% 0.07 0.72 0.10 1.38 0.66 2.08
10/9/2019 51.21% 4.70% -0.31% 0.09 0.73 0.13 1.40 0.67 2.09
10/10/2019 51.14% 4.71% -0.34% 0.06 0.73 0.08 1.42 0.67 2.11
10/11/2019 51.25% 4.70% -0.35% 0.07 0.73 0.10 1.41 0.67 2.10
10/14/2019 50.75% 4.71% -0.35% 0.00 0.73 -0.01 1.39 0.67 2.07
10/15/2019 50.62% 4.72% -0.37% -0.03 0.73 -0.05 1.43 0.67 2.12
10/16/2019 50.67% 4.71% -0.36% -0.03 0.73 -0.04 1.43 0.67 2.13
10/17/2019 50.81% 4.70% -0.40% -0.02 0.73 -0.03 1.43 0.67 2.14
10/18/2019 50.87% 4.70% -0.40% -0.01 0.73 -0.02 1.43 0.67 2.14
10/21/2019 50.72% 4.71% -0.42% -0.01 0.73 -0.02 1.44 0.67 2.14
10/22/2019 51.00% 4.71% -0.44% -0.01 0.73 -0.02 1.44 0.67 2.15
10/23/2019 50.56% 4.73% -0.47% -0.17 0.73 -0.24 1.62 0.67 2.42
10/24/2019 50.62% 4.72% -0.49% -0.06 0.73 -0.08 1.51 0.67 2.25
10/25/2019 50.63% 4.72% -0.48% -0.04 0.73 -0.06 1.49 0.67 2.22
10/28/2019 50.82% 4.72% -0.48% -0.07 0.72 -0.10 1.52 0.66 2.31
10/29/2019 50.15% 4.75% -0.52% -0.18 0.76 -0.24 1.61 0.69 2.32
10/30/2019 52.16% 4.75% -0.54% -0.16 0.76 -0.21 1.59 0.69 2.30
10/31/2019 48.45% 4.94% -0.63% -0.46 0.80 -0.58 1.88 0.72 2.60
11/1/2019 47.94% 4.97% -0.59% -0.42 0.80 -0.53 1.83 0.73 2.51
11/4/2019 47.93% 4.98% -0.60% -0.44 0.80 -0.55 1.83 0.73 2.51
106
Case 1:21-md-02989-CMA Document 582-5 Entered on FLSD Docket 06/21/2023 Page 110 of
Case 3:20-cv-00691-D Document 83-1 Filed
139 04/14/23 Page 110 of 139 PageID 3249
Exhibit-8
XELA Regression Results
March 16, 2018 through March 16, 2020
Industry
Standard Market Market Index Industry Index Industry
Error of the Index Standard Market Index Index Standard Index
Date R² Regression Intercept Coefficient Error t -statistic Coefficient Error t -statistic
11/5/2019 47.03% 5.02% -0.55% 0.18 0.76 0.24 1.22 0.68 1.80
11/6/2019 47.04% 5.02% -0.56% 0.20 0.75 0.27 1.21 0.67 1.79
11/7/2019 47.06% 5.02% -0.55% 0.24 0.75 0.32 1.17 0.67 1.74
11/8/2019 47.22% 5.02% -0.54% 0.25 0.75 0.33 1.17 0.67 1.74
11/11/2019 47.20% 5.03% -0.56% 0.21 0.76 0.27 1.22 0.68 1.80
11/12/2019 46.82% 5.04% -0.56% 0.26 0.76 0.34 1.17 0.68 1.72
11/13/2019 56.42% 5.03% -0.56% 0.26 0.76 0.34 1.17 0.68 1.72
11/14/2019 56.79% 5.04% -0.54% 0.19 0.77 0.25 1.21 0.68 1.77
11/15/2019 56.09% 5.09% -0.57% 0.42 0.78 0.54 0.97 0.69 1.42
11/18/2019 55.69% 5.12% -0.56% 0.49 0.78 0.63 0.95 0.69 1.37
11/19/2019 55.61% 5.12% -0.54% 0.47 0.78 0.61 0.97 0.69 1.41
11/20/2019 55.63% 5.12% -0.54% 0.49 0.78 0.63 0.96 0.69 1.40
11/21/2019 55.74% 5.12% -0.56% 0.50 0.78 0.64 0.96 0.69 1.39
11/22/2019 55.36% 5.14% -0.58% 0.41 0.78 0.53 1.03 0.69 1.49
11/25/2019 55.34% 5.15% -0.57% 0.41 0.78 0.52 1.03 0.69 1.49
11/26/2019 55.37% 5.15% -0.58% 0.41 0.78 0.52 1.03 0.69 1.49
11/27/2019 55.32% 5.14% -0.58% 0.34 0.78 0.44 1.08 0.69 1.57
11/29/2019 55.40% 5.14% -0.59% 0.33 0.78 0.42 1.08 0.69 1.58
12/2/2019 55.51% 5.16% -0.55% 0.37 0.78 0.47 1.07 0.69 1.55
12/3/2019 54.93% 5.19% -0.58% 0.45 0.79 0.57 1.02 0.69 1.48
12/4/2019 54.93% 5.19% -0.59% 0.44 0.79 0.56 1.03 0.69 1.49
12/5/2019 54.92% 5.19% -0.59% 0.44 0.79 0.56 1.03 0.69 1.49
12/6/2019 55.14% 5.18% -0.61% 0.46 0.79 0.58 1.06 0.69 1.53
12/9/2019 54.90% 5.20% -0.59% 0.45 0.79 0.57 1.09 0.70 1.56
12/10/2019 54.86% 5.20% -0.59% 0.43 0.79 0.54 1.09 0.70 1.57
12/11/2019 54.90% 5.19% -0.61% 0.42 0.79 0.53 1.11 0.70 1.59
12/12/2019 54.92% 5.19% -0.59% 0.43 0.79 0.54 1.10 0.70 1.58
12/13/2019 54.96% 5.19% -0.61% 0.41 0.79 0.52 1.10 0.70 1.58
12/16/2019 54.91% 5.19% -0.58% 0.41 0.79 0.52 1.09 0.70 1.56
12/17/2019 55.21% 5.19% -0.60% 0.49 0.80 0.62 1.05 0.70 1.50
12/18/2019 54.81% 5.21% -0.56% 0.50 0.81 0.62 1.05 0.71 1.48
12/19/2019 54.72% 5.22% -0.55% 0.56 0.81 0.70 0.98 0.71 1.39
12/20/2019 54.75% 5.24% -0.56% 0.53 0.81 0.66 0.99 0.71 1.40
12/23/2019 54.34% 5.27% -0.54% 0.46 0.82 0.57 1.09 0.71 1.54
12/24/2019 54.12% 5.27% -0.55% 0.40 0.82 0.49 1.12 0.71 1.57
12/26/2019 54.17% 5.27% -0.56% 0.46 0.82 0.56 1.10 0.71 1.56
12/27/2019 54.00% 5.27% -0.57% 0.45 0.84 0.53 1.12 0.71 1.58
12/30/2019 54.91% 5.27% -0.55% 0.45 0.84 0.53 1.13 0.71 1.59
12/31/2019 53.05% 5.39% -0.49% 0.35 0.86 0.41 1.15 0.73 1.58
1/2/2020 52.84% 5.40% -0.48% 0.32 0.86 0.37 1.18 0.73 1.62
1/3/2020 52.87% 5.40% -0.48% 0.30 0.86 0.34 1.20 0.73 1.65
1/6/2020 52.77% 5.40% -0.49% 0.36 0.86 0.41 1.14 0.73 1.57
1/7/2020 52.56% 5.41% -0.51% 0.35 0.86 0.41 1.17 0.73 1.60
1/8/2020 52.56% 5.41% -0.51% 0.29 0.87 0.34 1.20 0.73 1.64
1/9/2020 52.58% 5.41% -0.50% 0.28 0.87 0.33 1.23 0.73 1.68
1/10/2020 52.73% 5.41% -0.50% 0.29 0.87 0.33 1.22 0.73 1.67
1/13/2020 52.49% 5.43% -0.53% 0.33 0.87 0.37 1.21 0.74 1.65
1/14/2020 52.36% 5.44% -0.52% 0.34 0.87 0.39 1.22 0.74 1.66
1/15/2020 52.42% 5.44% -0.51% 0.33 0.87 0.38 1.22 0.74 1.66
1/16/2020 52.86% 5.44% -0.49% 0.31 0.87 0.36 1.25 0.73 1.72
1/17/2020 52.13% 5.48% -0.45% 0.48 0.87 0.55 1.15 0.73 1.56
1/21/2020 52.09% 5.49% -0.43% 0.47 0.87 0.54 1.17 0.74 1.59
1/22/2020 52.16% 5.49% -0.41% 0.45 0.87 0.52 1.20 0.74 1.64
1/23/2020 51.99% 5.49% -0.42% 0.47 0.88 0.54 1.16 0.74 1.58
1/24/2020 51.95% 5.50% -0.43% 0.48 0.88 0.55 1.15 0.74 1.56
1/27/2020 52.25% 5.50% -0.45% 0.51 0.88 0.58 1.14 0.74 1.55
1/28/2020 51.39% 5.55% -0.39% 0.24 0.88 0.27 1.26 0.74 1.70
1/29/2020 51.27% 5.56% -0.42% 0.19 0.88 0.21 1.28 0.74 1.72
1/30/2020 51.10% 5.57% -0.45% 0.15 0.88 0.17 1.33 0.74 1.78
107
Case 1:21-md-02989-CMA Document 582-5 Entered on FLSD Docket 06/21/2023 Page 111 of
Case 3:20-cv-00691-D Document 83-1 Filed
139 04/14/23 Page 111 of 139 PageID 3250
Exhibit-8
XELA Regression Results
March 16, 2018 through March 16, 2020
Industry
Standard Market Market Index Industry Index Industry
Error of the Index Standard Market Index Index Standard Index
Date R² Regression Intercept Coefficient Error t -statistic Coefficient Error t -statistic
1/31/2020 51.18% 5.57% -0.44% 0.16 0.88 0.19 1.34 0.74 1.80
2/3/2020 51.33% 5.55% -0.48% 0.09 0.87 0.11 1.39 0.74 1.87
2/4/2020 51.24% 5.55% -0.50% 0.10 0.87 0.12 1.35 0.74 1.83
2/5/2020 51.25% 5.55% -0.50% 0.08 0.87 0.10 1.35 0.74 1.83
2/6/2020 51.24% 5.55% -0.51% 0.08 0.87 0.10 1.36 0.74 1.83
2/7/2020 51.24% 5.55% -0.50% 0.10 0.87 0.11 1.35 0.74 1.83
2/10/2020 51.33% 5.55% -0.51% 0.13 0.87 0.14 1.33 0.74 1.80
2/11/2020 51.39% 5.56% -0.55% 0.08 0.87 0.09 1.35 0.74 1.82
2/12/2020 51.00% 5.59% -0.60% 0.02 0.89 0.02 1.39 0.76 1.84
2/13/2020 50.71% 5.62% -0.57% 0.15 0.89 0.17 1.30 0.76 1.71
2/14/2020 50.16% 5.65% -0.59% 0.29 0.90 0.32 1.18 0.76 1.55
2/18/2020 50.27% 5.65% -0.57% 0.27 0.89 0.30 1.19 0.76 1.57
2/19/2020 50.20% 5.65% -0.57% 0.28 0.90 0.31 1.17 0.76 1.54
2/20/2020 50.34% 5.65% -0.58% 0.25 0.90 0.27 1.19 0.76 1.55
2/21/2020 50.13% 5.67% -0.54% 0.25 0.91 0.28 1.16 0.77 1.51
2/24/2020 49.96% 5.68% -0.56% 0.23 0.91 0.25 1.23 0.78 1.58
2/25/2020 49.92% 5.68% -0.55% 0.09 0.89 0.11 1.27 0.77 1.65
2/26/2020 49.93% 5.68% -0.53% 0.11 0.89 0.12 1.24 0.77 1.61
2/27/2020 49.92% 5.68% -0.54% 0.14 0.88 0.15 1.22 0.77 1.59
2/28/2020 49.91% 5.68% -0.54% 0.07 0.88 0.08 1.20 0.77 1.56
3/2/2020 50.31% 5.68% -0.54% 0.06 0.88 0.07 1.21 0.77 1.58
3/3/2020 50.84% 5.69% -0.52% 0.25 0.87 0.29 1.16 0.77 1.51
3/4/2020 49.05% 5.81% -0.45% -0.03 0.88 -0.03 1.20 0.79 1.53
3/5/2020 49.00% 5.81% -0.44% -0.03 0.88 -0.04 1.26 0.78 1.62
3/6/2020 49.19% 5.81% -0.39% -0.09 0.88 -0.10 1.22 0.78 1.57
3/9/2020 49.55% 5.82% -0.44% 0.04 0.88 0.05 1.17 0.78 1.50
3/10/2020 49.53% 5.82% -0.44% 0.06 0.88 0.07 1.22 0.77 1.60
3/11/2020 51.06% 5.85% -0.48% 0.00 0.88 0.00 1.15 0.77 1.50
3/12/2020 48.70% 6.01% -0.56% 0.95 0.86 1.10 0.57 0.77 0.74
3/13/2020 48.79% 6.01% -0.56% 0.76 0.83 0.92 0.64 0.77 0.84
3/16/2020 48.87% 6.01% -0.56% 0.65 0.77 0.85 0.71 0.74 0.96
Source: Computations performed by Crowninshield Financial Research, Inc
Note: Dummy variables were used to control for potentially abnormal returns on Exela earnings announcement event dates and alleged corrective disclosure event dates These
dates were: August 10, 2017, Movember 10, 2017, March 16, 2018, May 11, 2018, August 10, 2018, November 9, 2018, March 19, 2019, May 10, 2019, May 23, 2019, August 9,
2019, November 13, 2019
108
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Exhibit-9
XELA Event Study Results
March 16, 2018 through March 16, 2020
XELA XELA
XELA LN Explained Residual
[1]
Date Return Return Return t -statistic
3/16/2018 3.19% -0.42% 3.61% 1.00
3/19/2018 -1.49% -0.43% -1.06% -0.29
3/20/2018 3.32% -0.46% 3.78% 1.05
3/21/2018 2.33% -0.14% 2.47% 0.69
3/22/2018 -1.25% -0.20% -1.05% -0.29
3/23/2018 -3.47% -0.18% -3.29% -0.92
3/26/2018 0.74% 0.08% 0.66% 0.18
3/27/2018 -0.56% -0.89% 0.33% 0.09
3/28/2018 -3.20% -0.52% -2.69% -0.75
3/29/2018 5.77% 0.18% 5.58% 1.57
4/2/2018 -2.19% -0.82% -1.37% -0.38
4/3/2018 3.99% -0.30% 4.29% 1.20
4/4/2018 -3.07% 0.27% -3.33% -0.93
4/5/2018 4.48% -0.31% 4.78% 1.34
4/6/2018 2.08% -0.72% 2.80% 0.78
4/9/2018 -1.38% -0.21% -1.17% -0.33
4/10/2018 -2.29% -0.00% -2.28% -0.64
4/11/2018 -10.50% -0.15% -10.35% -2.91 *
4/12/2018 -9.53% -0.11% -9.42% -2.59 *
4/13/2018 3.84% -0.34% 4.18% 1.13
4/16/2018 -1.48% -0.43% -1.05% -0.28
4/17/2018 -1.50% -0.16% -1.34% -0.36
4/18/2018 8.07% -0.48% 8.56% 2.33 *
4/19/2018 -9.15% -0.63% -8.52% -2.29 *
4/20/2018 1.30% 0.27% 1.03% 0.27
4/23/2018 2.55% -0.41% 2.96% 0.79
4/24/2018 -1.48% -0.83% -0.65% -0.17
4/25/2018 -3.24% -0.58% -2.66% -0.71
4/26/2018 1.31% 0.70% 0.61% 0.16
4/27/2018 -0.65% -0.19% -0.46% -0.12
4/30/2018 -1.32% -0.47% -0.85% -0.23
5/1/2018 1.54% -0.26% 1.80% 0.48
5/2/2018 -1.98% -0.06% -1.92% -0.52
5/3/2018 -2.70% -0.31% -2.40% -0.65
5/4/2018 0.68% -0.01% 0.69% 0.19
5/7/2018 7.22% -0.36% 7.57% 2.06 *
5/8/2018 -1.06% -0.35% -0.71% -0.19
109
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139 04/14/23 Page 113 of 139 PageID 3252
Exhibit-9
XELA Event Study Results
March 16, 2018 through March 16, 2020
XELA XELA
XELA LN Explained Residual
[1]
Date Return Return Return t -statistic
5/9/2018 -4.80% -0.28% -4.52% -1.22
5/10/2018 0.22% -0.04% 0.27% 0.07
5/11/2018 1.33% -0.35% 1.68% 0.45
5/14/2018 -4.97% 0.03% -5.00% -1.35
5/15/2018 3.64% -0.82% 4.46% 1.21
5/16/2018 2.21% -0.26% 2.46% 0.67
5/17/2018 -1.32% -0.30% -1.02% -0.28
5/18/2018 1.32% -0.66% 1.97% 0.54
5/21/2018 0.22% -0.25% 0.47% 0.13
5/22/2018 0.43% -0.11% 0.55% 0.15
5/23/2018 -1.31% -0.02% -1.29% -0.35
5/24/2018 -2.22% -0.39% -1.83% -0.50
5/25/2018 0.45% -0.29% 0.74% 0.20
5/29/2018 -1.12% -0.62% -0.50% -0.14
5/30/2018 2.24% -0.02% 2.25% 0.62
5/31/2018 4.33% -0.46% 4.79% 1.32
6/1/2018 1.89% -0.04% 1.93% 0.53
6/4/2018 -1.89% -0.46% -1.43% -0.39
6/5/2018 0.42% -0.70% 1.12% 0.31
6/6/2018 4.34% -0.54% 4.88% 1.35
6/7/2018 0.20% -0.32% 0.52% 0.14
6/8/2018 0.60% -0.21% 0.82% 0.23
6/11/2018 4.89% -0.01% 4.89% 1.36
6/12/2018 -0.77% -0.19% -0.58% -0.16
6/13/2018 -0.58% -0.65% 0.07% 0.02
6/14/2018 -0.19% -0.29% 0.09% 0.03
6/15/2018 0.19% -0.26% 0.45% 0.13
6/18/2018 -0.58% -0.17% -0.41% -0.12
6/19/2018 -2.36% -0.32% -2.05% -0.57
6/20/2018 0.79% -0.34% 1.14% 0.32
6/21/2018 0.39% -0.38% 0.77% 0.22
6/22/2018 0.20% -0.27% 0.46% 0.13
6/25/2018 1.17% -0.47% 1.64% 0.46
6/26/2018 -1.37% -0.29% -1.08% -0.30
6/27/2018 -0.99% -0.11% -0.87% -0.25
6/28/2018 -2.21% -0.27% -1.94% -0.55
6/29/2018 -3.52% -0.21% -3.31% -0.94
110
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Exhibit-9
XELA Event Study Results
March 16, 2018 through March 16, 2020
XELA XELA
XELA LN Explained Residual
[1]
Date Return Return Return t -statistic
7/2/2018 1.05% -0.31% 1.36% 0.39
7/3/2018 1.04% -0.37% 1.40% 0.40
7/5/2018 0.41% -0.24% 0.65% 0.18
7/6/2018 -0.21% -0.01% -0.20% -0.06
7/9/2018 1.23% -0.12% 1.35% 0.39
7/10/2018 5.54% 0.10% 5.44% 1.56
7/11/2018 -4.12% -0.65% -3.48% -0.99
7/12/2018 0.00% 0.10% -0.10% -0.03
7/13/2018 -1.01% -0.13% -0.88% -0.25
7/16/2018 2.00% -0.16% 2.16% 0.62
7/17/2018 -2.00% -0.18% -1.82% -0.53
7/18/2018 1.21% -0.18% 1.39% 0.40
7/19/2018 -1.01% -0.18% -0.83% -0.24
7/20/2018 -1.02% -0.13% -0.89% -0.26
7/23/2018 1.42% -0.39% 1.81% 0.54
7/24/2018 0.80% 0.07% 0.73% 0.22
7/25/2018 -3.45% -0.26% -3.19% -0.95
7/26/2018 1.84% 0.55% 1.30% 0.39
7/27/2018 -2.88% -0.29% -2.59% -0.78
7/30/2018 6.27% -0.36% 6.63% 1.98 *
7/31/2018 -1.78% -0.13% -1.65% -0.49
8/1/2018 -0.40% -0.72% 0.32% 0.10
8/2/2018 -0.80% 0.21% -1.01% -0.30
8/3/2018 -1.63% 0.24% -1.87% -0.55
8/6/2018 -3.34% -0.35% -2.99% -0.89
8/7/2018 2.10% -0.04% 2.14% 0.64
8/8/2018 -0.21% -0.12% -0.08% -0.03
8/9/2018 3.08% -0.55% 3.63% 1.08
8/10/2018 6.07% -0.43% 6.51% 1.97 *
8/13/2018 -4.87% -0.57% -4.29% -1.30
8/14/2018 0.80% -0.13% 0.93% 0.30
8/15/2018 0.00% -0.40% 0.40% 0.13
8/16/2018 6.89% 0.15% 6.73% 2.23 *
8/17/2018 2.01% 0.08% 1.93% 0.64
8/20/2018 0.90% 0.11% 0.79% 0.26
8/21/2018 1.60% -0.26% 1.86% 0.61
8/22/2018 -0.71% 0.10% -0.81% -0.27
111
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139 04/14/23 Page 115 of 139 PageID 3254
Exhibit-9
XELA Event Study Results
March 16, 2018 through March 16, 2020
XELA XELA
XELA LN Explained Residual
[1]
Date Return Return Return t -statistic
8/23/2018 0.00% -0.42% 0.42% 0.14
8/24/2018 4.52% 0.52% 4.00% 1.32
8/27/2018 0.85% 0.20% 0.64% 0.21
8/28/2018 -0.17% -0.10% -0.07% -0.02
8/29/2018 2.01% 0.08% 1.93% 0.64
8/30/2018 -0.83% -0.27% -0.56% -0.19
8/31/2018 -0.17% -0.22% 0.05% 0.02
9/4/2018 -1.69% -0.52% -1.16% -0.39
9/5/2018 -2.06% 0.28% -2.34% -0.79
9/6/2018 2.57% -0.44% 3.01% 1.01
9/7/2018 0.17% 0.56% -0.40% -0.13
9/10/2018 6.38% -0.01% 6.39% 2.15 *
9/11/2018 4.04% 0.62% 3.41% 1.15
9/12/2018 -0.46% -0.14% -0.32% -0.11
9/13/2018 4.92% 0.38% 4.55% 1.53
9/14/2018 -1.02% -0.03% -0.99% -0.34
9/17/2018 2.04% 0.11% 1.93% 0.65
9/18/2018 1.57% -0.05% 1.63% 0.55
9/19/2018 3.48% 2.06% 1.43% 0.49
9/20/2018 -0.27% 0.71% -0.99% -0.34
9/21/2018 -4.50% 0.05% -4.55% -1.57
9/24/2018 0.43% 0.02% 0.41% 0.14
9/25/2018 1.56% -0.12% 1.68% 0.59
9/26/2018 -0.99% -0.31% -0.68% -0.24
9/27/2018 -0.43% 0.78% -1.21% -0.42
9/28/2018 1.84% -0.47% 2.31% 0.82
10/1/2018 -1.84% 0.71% -2.55% -0.90
10/2/2018 -6.04% 0.08% -6.12% -2.16 *
10/3/2018 3.72% -0.11% 3.83% 1.34
10/4/2018 -1.18% 0.20% -1.38% -0.48
10/5/2018 -1.34% -0.58% -0.76% -0.26
10/8/2018 1.49% 0.64% 0.85% 0.30
10/9/2018 2.19% -0.21% 2.40% 0.85
10/10/2018 -10.66% -1.05% -9.62% -3.39 *
10/11/2018 -2.94% -1.15% -1.78% -0.62
10/12/2018 -0.66% 0.67% -1.33% -0.47
10/15/2018 5.35% -0.27% 5.62% 1.99 *
112
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139 04/14/23 Page 116 of 139 PageID 3255
Exhibit-9
XELA Event Study Results
March 16, 2018 through March 16, 2020
XELA XELA
XELA LN Explained Residual
[1]
Date Return Return Return t -statistic
10/16/2018 1.72% 1.18% 0.54% 0.19
10/17/2018 -0.31% -0.10% -0.22% -0.08
10/18/2018 -0.31% -1.22% 0.90% 0.32
10/19/2018 -0.94% 0.14% -1.08% -0.39
10/22/2018 5.52% -0.82% 6.35% 2.27 *
10/23/2018 -4.58% -0.08% -4.50% -1.59
10/24/2018 -5.13% -1.75% -3.38% -1.19
10/25/2018 -0.16% 2.11% -2.28% -0.80
10/26/2018 -0.83% -1.26% 0.44% 0.15
10/29/2018 -0.67% -0.69% 0.03% 0.01
10/30/2018 1.66% 0.90% 0.76% 0.27
10/31/2018 0.33% 0.54% -0.21% -0.08
11/1/2018 0.00% 1.07% -1.07% -0.38
11/2/2018 0.65% -0.41% 1.06% 0.38
11/5/2018 -3.48% 0.35% -3.83% -1.37
11/6/2018 -0.51% 0.23% -0.73% -0.26
11/7/2018 0.17% 1.47% -1.30% -0.47
11/8/2018 5.43% -0.45% 5.88% 2.10 *
11/9/2018 -16.71% -0.63% -16.08% -5.70 *
11/12/2018 -5.35% -1.40% -3.95% -1.40
11/13/2018 -5.86% -0.01% -5.86% -2.07 *
11/14/2018 3.13% -0.35% 3.48% 1.22
11/15/2018 -0.62% 0.49% -1.10% -0.39
11/16/2018 0.00% 0.20% -0.20% -0.07
11/19/2018 -2.30% -1.26% -1.04% -0.36
11/20/2018 -5.21% -1.34% -3.87% -1.36
11/21/2018 1.33% 0.36% 0.96% 0.34
11/23/2018 -0.44% -0.55% 0.11% 0.04
11/26/2018 4.32% 1.07% 3.25% 1.15
11/27/2018 -2.79% 0.03% -2.82% -0.99
11/28/2018 -0.22% 1.52% -1.73% -0.61
11/29/2018 -3.55% -0.06% -3.49% -1.23
11/30/2018 2.45% 0.49% 1.96% 0.69
12/3/2018 -0.66% 0.84% -1.50% -0.53
12/4/2018 -3.61% -2.16% -1.45% -0.51
12/6/2018 -0.46% -0.01% -0.45% -0.16
12/7/2018 -5.70% -1.74% -3.96% -1.39
113
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139 04/14/23 Page 117 of 139 PageID 3256
Exhibit-9
XELA Event Study Results
March 16, 2018 through March 16, 2020
XELA XELA
XELA LN Explained Residual
[1]
Date Return Return Return t -statistic
12/10/2018 2.65% -0.05% 2.70% 0.94
12/11/2018 -3.88% -0.09% -3.80% -1.33
12/12/2018 3.41% 0.46% 2.95% 1.03
12/13/2018 -3.90% 0.10% -4.00% -1.39
12/14/2018 0.74% -1.65% 2.39% 0.83
12/17/2018 -2.50% -1.95% -0.55% -0.19
12/18/2018 0.76% -0.17% 0.92% 0.32
12/19/2018 -4.37% -1.30% -3.07% -1.06
12/20/2018 -1.85% -1.33% -0.52% -0.18
12/21/2018 -6.35% -1.80% -4.55% -1.57
12/24/2018 -1.43% -2.30% 0.87% 0.30
12/26/2018 5.89% 3.97% 1.92% 0.66
12/27/2018 -1.10% 0.50% -1.59% -0.55
12/28/2018 2.99% 0.05% 2.94% 1.02
12/31/2018 3.93% 0.59% 3.34% 1.15
1/2/2019 1.02% 0.28% 0.74% 0.25
1/3/2019 -5.22% -1.94% -3.28% -1.13
1/4/2019 4.20% 2.77% 1.43% 0.49
1/7/2019 3.04% 0.88% 2.16% 0.74
1/8/2019 -0.50% 0.79% -1.29% -0.44
1/9/2019 -1.01% 0.46% -1.47% -0.51
1/10/2019 -1.02% 0.37% -1.38% -0.48
1/11/2019 1.27% -0.13% 1.40% 0.49
1/14/2019 -3.08% -0.65% -2.43% -0.85
1/15/2019 -0.52% 0.82% -1.34% -0.47
1/16/2019 -1.32% 0.11% -1.43% -0.50
1/17/2019 0.00% 0.42% -0.42% -0.15
1/18/2019 -0.53% 0.91% -1.44% -0.51
1/22/2019 -4.08% -1.61% -2.47% -0.87
1/23/2019 -1.96% -0.04% -1.93% -0.68
1/24/2019 -0.57% 0.17% -0.74% -0.26
1/25/2019 2.81% 0.68% 2.13% 0.75
1/28/2019 -0.83% -0.76% -0.07% -0.02
1/29/2019 0.56% -0.23% 0.79% 0.28
1/30/2019 0.00% 1.13% -1.13% -0.40
1/31/2019 9.02% 0.69% 8.34% 2.92 *
2/1/2019 0.63% 0.02% 0.61% 0.21
114
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Exhibit-9
XELA Event Study Results
March 16, 2018 through March 16, 2020
XELA XELA
XELA LN Explained Residual
[1]
Date Return Return Return t -statistic
2/4/2019 1.13% 0.54% 0.59% 0.21
2/5/2019 2.46% 0.38% 2.08% 0.72
2/6/2019 -0.73% -0.36% -0.37% -0.13
2/7/2019 0.00% -1.21% 1.21% 0.42
2/8/2019 4.32% -0.18% 4.50% 1.58
2/11/2019 4.36% -0.20% 4.57% 1.61
2/12/2019 -0.68% 1.31% -1.99% -0.70
2/13/2019 -2.99% 0.23% -3.21% -1.13
2/14/2019 -5.51% -0.24% -5.27% -1.85
2/15/2019 2.43% 1.11% 1.32% 0.46
2/19/2019 0.24% 0.21% 0.03% 0.01
2/20/2019 -2.18% 0.20% -2.38% -0.83
2/21/2019 -3.24% -0.50% -2.73% -0.95
2/22/2019 1.76% 0.62% 1.14% 0.40
2/25/2019 -3.03% 0.10% -3.13% -1.09
2/26/2019 0.00% -0.30% 0.30% 0.11
2/27/2019 3.03% -0.07% 3.10% 1.08
2/28/2019 -1.00% -0.50% -0.50% -0.17
3/1/2019 0.25% 0.54% -0.29% -0.10
3/4/2019 0.75% -0.61% 1.36% 0.48
3/5/2019 -1.00% -0.29% -0.71% -0.25
3/6/2019 -7.29% -1.03% -6.27% -2.23 *
3/7/2019 2.14% -1.03% 3.17% 1.12
3/8/2019 -2.41% -0.37% -2.04% -0.72
3/11/2019 2.67% 1.55% 1.12% 0.39
3/12/2019 -0.26% 0.21% -0.47% -0.17
3/13/2019 2.61% 0.65% 1.96% 0.69
3/14/2019 -1.04% -0.22% -0.82% -0.29
3/15/2019 0.78% 0.41% 0.37% 0.13
3/18/2019 1.79% 0.44% 1.36% 0.48
3/19/2019 -5.48% -0.20% -5.28% -1.87
3/20/2019 -6.36% -0.53% -5.83% -2.06 *
3/21/2019 -1.73% 1.17% -2.90% -1.02
3/22/2019 -5.07% -2.69% -2.38% -0.83
3/25/2019 -2.16% -0.24% -1.92% -0.67
3/26/2019 0.00% 0.74% -0.74% -0.26
3/27/2019 1.55% -0.77% 2.32% 0.82
115
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Exhibit-9
XELA Event Study Results
March 16, 2018 through March 16, 2020
XELA XELA
XELA LN Explained Residual
[1]
Date Return Return Return t -statistic
3/28/2019 -0.93% 0.32% -1.25% -0.44
3/29/2019 3.66% 0.57% 3.09% 1.08
4/1/2019 4.11% 1.27% 2.84% 1.00
4/2/2019 0.57% -0.19% 0.76% 0.27
4/3/2019 2.54% 0.36% 2.18% 0.77
4/4/2019 -5.14% 0.03% -5.17% -1.82
4/5/2019 5.98% 0.41% 5.57% 1.96
4/8/2019 3.53% -0.07% 3.60% 1.26
4/9/2019 0.27% -1.02% 1.29% 0.45
4/10/2019 1.84% 0.46% 1.38% 0.49
4/11/2019 -1.05% -0.08% -0.97% -0.34
4/12/2019 0.26% 0.73% -0.47% -0.17
4/15/2019 -0.26% -0.20% -0.06% -0.02
4/16/2019 -3.76% -0.01% -3.75% -1.40
4/17/2019 -3.34% -0.53% -2.81% -1.05
4/18/2019 -0.57% 0.11% -0.68% -0.25
4/22/2019 -4.07% -0.07% -4.01% -1.52
4/23/2019 0.89% 1.10% -0.21% -0.08
4/24/2019 -1.48% -0.51% -0.97% -0.37
4/25/2019 -3.96% -0.44% -3.52% -1.36
4/26/2019 1.85% 0.65% 1.20% 0.46
4/29/2019 3.30% 0.03% 3.27% 1.27
4/30/2019 -2.99% 0.01% -3.00% -1.16
5/1/2019 -0.61% -1.33% 0.72% 0.28
5/2/2019 0.61% -0.34% 0.94% 0.36
5/3/2019 4.46% 1.41% 3.05% 1.18
5/6/2019 -1.46% -0.60% -0.87% -0.33
5/7/2019 -0.89% -2.50% 1.61% 0.62
5/8/2019 1.48% -0.40% 1.88% 0.72
5/9/2019 -0.88% -0.53% -0.35% -0.14
5/10/2019 -5.16% 0.45% -5.61% -2.19 *
5/13/2019 -3.49% -3.62% 0.13% 0.05
5/14/2019 -3.61% 1.25% -4.86% -1.91
5/15/2019 1.33% 0.66% 0.67% 0.26
5/16/2019 0.33% 1.12% -0.79% -0.31
5/17/2019 -0.33% -1.05% 0.72% 0.29
5/20/2019 -7.89% -0.98% -6.92% -2.74 *
116
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139 04/14/23 Page 120 of 139 PageID 3259
Exhibit-9
XELA Event Study Results
March 16, 2018 through March 16, 2020
XELA XELA
XELA LN Explained Residual
[1]
Date Return Return Return t -statistic
5/21/2019 4.88% 1.13% 3.75% 1.47
5/22/2019 -19.88% -0.67% -19.21% -7.49 *
5/23/2019 -23.25% -2.06% -21.19% -7.46 *
5/24/2019 -13.43% 0.19% -13.62% -4.78 *
5/28/2019 35.85% -1.39% 37.23% 12.51 *
5/29/2019 -8.74% -1.02% -7.72% -2.03 *
5/30/2019 6.20% 0.06% 6.13% 1.60
5/31/2019 -6.20% -1.69% -4.50% -1.17
6/3/2019 7.05% -0.39% 7.44% 1.92
6/4/2019 -7.05% 2.70% -9.75% -2.51 *
6/5/2019 -3.72% 0.76% -4.48% -1.14
6/6/2019 -0.95% 0.41% -1.36% -0.35
6/7/2019 -0.48% 0.98% -1.46% -0.37
6/10/2019 5.61% 0.44% 5.17% 1.31
6/11/2019 -4.18% -0.34% -3.84% -0.97
6/12/2019 2.80% -0.36% 3.17% 0.80
6/13/2019 0.92% 0.45% 0.46% 0.12
6/14/2019 -4.67% -0.55% -4.12% -1.05
6/17/2019 -2.42% -0.10% -2.32% -0.59
6/18/2019 2.42% 0.85% 1.57% 0.40
6/19/2019 -4.90% 0.33% -5.24% -1.32
6/20/2019 3.94% 0.76% 3.18% 0.80
6/21/2019 2.39% -0.72% 3.11% 0.78
6/24/2019 -7.34% -0.67% -6.67% -1.68
6/25/2019 -0.51% -1.41% 0.90% 0.22
6/26/2019 2.02% -0.15% 2.17% 0.54
6/27/2019 0.50% 0.70% -0.20% -0.05
6/28/2019 8.58% 0.79% 7.79% 1.95
7/1/2019 -4.67% 0.62% -5.29% -1.31
7/2/2019 -2.42% 0.12% -2.54% -0.63
7/3/2019 -0.49% 0.85% -1.34% -0.33
7/5/2019 -0.49% -0.56% 0.06% 0.02
7/8/2019 2.45% -0.94% 3.39% 0.84
7/9/2019 7.00% -0.05% 7.04% 1.74
7/10/2019 -2.74% 0.27% -3.01% -0.74
7/11/2019 -4.26% 0.03% -4.28% -1.05
7/12/2019 3.33% 0.52% 2.81% 0.69
117
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Exhibit-9
XELA Event Study Results
March 16, 2018 through March 16, 2020
XELA XELA
XELA LN Explained Residual
[1]
Date Return Return Return t -statistic
7/15/2019 0.47% -0.06% 0.52% 0.13
7/16/2019 -2.35% -0.47% -1.88% -0.46
7/17/2019 -1.44% -0.81% -0.63% -0.16
7/18/2019 19.27% 0.45% 18.83% 4.64 *
7/19/2019 -5.32% -0.86% -4.46% -1.05
7/22/2019 2.90% -0.01% 2.91% 0.69
7/23/2019 -1.65% 0.78% -2.43% -0.57
7/24/2019 1.65% 0.86% 0.78% 0.18
7/25/2019 -2.06% -1.12% -0.94% -0.22
7/26/2019 14.16% 1.29% 12.87% 3.03 *
7/29/2019 -2.38% -1.42% -0.96% -0.22
7/30/2019 -3.39% -0.73% -2.66% -0.62
7/31/2019 1.52% -1.22% 2.74% 0.64
8/1/2019 2.24% -1.19% 3.43% 0.80
8/2/2019 -3.00% -0.86% -2.14% -0.50
8/5/2019 -8.32% -3.89% -4.43% -1.03
8/6/2019 -7.73% 1.63% -9.36% -2.18 *
8/7/2019 0.89% 0.52% 0.37% 0.08
8/8/2019 8.07% 2.77% 5.30% 1.23
8/9/2019 -64.92% -1.43% -63.50% -14.64 *
8/12/2019 -1.57% -1.76% 0.19% 0.04
8/13/2019 -2.41% 1.65% -4.06% -0.93
8/14/2019 -4.15% -3.93% -0.22% -0.05
8/15/2019 -1.71% 0.33% -2.04% -0.47
8/16/2019 -3.51% 2.24% -5.74% -1.33
8/19/2019 3.51% 1.00% 2.51% 0.58
8/20/2019 1.71% -0.95% 2.66% 0.61
8/21/2019 -1.71% 0.70% -2.40% -0.55
8/22/2019 6.67% -1.05% 7.72% 1.78
8/23/2019 4.73% -3.53% 8.26% 1.89
8/26/2019 0.00% 1.42% -1.42% -0.32
8/27/2019 -9.68% 0.24% -9.93% -2.26 *
8/28/2019 -4.33% 0.64% -4.97% -1.12
8/29/2019 0.88% 1.09% -0.21% -0.05
8/30/2019 0.87% 0.05% 0.83% 0.19
9/3/2019 -1.75% -1.09% -0.67% -0.15
9/4/2019 0.00% 0.96% -0.96% -0.22
118
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139 04/14/23 Page 122 of 139 PageID 3261
Exhibit-9
XELA Event Study Results
March 16, 2018 through March 16, 2020
XELA XELA
XELA LN Explained Residual
[1]
Date Return Return Return t -statistic
9/5/2019 10.09% 1.20% 8.89% 2.00 *
9/6/2019 -0.80% -0.06% -0.74% -0.17
9/9/2019 6.25% -0.71% 6.97% 1.56
9/10/2019 0.38% -1.34% 1.71% 0.38
9/11/2019 4.07% 0.44% 3.62% 0.81
9/12/2019 0.72% 0.73% -0.01% -0.00
9/13/2019 0.00% -0.18% 0.18% 0.04
9/16/2019 -2.92% -0.11% -2.81% -0.63
9/17/2019 0.74% 0.10% 0.64% 0.14
9/18/2019 -0.74% -0.23% -0.51% -0.11
9/19/2019 0.00% -0.66% 0.66% 0.15
9/20/2019 2.20% -0.76% 2.96% 0.66
9/23/2019 -5.21% -1.03% -4.18% -0.94
9/24/2019 -5.90% -1.21% -4.69% -1.05
9/25/2019 -3.71% 0.91% -4.62% -1.04
9/26/2019 -4.29% -0.44% -3.85% -0.86
9/27/2019 -1.77% -2.32% 0.55% 0.12
9/30/2019 5.22% 1.14% 4.08% 0.91
10/1/2019 -2.58% -2.10% -0.48% -0.11
10/2/2019 -1.75% -2.71% 0.96% 0.21
10/3/2019 -2.69% 0.55% -3.24% -0.72
10/4/2019 22.68% 1.94% 20.73% 4.64 *
10/7/2019 -8.31% -0.63% -7.67% -1.65
10/8/2019 -9.93% -2.52% -7.40% -1.58
10/9/2019 -2.64% 1.31% -3.95% -0.84
10/10/2019 0.89% 0.68% 0.21% 0.05
10/11/2019 -5.46% 1.22% -6.68% -1.42
10/14/2019 -4.79% -1.16% -3.63% -0.77
10/15/2019 0.00% 1.14% -1.14% -0.24
10/16/2019 -2.99% -0.59% -2.40% -0.51
10/17/2019 -0.86% 0.43% -1.29% -0.27
10/18/2019 -5.39% -0.99% -4.40% -0.94
10/21/2019 -3.08% 0.22% -3.30% -0.70
10/22/2019 -9.74% -2.56% -7.18% -1.52
10/23/2019 -0.06% -0.74% 0.68% 0.14
10/24/2019 1.05% 0.83% 0.21% 0.04
10/25/2019 -2.95% -1.98% -0.97% -0.21
119
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139 04/14/23 Page 123 of 139 PageID 3262
Exhibit-9
XELA Event Study Results
March 16, 2018 through March 16, 2020
XELA XELA
XELA LN Explained Residual
[1]
Date Return Return Return t -statistic
10/28/2019 -8.79% -0.06% -8.73% -1.85
10/29/2019 -2.08% -0.44% -1.63% -0.34
10/30/2019 -22.47% -1.07% -21.40% -4.50 *
10/31/2019 6.12% -1.73% 7.86% 1.59
11/1/2019 -4.02% 1.08% -5.11% -1.03
11/4/2019 5.61% -5.57% 11.18% 2.25 *
11/5/2019 -0.58% -1.49% 0.91% 0.18
11/6/2019 -2.24% -0.07% -2.18% -0.43
11/7/2019 0.08% -0.90% 0.98% 0.20
11/8/2019 -6.66% -0.87% -5.79% -1.15
11/11/2019 6.72% -0.60% 7.32% 1.45
11/12/2019 -0.61% -0.48% -0.13% -0.03
11/13/2019 -54.03% 0.31% -54.34% -10.80 *
11/14/2019 -12.10% 0.67% -12.78% -2.54 *
11/15/2019 9.29% -0.01% 9.30% 1.83
11/18/2019 3.44% -0.51% 3.94% 0.77
11/19/2019 -0.63% 0.32% -0.95% -0.18
11/20/2019 -4.02% -0.90% -3.13% -0.61
11/21/2019 -8.70% -1.28% -7.41% -1.45
11/22/2019 1.19% -0.16% 1.35% 0.26
11/25/2019 -0.97% 0.51% -1.47% -0.29
11/26/2019 2.87% 0.70% 2.17% 0.42
11/27/2019 -2.74% -0.20% -2.55% -0.49
11/29/2019 4.61% -1.51% 6.12% 1.19
12/2/2019 -10.95% -1.60% -9.35% -1.81
12/3/2019 -1.63% -1.29% -0.34% -0.07
12/4/2019 -1.69% 0.07% -1.77% -0.34
12/5/2019 -1.18% 0.16% -1.34% -0.26
12/6/2019 6.89% 0.85% 6.05% 1.17
12/9/2019 -1.73% -0.97% -0.76% -0.15
12/10/2019 -2.28% -0.79% -1.49% -0.29
12/11/2019 1.53% -0.19% 1.72% 0.33
12/12/2019 -1.04% 0.82% -1.86% -0.36
12/13/2019 3.05% 0.04% 3.02% 0.58
12/16/2019 1.38% -0.04% 1.41% 0.27
12/17/2019 7.91% -0.46% 8.37% 1.61
12/18/2019 3.98% -1.17% 5.16% 0.99
120
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139 04/14/23 Page 124 of 139 PageID 3263
Exhibit-9
XELA Event Study Results
March 16, 2018 through March 16, 2020
XELA XELA
XELA LN Explained Residual
[1]
Date Return Return Return t -statistic
12/19/2019 -6.35% 0.06% -6.41% -1.23
12/20/2019 9.33% 0.74% 8.58% 1.64
12/23/2019 -5.89% -0.75% -5.14% -0.98
12/24/2019 0.58% -0.73% 1.30% 0.25
12/26/2019 -2.73% -0.28% -2.46% -0.47
12/27/2019 1.18% -0.50% 1.68% 0.32
12/30/2019 16.37% -1.39% 17.76% 3.37 *
12/31/2019 6.30% 0.37% 5.94% 1.10
1/2/2020 2.69% 0.80% 1.89% 0.35
1/3/2020 -4.27% -0.38% -3.89% -0.72
1/6/2020 -4.93% -0.07% -4.86% -0.90
1/7/2020 1.64% -0.59% 2.22% 0.41
1/8/2020 2.04% 0.64% 1.40% 0.26
1/9/2020 -1.37% 0.82% -2.19% -0.41
1/10/2020 -8.21% -0.75% -7.46% -1.38
1/13/2020 5.33% 0.74% 4.58% 0.84
1/14/2020 -0.63% -0.99% 0.36% 0.07
1/15/2020 3.28% 0.89% 2.39% 0.44
1/16/2020 11.29% 0.12% 11.17% 2.05 *
1/17/2020 3.58% 0.22% 3.35% 0.61
1/21/2020 1.73% -0.36% 2.09% 0.38
1/22/2020 -4.96% 0.35% -5.31% -0.97
1/23/2020 -3.96% -0.05% -3.91% -0.71
1/24/2020 -4.52% -1.71% -2.81% -0.51
1/27/2020 9.70% -2.18% 11.88% 2.16 *
1/28/2020 -4.97% 0.86% -5.83% -1.05
1/29/2020 -6.33% -1.10% -5.23% -0.94
1/30/2020 -0.28% -0.29% 0.01% 0.00
1/31/2020 -5.04% -3.22% -1.82% -0.33
2/3/2020 -2.59% 1.29% -3.88% -0.70
2/4/2020 0.30% 1.76% -1.46% -0.26
2/5/2020 2.37% 0.42% 1.95% 0.35
2/6/2020 -0.05% -1.06% 1.01% 0.18
2/7/2020 -2.51% -0.97% -1.54% -0.28
2/10/2020 -6.63% -0.28% -6.35% -1.14
2/11/2020 -10.96% -0.88% -10.08% -1.81
2/12/2020 8.66% -0.35% 9.01% 1.61
121
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139 04/14/23 Page 125 of 139 PageID 3264
Exhibit-9
XELA Event Study Results
March 16, 2018 through March 16, 2020
XELA XELA
XELA LN Explained Residual
[1]
Date Return Return Return t -statistic
2/13/2020 -9.38% 0.35% -9.73% -1.73
2/14/2020 -0.26% -0.29% 0.03% 0.01
2/18/2020 1.60% -1.36% 2.96% 0.52
2/19/2020 -2.72% 0.09% -2.81% -0.50
2/20/2020 6.62% -1.02% 7.64% 1.35
2/21/2020 -7.96% -2.04% -5.92% -1.04
2/24/2020 -0.78% -4.10% 3.32% 0.59
2/25/2020 -4.34% -5.45% 1.11% 0.20
2/26/2020 -2.33% -0.51% -1.82% -0.32
2/27/2020 -3.55% -6.86% 3.31% 0.58
2/28/2020 -3.44% -1.78% -1.66% -0.29
3/2/2020 10.27% 3.88% 6.39% 1.13
3/3/2020 14.70% -3.90% 18.60% 3.27 *
3/4/2020 8.15% 5.17% 2.97% 0.51
3/5/2020 -0.34% -4.76% 4.42% 0.76
3/6/2020 -9.21% -2.01% -7.20% -1.24
3/9/2020 -15.32% -12.48% -2.83% -0.49
3/10/2020 -3.31% 5.99% -9.31% -1.60
3/11/2020 -27.35% -4.76% -22.59% -3.86 *
3/12/2020 -10.46% -15.66% 5.20% 0.87
3/13/2020 7.29% 9.59% -2.29% -0.38
3/16/2020 -7.08% -15.34% 8.26% 1.37
Note:
[1] t -statistics marked with a "*" are significant at the 95% confidence level.
[2] All returns are logarithmic returns.
122
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Exhibit-10
News Frequency Table
No. of News Articles
Date Published
3/16/2018 1
3/19/2018 0
3/20/2018 1
3/21/2018 0
3/22/2018 0
3/23/2018 0
3/26/2018 1
3/27/2018 0
3/28/2018 0
3/29/2018 0
4/2/2018 2
4/3/2018 0
4/4/2018 0
4/5/2018 0
4/6/2018 0
4/9/2018 1
4/10/2018 4
4/11/2018 3
4/12/2018 2
4/13/2018 2
4/16/2018 0
4/17/2018 1
4/18/2018 1
4/19/2018 1
4/20/2018 0
4/23/2018 3
4/24/2018 0
4/25/2018 1
4/26/2018 0
4/27/2018 1
4/30/2018 0
5/1/2018 0
5/2/2018 0
5/3/2018 0
5/4/2018 0
5/7/2018 2
5/8/2018 0
5/9/2018 0
123
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Case 3:20-cv-00691-D Document 83-1 Filed
139 04/14/23 Page 127 of 139 PageID 3266
Exhibit-10
News Frequency Table
No. of News Articles
Date Published
5/10/2018 1
5/11/2018 2
5/14/2018 0
5/15/2018 0
5/16/2018 0
5/17/2018 0
5/18/2018 0
5/21/2018 0
5/22/2018 0
5/23/2018 0
5/24/2018 0
5/25/2018 0
5/29/2018 6
5/30/2018 0
5/31/2018 0
6/1/2018 0
6/4/2018 0
6/5/2018 0
6/6/2018 0
6/7/2018 0
6/8/2018 0
6/11/2018 0
6/12/2018 0
6/13/2018 0
6/14/2018 1
6/15/2018 0
6/18/2018 0
6/19/2018 0
6/20/2018 0
6/21/2018 0
6/22/2018 2
6/25/2018 0
6/26/2018 0
6/27/2018 0
6/28/2018 1
6/29/2018 0
7/2/2018 0
7/3/2018 0
124
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139 04/14/23 Page 128 of 139 PageID 3267
Exhibit-10
News Frequency Table
No. of News Articles
Date Published
7/5/2018 0
7/6/2018 0
7/9/2018 0
7/10/2018 2
7/11/2018 0
7/12/2018 0
7/13/2018 0
7/16/2018 0
7/17/2018 2
7/18/2018 0
7/19/2018 1
7/20/2018 0
7/23/2018 3
7/24/2018 0
7/25/2018 0
7/26/2018 8
7/27/2018 1
7/30/2018 3
7/31/2018 0
8/1/2018 0
8/2/2018 0
8/3/2018 0
8/6/2018 1
8/7/2018 0
8/8/2018 0
8/9/2018 1
8/10/2018 1
8/13/2018 0
8/14/2018 0
8/15/2018 0
8/16/2018 0
8/17/2018 0
8/20/2018 0
8/21/2018 0
8/22/2018 0
8/23/2018 0
8/24/2018 1
8/27/2018 2
125
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Case 3:20-cv-00691-D Document 83-1 Filed
139 04/14/23 Page 129 of 139 PageID 3268
Exhibit-10
News Frequency Table
No. of News Articles
Date Published
8/28/2018 0
8/29/2018 0
8/30/2018 0
8/31/2018 0
9/4/2018 0
9/5/2018 0
9/6/2018 0
9/7/2018 0
9/10/2018 0
9/11/2018 0
9/12/2018 0
9/13/2018 0
9/14/2018 0
9/17/2018 0
9/18/2018 0
9/19/2018 0
9/20/2018 0
9/21/2018 0
9/24/2018 0
9/25/2018 0
9/26/2018 0
9/27/2018 0
9/28/2018 0
10/1/2018 0
10/2/2018 0
10/3/2018 0
10/4/2018 0
10/5/2018 0
10/8/2018 0
10/9/2018 3
10/10/2018 0
10/11/2018 0
10/12/2018 0
10/15/2018 0
10/16/2018 0
10/17/2018 0
10/18/2018 1
10/19/2018 1
126
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Case 3:20-cv-00691-D Document 83-1 Filed
139 04/14/23 Page 130 of 139 PageID 3269
Exhibit-10
News Frequency Table
No. of News Articles
Date Published
10/22/2018 1
10/23/2018 0
10/24/2018 0
10/25/2018 0
10/26/2018 1
10/29/2018 0
10/30/2018 0
10/31/2018 0
11/1/2018 0
11/2/2018 0
11/5/2018 0
11/6/2018 0
11/7/2018 0
11/8/2018 4
11/9/2018 2
11/12/2018 1
11/13/2018 0
11/14/2018 0
11/15/2018 0
11/16/2018 2
11/19/2018 2
11/20/2018 0
11/21/2018 1
11/23/2018 0
11/26/2018 2
11/27/2018 0
11/28/2018 0
11/29/2018 1
11/30/2018 1
12/3/2018 1
12/4/2018 0
12/6/2018 0
12/7/2018 0
12/10/2018 0
12/11/2018 0
12/12/2018 0
12/13/2018 0
12/14/2018 0
127
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139 04/14/23 Page 131 of 139 PageID 3270
Exhibit-10
News Frequency Table
No. of News Articles
Date Published
12/17/2018 0
12/18/2018 0
12/19/2018 0
12/20/2018 0
12/21/2018 0
12/24/2018 0
12/26/2018 0
12/27/2018 0
12/28/2018 0
12/31/2018 0
1/2/2019 0
1/3/2019 3
1/4/2019 0
1/7/2019 0
1/8/2019 0
1/9/2019 0
1/10/2019 0
1/11/2019 0
1/14/2019 0
1/15/2019 0
1/16/2019 3
1/17/2019 0
1/18/2019 0
1/22/2019 2
1/23/2019 0
1/24/2019 0
1/25/2019 0
1/28/2019 0
1/29/2019 0
1/30/2019 0
1/31/2019 0
2/1/2019 0
2/4/2019 0
2/5/2019 0
2/6/2019 0
2/7/2019 0
2/8/2019 0
2/11/2019 0
128
Case 1:21-md-02989-CMA Document 582-5 Entered on FLSD Docket 06/21/2023 Page 132 of
Case 3:20-cv-00691-D Document 83-1 Filed
139 04/14/23 Page 132 of 139 PageID 3271
Exhibit-10
News Frequency Table
No. of News Articles
Date Published
2/12/2019 0
2/13/2019 0
2/14/2019 0
2/15/2019 0
2/19/2019 0
2/20/2019 1
2/21/2019 0
2/22/2019 1
2/25/2019 1
2/26/2019 0
2/27/2019 0
2/28/2019 0
3/1/2019 0
3/4/2019 0
3/5/2019 3
3/6/2019 2
3/7/2019 0
3/8/2019 0
3/11/2019 0
3/12/2019 0
3/13/2019 0
3/14/2019 0
3/15/2019 0
3/18/2019 3
3/19/2019 4
3/20/2019 1
3/21/2019 1
3/22/2019 0
3/25/2019 0
3/26/2019 0
3/27/2019 0
3/28/2019 0
3/29/2019 0
4/1/2019 2
4/2/2019 0
4/3/2019 0
4/4/2019 0
4/5/2019 0
129
Case 1:21-md-02989-CMA Document 582-5 Entered on FLSD Docket 06/21/2023 Page 133 of
Case 3:20-cv-00691-D Document 83-1 Filed
139 04/14/23 Page 133 of 139 PageID 3272
Exhibit-10
News Frequency Table
No. of News Articles
Date Published
4/8/2019 1
4/9/2019 0
4/10/2019 0
4/11/2019 0
4/12/2019 1
4/15/2019 1
4/16/2019 0
4/17/2019 0
4/18/2019 1
4/22/2019 1
4/23/2019 1
4/24/2019 0
4/25/2019 0
4/26/2019 0
4/29/2019 0
4/30/2019 0
5/1/2019 0
5/2/2019 2
5/3/2019 0
5/6/2019 0
5/7/2019 0
5/8/2019 0
5/9/2019 6
5/10/2019 4
5/13/2019 1
5/14/2019 0
5/15/2019 0
5/16/2019 0
5/17/2019 0
5/20/2019 0
5/21/2019 0
5/22/2019 1
5/23/2019 1
5/24/2019 0
5/28/2019 1
5/29/2019 0
5/30/2019 1
5/31/2019 2
130
Case 1:21-md-02989-CMA Document 582-5 Entered on FLSD Docket 06/21/2023 Page 134 of
Case 3:20-cv-00691-D Document 83-1 Filed
139 04/14/23 Page 134 of 139 PageID 3273
Exhibit-10
News Frequency Table
No. of News Articles
Date Published
6/3/2019 1
6/4/2019 0
6/5/2019 1
6/6/2019 0
6/7/2019 0
6/10/2019 0
6/11/2019 0
6/12/2019 0
6/13/2019 0
6/14/2019 0
6/17/2019 0
6/18/2019 0
6/19/2019 0
6/20/2019 0
6/21/2019 0
6/24/2019 0
6/25/2019 0
6/26/2019 0
6/27/2019 0
6/28/2019 1
7/1/2019 0
7/2/2019 1
7/3/2019 0
7/5/2019 0
7/8/2019 0
7/9/2019 0
7/10/2019 0
7/11/2019 0
7/12/2019 0
7/15/2019 0
7/16/2019 0
7/17/2019 0
7/18/2019 4
7/19/2019 1
7/22/2019 0
7/23/2019 1
7/24/2019 0
7/25/2019 3
131
Case 1:21-md-02989-CMA Document 582-5 Entered on FLSD Docket 06/21/2023 Page 135 of
Case 3:20-cv-00691-D Document 83-1 Filed
139 04/14/23 Page 135 of 139 PageID 3274
Exhibit-10
News Frequency Table
No. of News Articles
Date Published
7/26/2019 1
7/29/2019 5
7/30/2019 0
7/31/2019 0
8/1/2019 0
8/2/2019 0
8/5/2019 0
8/6/2019 1
8/7/2019 0
8/8/2019 1
8/9/2019 5
8/12/2019 1
8/13/2019 0
8/14/2019 0
8/15/2019 0
8/16/2019 0
8/19/2019 0
8/20/2019 0
8/21/2019 1
8/22/2019 0
8/23/2019 0
8/26/2019 1
8/27/2019 0
8/28/2019 0
8/29/2019 0
8/30/2019 0
9/3/2019 0
9/4/2019 0
9/5/2019 0
9/6/2019 0
9/9/2019 0
9/10/2019 0
9/11/2019 0
9/12/2019 0
9/13/2019 0
9/16/2019 0
9/17/2019 0
9/18/2019 0
132
Case 1:21-md-02989-CMA Document 582-5 Entered on FLSD Docket 06/21/2023 Page 136 of
Case 3:20-cv-00691-D Document 83-1 Filed
139 04/14/23 Page 136 of 139 PageID 3275
Exhibit-10
News Frequency Table
No. of News Articles
Date Published
9/19/2019 0
9/20/2019 0
9/23/2019 0
9/24/2019 0
9/25/2019 0
9/26/2019 0
9/27/2019 0
9/30/2019 5
10/1/2019 1
10/2/2019 0
10/3/2019 0
10/4/2019 8
10/7/2019 0
10/8/2019 0
10/9/2019 0
10/10/2019 0
10/11/2019 1
10/14/2019 0
10/15/2019 0
10/16/2019 0
10/17/2019 0
10/18/2019 0
10/21/2019 1
10/22/2019 0
10/23/2019 2
10/24/2019 0
10/25/2019 0
10/28/2019 0
10/29/2019 1
10/30/2019 5
10/31/2019 0
11/1/2019 0
11/4/2019 0
11/5/2019 0
11/6/2019 0
11/7/2019 0
11/8/2019 0
11/11/2019 1
133
Case 1:21-md-02989-CMA Document 582-5 Entered on FLSD Docket 06/21/2023 Page 137 of
Case 3:20-cv-00691-D Document 83-1 Filed
139 04/14/23 Page 137 of 139 PageID 3276
Exhibit-10
News Frequency Table
No. of News Articles
Date Published
11/12/2019 1
11/13/2019 6
11/14/2019 1
11/15/2019 0
11/18/2019 0
11/19/2019 1
11/20/2019 0
11/21/2019 1
11/22/2019 0
11/25/2019 1
11/26/2019 0
11/27/2019 1
11/29/2019 2
12/2/2019 1
12/3/2019 0
12/4/2019 0
12/5/2019 4
12/6/2019 0
12/9/2019 0
12/10/2019 0
12/11/2019 0
12/12/2019 0
12/13/2019 0
12/16/2019 0
12/17/2019 1
12/18/2019 0
12/19/2019 0
12/20/2019 0
12/23/2019 0
12/24/2019 0
12/26/2019 0
12/27/2019 0
12/30/2019 0
12/31/2019 0
1/2/2020 0
1/3/2020 0
1/6/2020 0
1/7/2020 0
134
Case 1:21-md-02989-CMA Document 582-5 Entered on FLSD Docket 06/21/2023 Page 138 of
Case 3:20-cv-00691-D Document 83-1 Filed
139 04/14/23 Page 138 of 139 PageID 3277
Exhibit-10
News Frequency Table
No. of News Articles
Date Published
1/8/2020 0
1/9/2020 0
1/10/2020 0
1/13/2020 0
1/14/2020 0
1/15/2020 3
1/16/2020 0
1/17/2020 1
1/21/2020 1
1/22/2020 0
1/23/2020 0
1/24/2020 0
1/27/2020 0
1/28/2020 0
1/29/2020 0
1/30/2020 0
1/31/2020 0
2/3/2020 0
2/4/2020 0
2/5/2020 0
2/6/2020 0
2/7/2020 0
2/10/2020 0
2/11/2020 0
2/12/2020 0
2/13/2020 0
2/14/2020 0
2/18/2020 0
2/19/2020 0
2/20/2020 0
2/21/2020 1
2/24/2020 0
2/25/2020 0
2/26/2020 0
2/27/2020 0
2/28/2020 0
3/2/2020 0
3/3/2020 1
135
Case 1:21-md-02989-CMA Document 582-5 Entered on FLSD Docket 06/21/2023 Page 139 of
Case 3:20-cv-00691-D Document 83-1 Filed
139 04/14/23 Page 139 of 139 PageID 3278
Exhibit-10
News Frequency Table
No. of News Articles
Date Published
3/4/2020 2
3/5/2020 1
3/6/2020 0
3/9/2020 1
3/10/2020 0
3/11/2020 0
3/12/2020 0
3/13/2020 0
3/16/2020 6
Sources: Factiva.
136
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