Declaration Of Dr. Adam Werner (dated 2023-06-07)
Summary
Exhibit 8 (Document 566-8) in Case 1:21-md-02989-CMA, entered on the FLSD docket June 7, 2023, is a 206-page Declaration of Dr. Adam Werner in In re January 2021 Short Squeeze Trading Litigation, relating to all actions concerning the federal securities laws. Its table of contents covers Werner's professional background and experience, a summary of opinions and findings, and background on Robinhood Markets, Inc. and on each Affected Company, beginning with AMC, BB and BBBY. The exhibits end with Exhibit-8, a Factiva news frequency table for the Affected Companies from January 28, 2020 through January 27, 2021, with the largest article total, 6955, for NOK, followed by BBBY with 2210, AMC with 2081 and GME with 1380, and the smallest, 35, for TR.
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- Date
- 2023-06-07
Cite this document
“Declaration Of Dr. Adam Werner.”
Original at archive.org, dated 2023-06-07. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2023-06-07-covid-era-misc-9f20a1c7-1/
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Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 1 of
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Exhibit 8
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UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF FLORIDA
In Re: JANUARY 2021 SHORT SQUEEZE
TRADING LITIGATION Case No. 21-2989-MDL-
ALTONAGA/Damian
This Document Relates to: All Actions Concerning the Federal Securities Laws
DECLARATION OF DR. ADAM WERNER
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TABLE OF CONTENTS
I. INTRODUCTION ...............................................................................................................1
II. PROFESSIONAL BACKGROUND AND EXPERIENCE ................................................2
III. SUMMARY OF OPINIONS AND FINDINGS ..................................................................3
IV. BACKGROUND .................................................................................................................5
A. About Robinhood Markets, Inc. (“Robinhood”)......................................................5
B. About the Affected Companies ................................................................................6
1. AMC ............................................................................................................6
2. BB ................................................................................................................6
3. BBBY...........................................................................................................7
4. EXPR ...........................................................................................................7
5. GME .............................................................................................................8
6. KOSS ...........................................................................................................8
7. TR ................................................................................................................8
8. NOK .............................................................................................................9
9. TRVG ...........................................................................................................9
V. EFFICIENCY OF THE MARKET FOR AFFECTED COMPANIES’
SECURITIES .....................................................................................................................10
A. Market Efficiency in Finance Academia and Economic Theory ...........................10
B. The Legal Foundation and Application of Market Efficiency ...............................12
C. The Cammer Factors and Their Application in This Case ....................................14
1. Cammer Factor 1: Average Weekly Trading Volume ...............................14
2. Cammer Factor 2: Analyst Coverage .........................................................15
3. Cammer Factor 3: Market Makers and Listing on the NYSE or
NASDAQ ...................................................................................................17
4. Cammer Factor 4: SEC Form S-3/F-3 Eligibility ......................................20
5. Cammer Factor 5: Price Reaction to New Information .............................22
D. The Unger/Krogman Factors Considered ..............................................................34
1. Market Capitalization.................................................................................34
2. Float ...........................................................................................................36
3. Bid-Ask Spread ..........................................................................................36
VI. COMMON DAMAGE METHODOLOGY ......................................................................38
A. Sections 9(a)(2) and 10(b) Damages Methodology ...............................................38
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VII. CONCLUSION ..................................................................................................................41
VIII. APPENDIX-A....................................................................................................................42
IX. APPENDIX-B ....................................................................................................................44
X. LIMITING FACTORS AND OTHER ASSUMPTIONS..................................................46
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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 The Rosen Law Firm, counsel for the Plaintiffs, to determine
whether the common stock of AMC Entertainment Holdings, Inc. (“AMC”), Bed Bath & Beyond
Inc. (“BBBY”), BlackBerry Limited (“BB”), Express, Inc. (“EXPR”), GameStop Corp. (“GME”),
Koss Corporation (“KOSS”), Tootsie Roll Industries, Inc. (“TR”), and the American Depositary
Shares of foreign-issuers Nokia Corporation (“NOK”) and trivago N.V. (“TRVG”) (collectively
the “Affected Companies” or “Affected Stocks”) traded in efficient markets prior to the Class
Period. To this end, I assess whether the Affected Companies’ securities traded in efficient markets
during the period from January 28, 2020 through January 27, 2021, inclusive (the “Relevant
Period”).1
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 Sections 9(a)(2) and 10(b) of the Securities
Exchange Act of 1934 (the “Exchange Act”) and U.S. Securities & Exchange Commission
(“SEC”) Rule 10b-5 adopted thereunder.
1
Due to the short length of the Class Period, and the allegations of market manipulation that
occurred during the Class Period, I examined market efficiency for the one-year period prior to the
Class Period. I chose to examine a one-year period so that any inferences made on data would be
based on an adequately large sample size. I chose to focus this one-year period on the year prior
to the Class Period as this is the period that has not yet been affected by the alleged market
manipulation.
1
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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 a Lecturer in economics at the Orfalea College of Business at
California Polytechnic State University San Luis Obispo (Cal Poly) where I have taught
managerial economics to graduate students, and international finance, macroeconomics and
intermediate microeconomics to undergraduates. I am also an affiliated expert at Crowninshield
Financial Research, Inc. (“Crowninshield”). 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, CRA International, and NERA. I have been retained by both plaintiffs and
defendants to consult on matters pertaining to market efficiency, materiality, loss causation and
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.
2
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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.
III. SUMMARY OF OPINIONS AND FINDINGS
OPINION 1: Seven of the nine Affected Companies traded in an efficient market
during the Relevant Period. These seven companies are: AMC, BB, BBBY, EXPR,
GME, NOK, and TRVG.
My opinions with respect to the seven companies are based on the following
observations, analyses, and /findings from the Relevant Period, set forth in detail below:
a. The average weekly trading volume of all seven companies as a percentage of shares
outstanding was higher than the 2% required to meet the strong-presumption-of-
efficiency benchmark set forth by the court in Cammer v. Bloom;2
b. Seven or more securities analysts followed each of the seven companies and there were
a multitude of news stories, and press releases published about, and SEC filings
published by, each company;
c. All seven companies traded on either the NYSE or the NASDAQ, and each had
numerous market makers;
d. Shares of all seven companies were owned by institutional investors;
2
Cammer v. Bloom, 711 F. Supp. 1264 (D.N.J. 1989).
3
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e. All seven companies were either eligible to file a Form S-3 Registration Statement (a
Form F-3 Registration Statement for foreign issuers Nokia and trivago), with the SEC
or did file a Form S-3 Registration Statement;
f. Empirical analyses that study the relationship between information flow and security
price movements demonstrate that a cause-and-effect relationship existed between
news flow and movements in the security price of the seven companies;
g. All seven companies had market capitalizations of at least $100 million;
h. All seven companies had float capitalizations of at least $75 million;
i. A review of data obtained from the Center for Research in Securities Prices (“CRSP”)
indicated that the bid-ask spreads for six of the seven companies were narrower than
market average bid-ask spreads.3
Table-1: Summary of Cammer & Krogman Factors
Affected Companies
Cammer/Krogman Factor AMC BB BBBY EXPR GME KOSS NOK TR TRVG
Trading Volume
Analyst Coverage
Market Makers
S-3/F-3 Registration
Empirical Demonstration
Market Capitalization
Float
Bid-Ask Spread
Notes:
[1] "" indicates that the Affected Company satisfied the associated Cammer/Krogman factor.
[1] "" indicates that the Affected Company did not satisfy the associated Cammer/Krogman factor
3
The Center for Research in Security Prices is a widely-used and generally accepted database for
obtaining daily data on publicly-traded securities.
4
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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 Robinhood Markets, Inc. (“Robinhood”)
Founded in 2013, Robinhood is a digital trading platform designed to be accessible
for any type of customer.4 Since its founding, Robinhood has marketed itself through its mission
statement of “democratizing finance for all.”5 According to the Company, its trading platform
allows its customers to “invest commission-free in U.S.-listed stocks and exchange-traded funds
(‘ETFs’), as well as related options and American Depository Receipts — all from their
smartphones.”6 Robinhood’s trading platform also allows for transactions in Cryptocurrencies.7
Robinhood claimed that it aimed to “grow with our customers over time as they build their wealth,
and create new and innovative products that are relevant to new and existing customers.”8
Plaintiffs allege that, from January 28, 2021, through and including February 4,
2021 (the “Class Period”), Robinhood manipulated the prices of the Affected Stocks by engaging
4
Robinhood Markets, Inc., Form 10-K for the fiscal Year ended December 31, 2021, filed
February 24, 2022, p.5.
5
Robinhood Markets, Inc., Form 10-K for the fiscal Year ended December 31, 2021, filed
February 24, 2022, p.5.
6
Robinhood Markets, Inc., Form 10-K for the fiscal Year ended December 31, 2021, filed
February 24, 2022, p.6.
7
Robinhood Markets, Inc., Form 10-K for the fiscal Year ended December 31, 2021, filed
February 24, 2022, p.7.
8
Robinhood Markets, Inc., Form 10-K for the fiscal Year ended December 31, 2021, filed
February 24, 2022, p.10.
5
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in conduct that artificially distorted the markets’ supply and demand for these shares over six
trading sessions.9
B. About the Affected Companies
The Affected Companies are all familiar brand names in retail, entertainment, and
consumer services, well-known to American consumers.
1. AMC
Founded in 1920, AMC Entertainment Holdings owns and operates movie theaters
in the U.S. and Europe through its subsidiaries, such as American Multi-Cinema, Inc.10 AMC’s
stock price at the close of trading on January 27, 2021, was $19.90 per share. By the close of
trading on February 4, 2021, AMC stock had fallen to $7.09 per share, a decline of 64.37% from
the close of trading on January 27, 2021.11
2. BB
BlackBerry Limited was founded in 1984 and offers a range of products and
services designed to help customers manage and secure their endpoints, including devices,
applications, and data. 12 The company also provides services such as professional services,
cybersecurity consulting, and training to help customers implement and optimize their security
solutions.13 At the close of trading on January 27, 2021, the price of BB stock was $25.10 per
9
Complaint, ¶6.
10
AMC Entertainment Holdings, Inc., Form 10-K for the fiscal year ended December 31, 2020,
filed December 4, 2020, p. 5.
11
Share data obtained from CRSP.
12
BlackBerry Limited, Form 10-K for the fiscal year ended February 28, 2021, filed March 31,
2021, p.4.
13
BlackBerry Limited, Form 10-K for the fiscal year ended February 28, 2021, filed March 31,
2021, pp.4-6.
6
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share. By the close of trading on February 4, 2021, BB stock had fallen to $12.15 per share, a
decline of 51.59% from the close of trading on January 27, 2021.14
3. BBBY
Bed Bath & Beyond is an “omnichannel retailer” that sells a wide variety of
merchandise in categories such as “bedding, bath, kitchen food prep, home organization, indoor
décor, baby and personal care.”15 At the close of trading on January 27, 2021, the price of BBBY
was $52.89 per share. By the close of trading on February 4, 2021, BBBY stock had fallen to
$27.01 per share by February 4, 2021, a decline of 48.93% from the close of trading on January
27, 2021.16
4. EXPR
Express, Inc. was founded in 1980 and is a fashion retailer for women’s and men’s
clothing. 17 Express operates stores in multiple countries, offering a wide selection of fashion
apparel, accessories, and personal care items.18 At the close of trading on January 27, 2021, the
price of EXPR stock was $9.55 per share. By the close of trading on February 4, 2021, EXPR
stock had fallen to $3.28 per share, a decline of 65.65% from the close of trading on January 27,
2021.19
14
Share data obtained from CRSP.
15
Bed Bath & Beyond Inc., Form 10-K for the fiscal year ended February 27, 2021, filed April
22, 2021, p.4.
16
Share data obtained from CRSP.
17
Express, Inc., Form 10-K for the fiscal year ended January 30, 2021, filed March 25, 2021, p.5.
18
Express, Inc., Form 10-K for the fiscal year ended January 30, 2021, filed March 25, 2021, p.5.
19
Share data obtained from CRSP.
7
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5. GME
GameStop is a retailer of video games and accessories, software, and collectibles.20
At the close of trading on January 27, 2021, the price of GME stock was $347.51 per share. By
the close of trading on February 4, 2021, GME stock had fallen to $53.50 per share, a decline of
84.60% from the close of trading on January 27, 2021.21
6. KOSS
Koss Corporation was founded in 1971 and is a designer and manufacturer of high-
fidelity stereo headphones and related accessories.22 At the close of trading on January 27, 2021,
Koss’ stock price was $58.00 per share. By the close of trading on February 4, 2021, KOSS stock
had fallen to $18.80 per share, a decline of 67.59% from the close of trading on January 27, 2021.23
7. TR
Tootsie Roll Industries, Inc. was founded in 1896 and is a manufacturer and seller
of confectionery, or candy, products.24 At the close of trading on January 27, 2021, TR’s stock
20
GameStop Corp., Form 10-K for the fiscal year ended January 30, 2021, filed March 23, 2021,
pp.1-2.
21
Share data obtained from CRSP.
22
Koss Corporation, Form 10-K for the fiscal year ended June 30, 2020, filed August 27, 2020,
p.1.
23
Share data obtained from CRSP.
24
Tootsie Roll Industries, Inc., Form 10-K for the fiscal year ended December 31, 2020, filed
March 1, 2021, p.3.
8
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price was $42.85 per share. By the close of trading on February 4, 2021, TR stock had fallen to
$31.42 per share, a decline of 26.67% from the close of trading on January 27, 2021.25
8. NOK
Nokia Corporation was founded in 1865 and is a provider of technology and
services for telecommunications networks, as well as a provider of advanced technology
development and licensing.26 At the close of trading on January 27, 2021, the price of the NOK
ADS was $6.55 per share. By the close of trading on February 4, 2021, the price of the NOK ADS
had fallen to $4.37 per share, a decline of 33.28% from the close of trading on January 27, 2021.27
9. TRVG
Trivago N.V. was founded in Germany in 2005 and is a global “hotel and
accommodation search platform,” providing customers with a range of accommodations options
and information to help them find and book hotels.28 At the close of trading on January 27, 2021,
the price of TRVG ADS was $3.19 per share. By the close of trading on February 4, 2021, the
price of TRVG ADS had fallen to $2.40 per share, a decline of 24.76% from the close of trading
on January 27, 2021.29
25
Share data obtained from CRSP.
26
Nokia Corporation, Form 20-F for the fiscal year ended December 31, 2020, filed March 4,
2021, pp.23-32.
27
Share data obtained from CRSP.
28
Trivago N.V., Form 20-F for the fiscal year ended December 31, 2020, filed March 5, 2021,
p.36.
29
Share data obtained from CRSP.
9
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V. EFFICIENCY OF THE MARKET FOR AFFECTED COMPANIES’ SECURITIES
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.30 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
things, market-wide factors. Campbell et al. [1997] provide a detailed description of the
methodology and document its wide use in academic research.31
Additionally, event studies have been utilized in securities class actions to assess
loss causation and damages by analyzing artificial inflation. 32 Gold et al. [2017] write that
financial economists generally accept and widely use the methodology in such forensic
applications.33
30
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.
31
“Event-Study Analysis,” by John Campbell et al., Chapter 4 of The Econometrics of Financial
Markets, Princeton University Press, 1997.
32
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.
33
“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.
10
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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.34
Financial economists also believe that the number of analysts that follow a
company is related 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
and recommendations). Accordingly, it can be expected that the larger the number
of analysts following a security, the more efficiently it is traded.35
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.36 Larger companies tend to attract more analyst and news
media coverage and gain the attention of a greater number of investors. All these characteristics,
34
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.
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, p. 292.
36
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).
11
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which accompany a large market capitalization, promote, and therefore tend to support, market
efficiency.
A narrow bid-ask spread 37 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 liquidity38
or cost of trading.39 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.
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.40 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:
37
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).
38
Liquidity refers to the degree to which investors can buy and sell a security in the market without
affecting the price.
39
See, e.g., Trading & Exchanges: Market Microstructure for Practitioners, by Larry Harris,
Oxford University Press, 2003, pp. 420-441.
40
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’”).
12
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[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).41
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 …42
In advance of laying out a number of criteria that courts should examine in
determining market efficiency, the Cammer court credited securities law 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.43
41
Cammer, 711 F. Supp. at 1273, n. 11.
42
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 . . .”).
43
Cammer, 711 F. Supp. at 1292.
13
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C. The Cammer Factors and Their Application in This Case
The Cammer court applied five factors to determine market efficiency. 44
Widely-accepted academic finance literature provides the economic basis for these factors as
indicia of market efficiency. The five factors considered are (i) a security’s average weekly trading
volume; (ii) analyst coverage; (iii) number of market makers; (iv) eligibility to file an SEC Form
S-3; and (v) 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.”45 More specifically, the court
credited Bromberg who recognized that “turnover measured by average weekly trading of 2% or
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.”46
For the Affected Companies, Table-2 below shows the average weekly trading
volume, the average weekly trading volume as a percentage of their stock outstanding, and the
Cammer benchmark that was satisfied, if any.
44
Cammer, 711 F. Supp. at 1286-87.
45
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”).
46
Cammer, 711 F. Supp. at 1293.
14
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Table-2: Weekly Trading Volumes During the Relevant Period
Average Weekly Average Weely Trading
Affected Trading Volume Volume as a % of Passes 1% Passes 2%
Company (Shares) Shares Outstanding Benchmark? Benchmark?
AMC 115,519,246 112.3% Yes Yes
BB 70,040,916 12.5% Yes Yes
BBBY 59,306,423 47.3% Yes Yes
EXPR 30,622,930 47.3% Yes Yes
GME 52,319,732 77.6% Yes Yes
KOSS 1,863,512 24.7% Yes Yes
NOK 186,003,876 25.2% Yes Yes
TR 1,143,380 2.9% Yes Yes
TRVG 3,789,684 6.9% Yes Yes
Sources: CRSP and SEC filings of Affected Companies.
For all Affected Companies, the level of average weekly trading volume exceeds
the Cammer benchmark of 2% necessary for a “strong presumption” of market efficiency and
exceeds the benchmark of 1% necessary for a “substantial presumption” of market efficiency. 47
Thus, one can make a strong presumption of market efficiency during the Relevant Period for all
the Affected Companies based on average trading volume.
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.”48 If investment professionals
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
47
Volume data obtained from CRSP.
48
Cammer, 711 F. Supp. at 1286.
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satisfied the Cammer benchmark of at least ten market makers required for a “substantial
presumption” of market efficiency. Furthermore, as the Cammer court considered market-making
infrastructure as indicative of the efficiency of a security’s market, that a stock trades on either the
NYSE or NASDAQ further supports a finding of market efficiency because these exchanges are
some of the most renowned, most liquid, and most efficient stock trading forums in the world.
The Cammer court explicitly acknowledged the importance of either a NASDAQ
or NYSE listing and the implications of such a listing for market efficiency, explaining that market
efficiency can reasonably be presumed for securities traded on these markets.
“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.”55
As shown in Table-5 above, all Affected Companies traded on either the NYSE or
NASDAQ exchanges.
A related 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.”56
55
Cammer, 711 F. Supp. at 1292 (quoting Bromberg and Lowenfels [1988], §8.6).
56
“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.
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primary offerings over any period of 12 calendar months.”57 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.58
The Cammer court noted that Form S-3 Registration Statement 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.59
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.60
The ‘public float’ aspect of the Form S-3 requirements ensures that enough
investors have in fact read the previously filed document.61
Again, it is the number of shares traded and value of shares outstanding that
involve the facts which imply efficiency.62
57
“Revisions to The Eligibility Requirements for Primary Securities Offerings on Forms S-3 And
F-3,” SEC Release No. 33-8878, December 19, 2007.
58
See, e.g., Nguyen v. Radient Pharm. Corp., 287 F.R.D. 563, 573 (C.D. Cal. 2012).
59
Cammer, 711 F. Supp. at 1284-85.
60
Cammer, 711 F. Supp. at 1284-85.
61
Cammer, 711 F. Supp. at 1285.
62
Cammer, 711 F. Supp. at 1287.
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financial releases and an immediate response in the stock price.”63 To demonstrate this cause-and-
effect relationship, I conducted collective event study tests investigating whether the market for
each of the nine Affected Companies’ common stock was efficient. As indicated above, the event
study is the preeminent 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.64
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.”65 Campbell et al. [1997] provide a
detailed background and description of how event studies are used in econometric analysis.66 Gold
et al. [2017] write about how the methodology is generally accepted and widely used in forensic
applications.67
63
Cammer, 711 F. Supp. at 1287.
64
“Efficient Capital Markets: II,” by Eugene F. Fama, The Journal of Finance, Vol. 46, No. 5,
1991, p. 1607.
65
“Event Studies: A Methodology Review,” by Charles J. Corrado, Accounting and Finance, Vol.
51, 2011, p. 207.
66
“Event-Study Analysis,” by John Campbell et al., Chapter 4 of The Econometrics of Financial
Markets, Princeton University Press, 1997.
67
“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 such an 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 information
flow and reactions 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 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.68 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.
68
“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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a. Regression Parameters and Methodology
(1) 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 the Affected
Companies’ stock prices typically behaved in relation to the overall stock market and industry-
specific factors during the Relevant Period. 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.
For each of the Affected Companies, I ran a regression modeling the return of the
Affected Companies’ common stock prices 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:
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.
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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 for all Affected Companies,
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. Appendix-A shows the peer
group I selected for each Affected Company for use as an industry index, as well as the
methodology I applied to determine that selection.
Exhibit-3a to 3i presents the stock prices, trading volumes, and stock price returns
for all Affected Companies during the Relevant Period. Exhibit-4 presents the Market Index return
for the Relevant Period. Exhibit-5 presents the appropriate Industry Index return for all Affected
Companies during the Relevant Period.69
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. In each instance, I ran the regression over the Relevant Period. In event study
69
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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analysis, the choice of using the period preceding the event window, here the year prior to
Robinhood’s challenged actions, as the regression estimation period is a widely used and generally
accepted methodology.70
For each Affected Company, I also used dummy variables in the regression model
to control for the potentially abnormal returns on each Affected Company’s earnings
announcement dates and on January 27, 2021. Using dummy variables to control for potentially
atypical observations in the regression estimation period so that the model parameters can better
reflect typical stock price dynamics, is a widely used and generally accepted methodology.71
The results of the regressions for the Affected Companies are summarized in
Exhibits-6a to 6i.
(2) t-Test
For each day during the Relevant Period and for each Affected Company, I
conducted a statistical test called a t-test to determine whether an Affected Companies’ 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
70
“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.)
71
See, e.g., “Event Studies with a Contaminated Estimation Period,” by Nihat Aktas et al., Journal
of Corporate Finance, vol. 13., 2007; “Testing for Market Efficiency: A Comparison of the
Cumulative Average Residual Methodology and Intervention Analysis,” by David Larcker et al.,
Journal of Financial and Quantitative Analysis, vol. 15, no. 2, 1980.
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the random volatility explanation can be rejected. If a 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.
Exhibit-7a to Exhibit-7i presents the daily event study results for all Affected
Companies.
b. 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 important 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 the Affected Companies 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 Relevant Period for each Affected Company. The idea that the frequency of news
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releases on a particular topic is an indicator of its import has been established in content analysis
studies, for example:
“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.”72
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 Relevant Period for each Affected
Company 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. 73 For each Affected Company, to identify my high information flow and low
information flow test groups, I separated the Relevant Period days based on the number of news
articles published each day. I established a rank for each day in the Relevant 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 253 days in the Relevant Period. Thus, the 25 days with the
72
Content Analysis: An Introduction to Its Methodology, by Klaus Krippendorff, 2nd edition, 2004,
p. 59 (emphasis in original).
73
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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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.”74
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
statistical evidence that the market incorporates new public information into the
price of the stock.75
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.76 If the
74
“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.
75
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.
76
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
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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 an Affected Company, one can conclude for that company that its
stock price reacted to information during the Relevant Period. Such a result would demonstrate a
cause-and-effect relationship between news and reactions in the price of an Affected Company’s
stock, thereby demonstrating market efficiency.
Similar tests are commonly employed by both plaintiff and defense experts in
securities litigation to test for a cause-and-effect relationship.77 Such statistical analysis has also
been accepted by courts when assessing market efficiency:78
[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
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.
77
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.
78
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.
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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.79
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.
c. Cause-and-Effect Analysis: Results and Findings
For eight of the nine Affected Companies there was clear evidence of a cause-and-
effect relationship between news and reactions in the Companies’ stock prices. Specifically, the
Fisher’s Exact Test found that for AMC, BB, BBBY, EXPR, GME, KOSS, NOK, and TRVG there
was a statistically significant difference between high information flow days and low information
flow days during the Relevant Period. Table-9 below summarizes the test parameters and results.
Fisher’s Exact Test p-values that are less than 5% are statistically significant at the 95% confidence
level. The eight companies all had p-values of less than 1%, i.e. greater than a 99% confidence
level), and all but one had confidence levels greater than 99.5%.
79
McIntire v. China MediaExpress Holdings, Inc., 38 F. Supp. 3d 415 (S.D.N.Y. 2014), at 430.
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Table-9: Collective Test Results for Relevant Period
High Information Flow Days Low Information Flow Days
Fisher's
Affected Statistically % of Statistically % of Exact Test
[1]
Company Total Days Significant Days Significant Days Total Days Significant Days Significant Days P-Value
AMC 25 8 32.00% 228 11 4.82% 0.01%
BB 26 6 23.08% 227 6 2.64% 0.04%
BBBY 26 9 34.62% 227 12 5.29% 0.00%
EXPR 25 5 20.00% 228 9 3.95% 0.68%
GME 26 8 30.77% 227 5 2.20% 0.00%
KOSS 32 6 18.75% 221 5 2.26% 0.08%
NOK 25 6 24.00% 228 11 4.82% 0.30%
TR 28 2 7.14% 225 11 4.89% 64.25%
TRVG 27 6 22.22% 226 8 3.54% 0.14%
Sources: Factiva, CRSP, Bloomberg, and computations performed by Crowinshield Financial Research, Inc.
Note:
[1] Fisher's Exact Test p-values that are less than 5% are statistically significant at the 95% confidence level, or greater.
The results of these statistical tests support the conclusion that the stock prices for
eight of the nine Affected Companies reacted to information during the Relevant Period.
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 Court of Appeals 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.
1. Market Capitalization
Economists have often considered the market value of a firm when attempting to
determine market efficiency. Larger capitalization companies tend to attract more analyst and news
media coverage and gain the attention of greater numbers of investors, including very large
institutional investors, factors themselves indicative of 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
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VI. COMMON DAMAGE METHODOLOGY
Plaintiffs’ counsel has asked me to opine on whether per share damages could be
measured for each Class member under Sections 9(a)(2) and 10(b) of the Exchange Act using a
common methodology for all Class members.84
A. Sections 9(a)(2) and 10(b) Damages Methodology
Economic analysis can be used to estimate the relationship between Robinhood’s
alleged manipulation of the Affected Companies’ share prices and the subsequent decline in those
shares’ prices. The methodologies a financial economist can employ to calculate individual and
class-wide damages stemming from stock price manipulation will accommodate alternative
potential determinations of liability.
I have been informed by counsel for Plaintiffs that under Sections 9(a)(2) and 10(b)
of the Exchange Act, in a case where class members are defrauded sellers, the measure of damages
“is the difference between the fair value of all that the [] seller received and the fair value of what
he would have received had there been no fraudulent conduct, … .”85
Class-wide damages in response to Robinhood’s manipulation of the Affected
Companies’ shares prices ultimately established by the Plaintiffs can be calculated in a
straightforward manner common to all Class members.
84
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 of the litigation. The loss causation analysis
that will be necessary to calculate actual damages in the current case requires the full development
of the record.
Affiliated Ute Citizens of Utah v. United States, 406 U.S. 128, 155, 92 S. Ct. 1456, 1473, 31 L.
85
Ed. 2d 741 (1972).
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For example, damages for a defrauded seller can be measured as the difference
between the market value of the Affected Companies’ shares’ prices at close of trading on January
27, 2021 (before Robinhood first implemented various alleged restrictions), and the prices at which
Class Members sold their shares during the Class Period, reduced by non-Robinhood related price
deflation. The method is summarized below.
First, analytic tools would be used to establish that Robinhood’s alleged market
manipulation caused the price of the Affected Companies’ shares to fall and remain deflated during
the Class Period. Assuming a verdict for the Plaintiffs on the allegations of market manipulation,
damages under Sections 9(a)(2) and 10(b) for each security can thus be measured as follows:
a. An empirical model will be developed that apportions the responsibility for the
deflation in the Affected Companies’ shares by taking into account a variety of factors,
that may include the timing, duration, and nature of the various trading restrictions
imposed during the Class Period by Robinhood and others, relevant news entering the
market, trading volume of Robinhood’s customers in the Affected Companies’
securities, share price movements in response to imposition and lifting of various
restrictions, and other factors not related to the restrictions.
b. Once the above-described loss causation analyses have disaggregated all of the
Affected Companies’ share price declines resulting from any factors unrelated to
Robinhood’s alleged manipulative conduct, one is able to determine the portion of the
difference between the shares’ market prices at close of trading on January 27, 2021,
and investors’ sale prices during the Class Period that is attributable to Robinhood’s
allegedly fraudulent conduct.
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c. The PSLRA 90-day look-back provision applied in artificial inflation cases based upon
misrepresentations and omissions does not appear to apply to potentially cap damages
on market manipulation claims such as here based on the text of the statute:
(1) In general; Except as provided in paragraph (2), in any private action arising
under this chapter in which the plaintiff seeks to establish damages by reference to
the market price of a security, the award of damages to the plaintiff shall not exceed
the difference between the purchase or sale price paid or received, as appropriate,
by the plaintiff for the subject security and the mean trading price of that security
during the 90-day period beginning on the date on which the information
correcting the misstatement or omission that is the basis for the action is
disseminated to the market.86
Because the Plaintiffs’ market manipulation claims do not allege the correction of
a misstatement or omission, but rather Robinhood’s eventual lifting of its trading restrictions in
the Affected Companies’ shares, the 90-day lookback provision by its terms does not appear to
apply. Nonetheless, if the Court were to determine the 90-day look-back provision applies, it is a
relatively straight-forward and simple calculation once it is determined when the period
commences for each security. 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 Sections 9(a)(2)
and 10(b) can be computed in the same way, common to all Class members, using readily
available pricing information, in accordance with widely-used and generally-accepted
methodologies.
86
15 U.S.C.A. § 78u-4 (West) (emphasis added).
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I have not been asked to evaluate loss causation or to calculate damages for any of
the claims alleged on behalf of the Class, and such calculations will depend, in part, on the
completion of discovery. However, the methodology described above is generally accepted and
widely used for calculating damages under the Exchange Act consistently on a class-wide basis in
securities class actions. To the extent that there are specific issues complicating the quantification
of artificial deflation and damages, such as potential confounding information, these issues relate
to the merits 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 seven of the nine
Affected Companies’ shares, specifically AMC Entertainment Holdings, Inc., Bed Bath & Beyond
Inc., BlackBerry Ltd., Express Inc., GameStop Corp., Nokia Corp., and trivago N.V. traded in
efficient markets with regard to publicly disclosed information for the one-year period prior to 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.
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VIII. APPENDIX-A
To control for industry-related factors for each Affected Company, I examined their
respective Form 10-Ks and Annual Reports filed during the Relevant Period in order to identify
the index each Affected Company compared its stock price performance to. For six of the nine
Affected Companies, I was able to identify a suitable Industry Index though this methodology.
Table-13 below presents the results of this process:
Table-13: Industry Index Selection Based on SEC Filings
Affected Company Appropriate Industry Index Source
"A self-determined peer group consisting of Cinemark
AMC Form 10-K, filed February 28, 2020, p. 30.
Holdings, Inc. (CNK) and IMAX Corporation (IMAX)"
BBBY S&P Specialty Retail Index Form 10-K, filed April 29, 2020, p. 17.
BB S&P 500 Information Technology index Form 10-K, filed February 29, 2020, p. 25.
EXPR Dow Jones U.S. Apparel Retailers Index Form 10-K, filed March 17, 2020, p. 22.
GME Dow Jones Specialty Retailers Index Form 10-K, filed March 27, 2020, p. 14.
TR Dow Jones US Food Producers Index Form 10-K, filed February 28, 2020, p. 11.
For the remaining three Affected Companies, NOK, KOSS, and TRVG, I was not
able to identify a comparable industry index within each companies’ 10-K and Annual Report
filings during the Relevant Period. I instead relied on the Global Industry Classification Standard
(“GICS”) identifier for each of the three companies to identify an appropriate industry index. I
first obtained the GICS identifier for NOK, KOSS, and TRVG from Bloomberg. Because GICS
identifiers denote the industry sector that the associated company belongs to, I was able to
determine the appropriate comparison industry for NOK, KOSS, and TRVG. Subsequently, I
identified an S&P index that reflects the appropriate comparison industry for each of the three
companies, respectively.87 The results of this process are summarized in Table-14 below:
87
The GICS Identifier is composed of up to eight numerical digits, with every two digits
representing a different level of sector classification. The first two digits denote a company’s
“sector”, the next two digits denote a company’s “industry group”, the fifth and sixth digits denotes
a company’s “industry”, and the final two digits denote a company’s “sub-industry.” For the
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Table-14: Industry Index Selection Based on GICS
Affected Company GICS Identifer Industry Classification Chosen Industry Index
S&P 500 Communications
NOK 452010 Communications Equipment
Equipment Industry Index
S&P 500 Household Durables
KOSS 252010 Household Durables
Industry Index
Interactive Media & S&P 500 Interactive Media &
TRVG 502030
Services Services Industry Index
purposes of my analyses, I selected NOK, KOSS, and TRVG’s peer index based on each
company’s “industry” classification.
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IX. APPENDIX-B
To determine the samples of high information flow days and low information flow
days for purposes of the collective tests I performed, I began by searching for all news articles
published about each of the nine Affected Companies through the news aggregator Factiva. Factiva
provides a search tool to identify specified news articles published about most U.S. traded
companies during a specified period. By default, this search function is displayed as follows:
As shown above, there are twelve modifiable options for how to parameterize the
Factiva search, “date range”, “duplicates”, “source”, “author”, “company”, “Factiva expert
search”, “subject”, “industry”, “region”, “look-up language”, “more options”, and a “Free Text
Search” that allows for searching specific words or phrases. For purposes of the collective tests I
performed, I modified three out of the eleven options, these were: “date range”, “duplicates”, and
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Exhibit-8 presents the number of unique news articles I counted for each day of the
Relevant Period across the nine Affected Companies.
X. 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: February 16, 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
TEACHING EXPERIENCE
2014 – Present 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
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.
“CAFE Economics: A Note on the Limits and Effectiveness of Fuel Economy
Regulation.” With Stephen Sheppard, 1992.
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Exhibit-1
Curriculum Vitae
Adam Werner, Ph.D.
“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.
“Capital Formation: Class Action Litigation and Prevention.” Speech and panel
discussion focusing on securities class action litigation, which sometimes arise from
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Exhibit-1
Curriculum Vitae
Adam Werner, Ph.D.
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.
EXPERT REPORTS AND TESTIMONY
In Re: NIO, Inc. Securities Litigation. Issued a declaration and provided deposition
testimony (2022) on market efficiency and issued a rebuttal declaration (2022) on market
efficiency and price impact in a securities class action. (Eastern District of New York).
Gelt Trading LTD. v. Co-Diagnostics, Inc., et al. Issued a declaration (2022) on market
efficiency and issued a rebuttal declaration (2022) on price impact in a securities class
action. ” (District of Utah, Central Division).
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Exhibit-1
Curriculum Vitae
Adam Werner, Ph.D.
6D Global Technologies, Inc. Securities Litigation. Issued a declaration (2022) on loss
causation and damages in a securities class action. (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 provided trial testimony
(2022) on materiality in a case brought by the SEC (U.S.D.C. Central District of
California).
In Re: Omega Healthcare Investors, Inc. Securities Litigation. Issued a declaration
(2022), provided deposition testimony (2022), and issued a rebuttal declaration (2022) on
market efficiency in a securities class action. (Southern District of New York).
Andrew Trampe v. CD Projekt S.A. Issued a declaration (2022) on aggregate damages in
a securities class action. (Central District of California).
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 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 in
a securities class action (U.S.D.C. Central District of California, 2021).
Peter Voulgaris, et al. v. Array Biopharma Inc., et al. Issued a declaration on market
efficient in a securities class action (District of Colorado, 2021).
In re Innocoll Holdings Public Limited Company Securities Litigation. Issued a report
(2020), provided deposition testimony (2020) on market efficiency, and issued a rebuttal
report (2020) 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. Issues a report (2020) and provided
deposition testimony (2020) on market efficiency 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 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).
50
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Exhibit-1
Curriculum Vitae
Adam Werner, Ph.D.
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 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 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 in a securities class action
(U.S.D.C. District of Nevada).
Amanda Beezley et al. v. Fenix Parts, Inc., et al. Issued a declaration on market
efficiency in a securities class action (U.S.D.C. Northern District of Illinois, Eastern
Division, 2019).
Michael Desta, 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 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 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 in a securities class action (U.S.D.C. Northern
District of California).
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Exhibit-1
Curriculum Vitae
Adam Werner, Ph.D.
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 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).
Fred Kelsey, et al. v. Textura Corporation, et al. Issued a declaration (2017) and
provided deposition testimony (2017) on market efficiency 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 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
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Exhibit-1
Curriculum Vitae
Adam Werner, Ph.D.
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 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 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).
Mark Henning, Roman Zaretski and Chrisitan Stillmark v. Orient Paper, Inc. et al. Issued
a declaration (2011), a supplemental declaration (2012) and provided deposition
testimony (2012) regarding market efficiency 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 (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 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).
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Exhibit-1
Curriculum Vitae
Adam Werner, Ph.D.
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).
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).
54
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Exhibit-1
Curriculum Vitae
Adam Werner, Ph.D.
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
Consolidated Class Action Complaint, filed November 30, 2021.
NEWS ARTICLES AND PRESS RELEASES
See, Appendix B.
SEC FILINGS
AMC Entertainment Holdings, Inc., Form 10-K for the fiscal year ended December
31, 2020, filed December 4, 2020.
BlackBerry Limited, Form 10-K for the fiscal year ended February 28, 2021, filed
March 31, 2021.
Bed Bath & Beyond Inc., Form 10-K for the fiscal year ended February 27, 2021,
filed April 22, 2021.
Express, Inc., Form 10-K for the fiscal year ended January 30, 2021, filed March 25,
2021.
GameStop Corp., Form 10-K for the fiscal year ended January 30, 2021, filed March
23, 2021.
Koss Corporation, Form 10-K for the fiscal year ended June 30, 2020, filed August
27, 2020.
Nokia Corporation, Form 20-F for the fiscal year ended December 31, 2020, filed
March 4, 2021.
Robinhood Markets, Inc., Form 10-K for the fiscal Year ended December 31, 2021,
filed February 24, 2022.
Tootsie Roll Industries, Inc., Form 10-K for the fiscal year ended December 31, 2020,
filed March 1, 2021.
Trivago N.V., Form 20-F for the fiscal year ended December 31, 2020, filed March 5,
2021.
ACADEMIC AND PROFESSIONAL LITERATURE
Aktas, Nihat, Eric de Bodt, and Jean-Gabriel Cousin, “Event Studies with a
Contaminated Estimation Period,” Journal of Corporate Finance, vol. 13., 2007
56
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Exhibit-2
Documents and Other Information Considered
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.
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.
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
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, p. 415.
Krippendorff, Klaus, Content Analysis: An Introduction to Its Methodology, 2nd
edition, 2004
Kaye, David H., and David A. Freeman, “Reference Guide on Statistics,” in
Reference Manual on Scientific Evidence, 3rd Edition, The National Academies
Press, 2011.
Larcker, David, Lawrence A. Gordon, and George E. Pinches, “Testing for Market
Efficiency: A Comparison of the Cumulative Average Residual Methodology and
Intervention Analysis,” Journal of Financial and Quantitative Analysis, vol. 15, no.
2, 1980.
57
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206
Exhibit-2
Documents and Other Information Considered
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.
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.
DATA AND DATABASES
Bloomberg
CRSP (Center for Research in Security Prices)
EDGAR
Factiva
Refinitiv Eikon
LEGAL CASES
Affiliated Ute Citizens of Utah v. United States, 406 U.S. 128, 155, 92 S. Ct. 1456,
1473, 31 L. Ed. 2d 741 (1972).
Amgen Inc. v. Conn. Ret. Plans & Trust Funds, 568 U.S. 455, 458 (2013).
Basic, Inc. v. Levinson, 485 U.S. 224, 241 (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)
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.
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).
Vinh Nguyen v. Radient Pharm. Corp., 287 F.R.D. 563, 573 (C.D. Cal. 2012).
58
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Exhibit-2
Documents and Other Information Considered
OTHER
15 U.S.C.A. § 78u-4 (West) Section 9(a)(2) of the Securities Exchange Act of 1934.
“Revisions to The Eligibility Requirements for Primary Securities Offerings on
Forms S-3 And F-3,” SEC Release No. 33-8878, December 19, 2007.
Section 9(a)(2) of the Securities Exchange Act of 1934
Section 10(b) of the Securities Exchange Act of 1934.
Other documents cited in my report.
59
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206
Exhibit-3a
AMC Market Efficiency Statistics
January 28, 2020 through January 27, 2021
Closing Average
Log Closing Closing Bid/Ask Bid/Ask Outstanding Market
Date Closing Price Dividend Return Volume Bid Ask Spread Spread % Shares Capitalization
[a] [b] [b] [c] [d] [e] [f] [g]
1/28/2020 $6.79 $0.00 6.54% 2,094,738 $6.79 $6.80 $0.01 0.15% 52,080,077 $353,623,723
1/29/2020 $6.77 $0.00 -0.29% 1,438,201 $6.76 $6.77 $0.01 0.15% 52,080,077 $352,582,121
1/30/2020 $6.84 $0.00 1.03% 1,640,585 $6.82 $6.83 $0.01 0.15% 52,080,077 $356,227,727
1/31/2020 $6.52 $0.00 -4.79% 1,883,250 $6.51 $6.52 $0.01 0.15% 52,080,077 $339,562,102
2/3/2020 $6.45 $0.00 -1.08% 1,413,558 $6.44 $6.45 $0.01 0.16% 52,080,077 $335,916,497
2/4/2020 $6.65 $0.00 3.05% 2,004,517 $6.65 $6.66 $0.01 0.15% 52,080,077 $346,332,512
2/5/2020 $7.00 $0.00 5.13% 2,167,202 $7.00 $7.01 $0.01 0.14% 52,080,077 $364,560,539
2/6/2020 $6.75 $0.00 -3.64% 2,713,416 $6.74 $6.75 $0.01 0.15% 52,080,077 $351,540,520
2/7/2020 $6.55 $0.00 -3.01% 2,063,102 $6.55 $6.56 $0.01 0.15% 52,080,077 $341,124,504
2/10/2020 $6.79 $0.00 3.60% 1,360,325 $6.79 $6.80 $0.01 0.15% 52,080,077 $353,623,723
2/11/2020 $6.94 $0.00 2.19% 1,568,457 $6.94 $6.95 $0.01 0.14% 52,080,077 $361,435,734
2/12/2020 $6.86 $0.00 -1.16% 1,922,115 $6.85 $6.86 $0.01 0.15% 52,080,077 $357,269,328
2/13/2020 $7.00 $0.00 2.02% 1,553,432 $6.99 $7.00 $0.01 0.14% 52,080,077 $364,560,539
2/14/2020 $7.10 $0.00 1.42% 1,706,158 $7.09 $7.10 $0.01 0.14% 52,080,077 $369,768,547
2/18/2020 $7.04 $0.00 -0.85% 2,143,451 $7.04 $7.05 $0.01 0.14% 52,080,077 $366,643,742
2/19/2020 $7.31 $0.00 3.76% 2,308,485 $7.30 $7.31 $0.01 0.14% 52,080,077 $380,705,363
2/20/2020 $7.76 $0.00 5.97% 3,649,063 $7.76 $7.77 $0.01 0.13% 52,080,077 $404,141,398
2/21/2020 $7.46 $0.00 -3.94% 3,035,195 $7.46 $7.47 $0.01 0.13% 52,472,503 $391,444,872
2/24/2020 $7.05 $0.00 -5.65% 3,210,933 $7.04 $7.05 $0.01 0.14% 52,472,503 $369,931,146
2/25/2020 $6.55 $0.00 -7.36% 4,180,967 $6.55 $6.56 $0.01 0.15% 52,472,503 $343,694,895
2/26/2020 $5.93 $0.00 -9.94% 7,181,255 $5.91 $5.92 $0.01 0.17% 52,472,503 $311,161,943
2/27/2020 $6.09 $0.00 2.66% 6,293,973 $6.07 $6.08 $0.01 0.16% 52,472,503 $319,557,543
2/28/2020 $6.26 $0.00 2.75% 7,556,372 $6.26 $6.27 $0.01 0.16% 52,472,503 $328,477,869
3/2/2020 $6.11 $0.00 -2.43% 4,585,413 $6.11 $6.12 $0.01 0.16% 52,472,503 $320,606,993
3/3/2020 $5.81 $0.00 -5.03% 3,842,979 $5.80 $5.81 $0.01 0.17% 52,472,503 $304,865,242
3/4/2020 $5.82 $0.00 0.17% 4,483,701 $5.82 $5.83 $0.01 0.17% 52,472,503 $305,389,967
3/5/2020 $4.92 $0.00 -16.80% 5,853,094 $4.91 $4.92 $0.01 0.20% 52,472,503 $258,164,715
3/6/2020 $4.53 $0.03 -7.60% 4,599,926 $4.52 $4.53 $0.01 0.22% 52,472,503 $237,700,439
3/9/2020 $3.85 $0.00 -16.26% 3,404,003 $3.84 $3.85 $0.01 0.26% 52,472,503 $202,019,137
3/10/2020 $4.20 $0.00 8.70% 3,686,953 $4.19 $4.20 $0.01 0.24% 52,472,503 $220,384,513
3/11/2020 $3.64 $0.00 -14.31% 4,080,272 $3.63 $3.64 $0.01 0.28% 52,472,503 $190,999,911
3/12/2020 $2.91 $0.00 -22.38% 8,058,027 $2.90 $2.91 $0.01 0.34% 52,472,503 $152,694,984
3/13/2020 $3.22 $0.00 10.12% 6,158,287 $3.21 $3.22 $0.01 0.31% 52,472,503 $168,961,460
3/16/2020 $2.60 $0.00 -21.39% 8,497,882 $2.60 $2.61 $0.01 0.38% 52,472,503 $136,428,508
3/17/2020 $2.48 $0.00 -4.73% 7,685,679 $2.47 $2.48 $0.01 0.40% 52,472,503 $130,131,807
3/18/2020 $2.47 $0.00 -0.40% 7,753,495 $2.48 $2.49 $0.01 0.40% 52,472,503 $129,607,082
3/19/2020 $3.37 $0.00 31.07% 8,614,592 $3.36 $3.37 $0.01 0.30% 52,472,503 $176,832,335
3/20/2020 $3.19 $0.00 -5.49% 5,753,982 $3.18 $3.19 $0.01 0.31% 52,472,503 $167,387,285
3/23/2020 $3.15 $0.00 -1.26% 6,481,282 $3.14 $3.15 $0.01 0.32% 52,472,503 $165,288,384
3/24/2020 $3.56 $0.00 12.24% 5,168,287 $3.54 $3.55 $0.01 0.28% 52,472,503 $186,802,111
3/25/2020 $3.46 $0.00 -2.85% 8,112,920 $3.39 $3.40 $0.01 0.29% 52,472,503 $181,554,860
3/26/2020 $3.70 $0.00 6.71% 5,104,322 $3.69 $3.70 $0.01 0.27% 52,472,503 $194,148,261
3/27/2020 $3.60 $0.00 -2.74% 3,431,371 $3.59 $3.60 $0.01 0.28% 52,472,503 $188,901,011
3/30/2020 $3.04 $0.00 -16.91% 4,219,670 $3.05 $3.06 $0.01 0.33% 52,472,503 $159,516,409
3/31/2020 $3.16 $0.00 3.87% 3,640,469 $3.15 $3.16 $0.01 0.32% 52,472,503 $165,813,109
4/1/2020 $2.62 $0.00 -18.74% 5,898,611 $2.62 $2.63 $0.01 0.38% 52,472,503 $137,477,958
4/2/2020 $2.24 $0.00 -15.67% 8,808,060 $2.23 $2.24 $0.01 0.45% 52,472,503 $117,538,407
4/3/2020 $2.27 $0.00 1.33% 7,493,379 $2.26 $2.27 $0.01 0.44% 52,472,503 $119,112,582
4/6/2020 $2.88 $0.00 23.80% 6,912,015 $2.86 $2.87 $0.01 0.35% 52,472,503 $151,120,809
4/7/2020 $3.14 $0.00 8.64% 8,977,051 $3.12 $3.13 $0.01 0.32% 52,472,503 $164,763,659
4/8/2020 $3.30 $0.00 4.97% 7,997,628 $3.25 $3.26 $0.01 0.31% 52,472,503 $173,159,260
4/9/2020 $2.60 $0.00 -23.84% 13,981,180 $2.59 $2.60 $0.01 0.39% 52,472,503 $136,428,508
4/13/2020 $2.08 $0.00 -22.31% 19,784,092 $2.06 $2.07 $0.01 0.48% 52,472,503 $109,142,806
4/14/2020 $2.18 $0.00 4.70% 11,747,929 $2.17 $2.18 $0.01 0.46% 52,472,503 $114,390,057
4/15/2020 $2.41 $0.00 10.03% 11,377,998 $2.40 $2.41 $0.01 0.42% 52,472,503 $126,458,732
4/16/2020 $2.44 $0.00 1.24% 6,290,822 $2.43 $2.44 $0.01 0.41% 52,472,503 $128,032,907
4/17/2020 $3.20 $0.00 27.12% 26,799,889 $3.20 $3.21 $0.01 0.31% 52,472,503 $167,912,010
4/20/2020 $3.18 $0.00 -0.63% 10,787,232 $3.18 $3.19 $0.01 0.31% 52,472,503 $166,862,560
4/21/2020 $3.25 $0.00 2.18% 5,788,407 $3.25 $3.26 $0.01 0.31% 52,472,503 $170,535,635
60
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206
Exhibit-3a
AMC Market Efficiency Statistics
January 28, 2020 through January 27, 2021
Closing Average
Log Closing Closing Bid/Ask Bid/Ask Outstanding Market
Date Closing Price Dividend Return Volume Bid Ask Spread Spread % Shares Capitalization
[a] [b] [b] [c] [d] [e] [f] [g]
4/22/2020 $3.18 $0.00 -2.18% 4,572,152 $3.17 $3.18 $0.01 0.31% 52,472,503 $166,862,560
4/23/2020 $3.11 $0.00 -2.23% 4,318,845 $3.09 $3.10 $0.01 0.32% 52,472,503 $163,189,484
4/24/2020 $3.05 $0.00 -1.95% 3,652,454 $3.05 $3.06 $0.01 0.33% 52,472,503 $160,041,134
4/27/2020 $3.36 $0.00 9.68% 5,667,215 $3.35 $3.36 $0.01 0.30% 52,472,503 $176,307,610
4/28/2020 $4.14 $0.00 20.88% 21,601,087 $4.14 $4.15 $0.01 0.24% 52,472,503 $217,236,162
4/29/2020 $5.19 $0.00 22.60% 27,162,376 $5.20 $5.21 $0.01 0.19% 52,472,503 $272,332,291
4/30/2020 $4.92 $0.00 -5.34% 11,235,643 $4.92 $4.93 $0.01 0.20% 52,472,503 $258,164,715
5/1/2020 $4.57 $0.00 -7.38% 6,746,774 $4.53 $4.54 $0.01 0.22% 52,472,503 $239,799,339
5/4/2020 $4.30 $0.00 -6.09% 5,601,427 $4.29 $4.30 $0.01 0.23% 52,472,503 $225,631,763
5/5/2020 $3.89 $0.00 -10.02% 7,504,517 $3.88 $3.89 $0.01 0.26% 52,472,503 $204,118,037
5/6/2020 $3.92 $0.00 0.77% 3,105,656 $3.92 $3.93 $0.01 0.25% 52,472,503 $205,692,212
5/7/2020 $3.99 $0.00 1.77% 4,110,313 $3.99 $4.00 $0.01 0.25% 52,472,503 $209,365,287
5/8/2020 $4.10 $0.00 2.72% 3,607,855 $4.09 $4.10 $0.01 0.24% 52,472,503 $215,137,262
5/11/2020 $5.32 $0.00 26.05% 106,553,326 $5.32 $5.33 $0.01 0.19% 52,472,503 $279,153,716
5/12/2020 $5.12 $0.00 -3.83% 19,681,891 $5.09 $5.10 $0.01 0.20% 52,472,503 $268,659,215
5/13/2020 $4.60 $0.00 -10.71% 10,433,364 $4.60 $4.61 $0.01 0.22% 52,472,503 $241,373,514
5/14/2020 $4.55 $0.00 -1.09% 5,920,537 $4.50 $4.51 $0.01 0.22% 52,472,503 $238,749,889
5/15/2020 $4.52 $0.00 -0.66% 3,483,157 $4.50 $4.51 $0.01 0.22% 52,472,503 $237,175,714
5/18/2020 $4.72 $0.00 4.33% 6,073,843 $4.70 $4.71 $0.01 0.21% 52,472,503 $247,670,214
5/19/2020 $4.56 $0.00 -3.45% 4,929,792 $4.55 $4.56 $0.01 0.22% 52,472,503 $239,274,614
5/20/2020 $4.66 $0.00 2.17% 3,489,476 $4.65 $4.66 $0.01 0.21% 52,472,503 $244,521,864
5/21/2020 $4.63 $0.00 -0.65% 4,555,029 $4.60 $4.61 $0.01 0.22% 52,472,503 $242,947,689
5/22/2020 $4.58 $0.00 -1.09% 2,408,834 $4.57 $4.58 $0.01 0.22% 52,472,503 $240,324,064
5/26/2020 $5.11 $0.00 10.95% 8,864,112 $5.10 $5.11 $0.01 0.20% 52,472,503 $268,134,490
5/27/2020 $5.60 $0.00 9.16% 7,862,371 $5.62 $5.63 $0.01 0.18% 52,472,503 $293,846,017
5/28/2020 $5.07 $0.00 -9.94% 6,604,395 $5.07 $5.08 $0.01 0.20% 52,472,503 $266,035,590
5/29/2020 $5.13 $0.00 1.18% 5,158,931 $5.16 $5.17 $0.01 0.19% 52,472,503 $269,183,940
6/1/2020 $5.31 $0.00 3.45% 3,913,113 $5.31 $5.32 $0.01 0.19% 52,472,503 $278,628,991
6/2/2020 $5.59 $0.00 5.14% 6,877,826 $5.64 $5.65 $0.01 0.18% 52,549,593 $293,752,225
6/3/2020 $5.45 $0.00 -2.54% 15,353,693 $5.44 $5.45 $0.01 0.18% 52,549,593 $286,395,282
6/4/2020 $5.38 $0.00 -1.29% 8,572,557 $5.38 $5.39 $0.01 0.19% 52,549,593 $282,716,810
6/5/2020 $5.91 $0.00 9.40% 9,240,931 $5.90 $5.91 $0.01 0.17% 52,549,593 $310,568,095
6/8/2020 $6.45 $0.00 8.74% 8,587,142 $6.45 $6.46 $0.01 0.15% 52,549,593 $338,944,875
6/9/2020 $5.99 $0.00 -7.40% 7,394,309 $5.98 $5.99 $0.01 0.17% 52,549,593 $314,772,062
6/10/2020 $6.29 $0.00 4.89% 15,322,626 $6.28 $6.29 $0.01 0.16% 52,549,593 $330,536,940
6/11/2020 $5.17 $0.00 -19.61% 9,179,401 $5.16 $5.17 $0.01 0.19% 52,549,593 $271,681,396
6/12/2020 $5.89 $0.00 13.04% 7,352,885 $5.88 $5.89 $0.01 0.17% 52,549,593 $309,517,103
6/15/2020 $5.80 $0.00 -1.54% 5,541,446 $5.79 $5.80 $0.01 0.17% 52,549,593 $304,787,639
6/16/2020 $5.56 $0.00 -4.23% 5,911,939 $5.55 $5.56 $0.01 0.18% 52,549,593 $292,175,737
6/17/2020 $5.42 $0.00 -2.55% 3,030,810 $5.42 $5.43 $0.01 0.18% 52,549,593 $284,818,794
6/18/2020 $5.63 $0.00 3.80% 5,619,724 $5.63 $5.64 $0.01 0.18% 52,549,593 $295,854,209
6/19/2020 $5.52 $0.00 -1.97% 13,137,394 $5.51 $5.52 $0.01 0.18% 52,549,593 $290,073,753
6/22/2020 $5.33 $0.00 -3.50% 4,412,845 $5.32 $5.33 $0.01 0.19% 52,549,593 $280,089,331
6/23/2020 $5.10 $0.00 -4.41% 5,699,306 $5.09 $5.10 $0.01 0.20% 52,549,593 $268,002,924
6/24/2020 $4.79 $0.00 -6.27% 8,104,133 $4.78 $4.79 $0.01 0.21% 52,549,593 $251,712,550
6/25/2020 $4.27 $0.00 -11.49% 8,251,419 $4.26 $4.27 $0.01 0.23% 52,549,593 $224,386,762
6/26/2020 $4.18 $0.00 -2.13% 5,601,002 $4.15 $4.16 $0.01 0.24% 52,549,593 $219,657,299
6/29/2020 $4.42 $0.00 5.58% 9,321,558 $4.42 $4.43 $0.01 0.23% 52,549,593 $232,269,201
6/30/2020 $4.29 $0.00 -2.99% 3,653,414 $4.27 $4.28 $0.01 0.23% 52,549,593 $225,437,754
7/1/2020 $4.57 $0.00 6.32% 4,914,525 $4.56 $4.57 $0.01 0.22% 52,549,593 $240,151,640
7/2/2020 $4.53 $0.00 -0.88% 3,908,373 $4.53 $4.54 $0.01 0.22% 52,549,593 $238,049,656
7/6/2020 $4.28 $0.00 -5.68% 5,489,739 $4.28 $4.29 $0.01 0.23% 52,549,593 $224,912,258
7/7/2020 $4.13 $0.00 -3.57% 2,667,634 $4.13 $4.14 $0.01 0.24% 52,549,593 $217,029,819
7/8/2020 $4.43 $0.00 7.01% 5,586,820 $4.43 $4.44 $0.01 0.23% 52,549,593 $232,794,697
7/9/2020 $4.57 $0.00 3.11% 4,225,655 $4.56 $4.57 $0.01 0.22% 52,549,593 $240,151,640
7/10/2020 $4.60 $0.00 0.65% 3,306,121 $4.58 $4.59 $0.01 0.22% 52,549,593 $241,728,128
7/13/2020 $4.26 $0.00 -7.68% 4,464,782 $4.25 $4.26 $0.01 0.24% 52,549,593 $223,861,266
7/14/2020 $4.22 $0.00 -0.94% 3,291,433 $4.20 $4.21 $0.01 0.24% 52,549,593 $221,759,282
7/15/2020 $4.50 $0.00 6.42% 4,830,736 $4.50 $4.51 $0.01 0.22% 52,549,593 $236,473,169
61
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 66 of
206
Exhibit-3a
AMC Market Efficiency Statistics
January 28, 2020 through January 27, 2021
Closing Average
Log Closing Closing Bid/Ask Bid/Ask Outstanding Market
Date Closing Price Dividend Return Volume Bid Ask Spread Spread % Shares Capitalization
[a] [b] [b] [c] [d] [e] [f] [g]
7/16/2020 $4.38 $0.00 -2.70% 1,997,485 $4.38 $4.39 $0.01 0.23% 52,549,593 $230,167,217
7/17/2020 $4.27 $0.00 -2.54% 2,105,464 $4.27 $4.28 $0.01 0.23% 52,549,593 $224,386,762
7/20/2020 $4.15 $0.00 -2.85% 2,393,094 $4.15 $4.16 $0.01 0.24% 52,549,593 $218,080,811
7/21/2020 $4.15 $0.00 0.00% 1,932,022 $4.14 $4.15 $0.01 0.24% 52,549,593 $218,080,811
7/22/2020 $4.03 $0.00 -2.93% 2,798,769 $4.03 $4.04 $0.01 0.25% 52,549,593 $211,774,860
7/23/2020 $4.06 $0.00 0.74% 3,614,295 $4.05 $4.06 $0.01 0.25% 52,549,593 $213,351,348
7/24/2020 $4.00 $0.00 -1.49% 3,282,351 $4.00 $4.01 $0.01 0.25% 52,549,593 $210,198,372
7/27/2020 $3.87 $0.00 -3.30% 2,980,499 $3.86 $3.87 $0.01 0.26% 52,549,593 $203,366,925
7/28/2020 $4.15 $0.00 6.99% 6,226,584 $4.14 $4.15 $0.01 0.24% 52,549,593 $218,080,811
7/29/2020 $4.16 $0.00 0.24% 5,489,414 $4.15 $4.16 $0.01 0.24% 52,549,593 $218,606,307
7/30/2020 $4.12 $0.00 -0.97% 3,699,061 $4.11 $4.12 $0.01 0.24% 52,549,593 $216,504,323
7/31/2020 $4.04 $0.00 -1.96% 2,592,848 $4.03 $4.04 $0.01 0.25% 52,549,593 $212,300,356
8/3/2020 $4.11 $0.00 1.72% 4,048,779 $4.10 $4.11 $0.01 0.24% 57,549,593 $236,528,827
8/4/2020 $4.10 $0.00 -0.24% 3,267,795 $4.09 $4.10 $0.01 0.24% 57,549,593 $235,953,331
8/5/2020 $4.15 $0.00 1.21% 1,702,312 $4.15 $4.16 $0.01 0.24% 57,549,593 $238,830,811
8/6/2020 $4.14 $0.00 -0.24% 3,742,639 $4.12 $4.13 $0.01 0.24% 57,549,593 $238,255,315
8/7/2020 $4.75 $0.00 13.74% 24,917,444 $4.74 $4.75 $0.01 0.21% 57,549,593 $273,360,567
8/10/2020 $4.47 $0.00 -6.08% 5,048,156 $4.47 $4.48 $0.01 0.22% 57,549,593 $257,246,681
8/11/2020 $4.56 $0.00 1.99% 5,794,835 $4.56 $4.57 $0.01 0.22% 57,549,593 $262,426,144
8/12/2020 $4.64 $0.00 1.74% 2,466,462 $4.63 $4.64 $0.01 0.22% 57,549,593 $267,030,112
8/13/2020 $5.31 $0.00 13.49% 23,259,216 $5.30 $5.31 $0.01 0.19% 57,549,593 $305,588,339
8/14/2020 $5.54 $0.00 4.24% 12,055,836 $5.53 $5.54 $0.01 0.18% 57,549,593 $318,824,745
8/17/2020 $5.60 $0.00 1.08% 7,159,171 $5.60 $5.61 $0.01 0.18% 57,549,593 $322,277,721
8/18/2020 $5.35 $0.00 -4.57% 5,790,682 $5.34 $5.35 $0.01 0.19% 57,549,593 $307,890,323
8/19/2020 $5.39 $0.00 0.74% 5,728,301 $5.38 $5.39 $0.01 0.19% 57,549,593 $310,192,306
8/20/2020 $5.69 $0.00 5.42% 13,728,403 $5.68 $5.69 $0.01 0.18% 57,549,593 $327,457,184
8/21/2020 $5.19 $0.00 -9.20% 8,216,874 $5.18 $5.20 $0.02 0.39% 57,549,593 $298,682,388
8/24/2020 $5.41 $0.00 4.15% 8,498,191 $5.41 $5.42 $0.01 0.18% 57,549,593 $311,343,298
8/25/2020 $5.54 $0.00 2.37% 5,296,893 $5.53 $5.54 $0.01 0.18% 57,549,593 $318,824,745
8/26/2020 $5.60 $0.00 1.08% 4,419,399 $5.59 $5.60 $0.01 0.18% 57,549,593 $322,277,721
8/27/2020 $6.52 $0.00 15.21% 31,921,159 $6.51 $6.52 $0.01 0.15% 57,549,593 $375,223,346
8/28/2020 $6.30 $0.00 -3.43% 9,903,997 $6.29 $6.30 $0.01 0.16% 57,549,593 $362,562,436
8/31/2020 $5.88 $0.00 -6.90% 9,820,238 $5.88 $5.90 $0.02 0.34% 57,549,593 $338,391,607
9/1/2020 $6.07 $0.00 3.18% 9,709,376 $6.07 $6.08 $0.01 0.16% 57,549,593 $349,326,030
9/2/2020 $7.04 $0.00 14.82% 43,056,236 $7.02 $7.03 $0.01 0.14% 57,549,593 $405,149,135
9/3/2020 $6.60 $0.00 -6.45% 10,626,608 $6.60 $6.61 $0.01 0.15% 57,549,593 $379,827,314
9/4/2020 $7.02 $0.00 6.17% 9,328,807 $7.01 $7.02 $0.01 0.14% 57,549,593 $403,998,143
9/8/2020 $6.42 $0.00 -8.93% 6,667,449 $6.41 $6.42 $0.01 0.16% 57,549,593 $369,468,387
9/9/2020 $6.26 $0.00 -2.52% 5,578,212 $6.26 $6.27 $0.01 0.16% 57,549,593 $360,260,452
9/10/2020 $5.94 $0.00 -5.25% 5,881,820 $5.93 $5.94 $0.01 0.17% 57,549,593 $341,844,582
9/11/2020 $5.79 $0.00 -2.56% 4,863,006 $5.79 $5.80 $0.01 0.17% 57,549,593 $333,212,143
9/14/2020 $5.54 $0.00 -4.41% 4,638,082 $5.53 $5.54 $0.01 0.18% 57,549,593 $318,824,745
9/15/2020 $5.52 $0.00 -0.36% 5,099,315 $5.52 $5.53 $0.01 0.18% 57,549,593 $317,673,753
9/16/2020 $5.76 $0.00 4.26% 4,390,816 $5.76 $5.77 $0.01 0.17% 57,549,593 $331,485,656
9/17/2020 $5.72 $0.00 -0.70% 2,619,665 $5.71 $5.72 $0.01 0.17% 57,549,593 $329,183,672
9/18/2020 $5.67 $0.00 -0.88% 2,428,464 $5.66 $5.67 $0.01 0.18% 57,549,593 $326,306,192
9/21/2020 $5.32 $0.00 -6.37% 4,563,153 $5.32 $5.33 $0.01 0.19% 57,549,593 $306,163,835
9/22/2020 $5.21 $0.00 -2.09% 2,090,061 $5.20 $5.21 $0.01 0.19% 57,549,593 $299,833,380
9/23/2020 $4.78 $0.00 -8.61% 4,285,151 $4.77 $4.78 $0.01 0.21% 57,549,593 $275,087,055
9/24/2020 $4.61 $0.00 -3.62% 4,569,670 $4.60 $4.61 $0.01 0.22% 57,549,593 $265,303,624
9/25/2020 $4.88 $0.00 5.69% 2,375,454 $4.88 $4.89 $0.01 0.20% 57,549,593 $280,842,014
9/28/2020 $4.91 $0.00 0.61% 4,676,540 $4.91 $4.92 $0.01 0.20% 57,549,593 $282,568,502
9/29/2020 $4.86 $0.00 -1.02% 2,521,765 $4.86 $4.87 $0.01 0.21% 57,549,593 $279,691,022
9/30/2020 $4.71 $0.00 -3.14% 2,515,422 $4.70 $4.71 $0.01 0.21% 58,149,593 $273,884,583
10/1/2020 $4.65 $0.00 -1.28% 3,223,808 $4.65 $4.66 $0.01 0.21% 58,149,593 $270,395,607
10/2/2020 $4.65 $0.00 0.00% 3,575,994 $4.65 $4.66 $0.01 0.21% 58,149,593 $270,395,607
10/5/2020 $4.13 $0.00 -11.86% 9,468,797 $4.12 $4.13 $0.01 0.24% 58,149,593 $240,157,819
10/6/2020 $4.06 $0.00 -1.71% 8,404,181 $4.05 $4.06 $0.01 0.25% 58,149,593 $236,087,348
10/7/2020 $4.04 $0.00 -0.49% 6,917,700 $4.03 $4.04 $0.01 0.25% 58,149,593 $234,924,356
62
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206
Exhibit-3a
AMC Market Efficiency Statistics
January 28, 2020 through January 27, 2021
Closing Average
Log Closing Closing Bid/Ask Bid/Ask Outstanding Market
Date Closing Price Dividend Return Volume Bid Ask Spread Spread % Shares Capitalization
[a] [b] [b] [c] [d] [e] [f] [g]
10/8/2020 $4.14 $0.00 2.45% 7,868,481 $4.13 $4.14 $0.01 0.24% 58,149,593 $240,739,315
10/9/2020 $4.05 $0.00 -2.20% 5,021,406 $4.05 $4.06 $0.01 0.25% 58,149,593 $235,505,852
10/12/2020 $4.08 $0.00 0.74% 3,245,671 $4.07 $4.08 $0.01 0.25% 58,149,593 $237,250,339
10/13/2020 $3.54 $0.00 -14.20% 10,164,744 $3.54 $3.55 $0.01 0.28% 58,149,593 $205,849,559
10/14/2020 $2.96 $0.00 -17.89% 31,761,265 $2.93 $2.94 $0.01 0.34% 58,149,593 $172,122,795
10/15/2020 $2.78 $0.00 -6.27% 9,808,591 $2.77 $2.78 $0.01 0.36% 58,149,593 $161,655,869
10/16/2020 $3.04 $0.00 8.94% 18,565,805 $3.03 $3.04 $0.01 0.33% 58,149,593 $176,774,763
10/19/2020 $3.54 $0.00 15.23% 40,385,068 $3.54 $3.55 $0.01 0.28% 58,149,593 $205,849,559
10/20/2020 $3.09 $0.00 -13.60% 15,978,782 $3.08 $3.09 $0.01 0.32% 58,149,593 $179,682,242
10/21/2020 $3.00 $0.00 -2.96% 7,277,305 $2.99 $3.00 $0.01 0.33% 58,149,593 $174,448,779
10/22/2020 $3.12 $0.00 3.92% 12,339,596 $3.11 $3.12 $0.01 0.32% 58,149,593 $181,426,730
10/23/2020 $2.97 $0.00 -4.93% 6,634,962 $2.97 $2.98 $0.01 0.34% 58,149,593 $172,704,291
10/26/2020 $2.75 $0.00 -7.70% 10,458,790 $2.75 $2.76 $0.01 0.36% 58,149,593 $159,911,381
10/27/2020 $2.79 $0.00 1.44% 11,251,269 $2.79 $2.80 $0.01 0.36% 58,149,593 $162,237,364
10/28/2020 $2.61 $0.00 -6.67% 8,141,103 $2.60 $2.61 $0.01 0.38% 58,149,593 $151,770,438
10/29/2020 $2.52 $0.00 -3.51% 9,019,304 $2.51 $2.52 $0.01 0.40% 58,149,593 $146,536,974
10/30/2020 $2.36 $0.00 -6.56% 11,013,232 $2.35 $2.36 $0.01 0.42% 85,624,174 $202,073,051
11/2/2020 $2.15 $0.00 -9.32% 11,180,071 $2.14 $2.15 $0.01 0.47% 85,624,174 $184,091,974
11/3/2020 $2.34 $0.00 8.47% 15,441,929 $2.33 $2.34 $0.01 0.43% 85,624,174 $200,360,567
11/4/2020 $2.31 $0.00 -1.29% 7,609,136 $2.31 $2.32 $0.01 0.43% 85,624,174 $197,791,842
11/5/2020 $2.46 $0.00 6.29% 8,056,242 $2.46 $2.47 $0.01 0.41% 85,624,174 $210,635,468
11/6/2020 $2.49 $0.00 1.21% 9,049,450 $2.49 $2.50 $0.01 0.40% 85,624,174 $213,204,193
11/9/2020 $3.77 $0.00 41.48% 132,510,953 $3.77 $3.78 $0.01 0.26% 85,624,174 $322,803,136
11/10/2020 $3.51 $0.00 -7.15% 42,129,263 $3.50 $3.51 $0.01 0.29% 85,624,174 $300,540,851
11/11/2020 $3.13 $0.00 -11.46% 24,066,098 $3.12 $3.13 $0.01 0.32% 85,624,174 $268,003,665
11/12/2020 $2.94 $0.00 -6.26% 14,836,046 $2.93 $2.94 $0.01 0.34% 85,624,174 $251,735,072
11/13/2020 $2.97 $0.00 1.02% 22,451,870 $2.96 $2.97 $0.01 0.34% 85,624,174 $254,303,797
11/16/2020 $3.11 $0.00 4.61% 47,604,346 $3.10 $3.11 $0.01 0.32% 85,624,174 $266,291,181
11/17/2020 $2.98 $0.00 -4.27% 22,482,959 $2.97 $2.98 $0.01 0.34% 85,624,174 $255,160,039
11/18/2020 $3.26 $0.00 8.98% 31,717,281 $3.25 $3.26 $0.01 0.31% 85,624,174 $279,134,807
11/19/2020 $3.19 $0.00 -2.17% 13,986,442 $3.18 $3.19 $0.01 0.31% 85,624,174 $273,141,115
11/20/2020 $3.35 $0.00 4.89% 17,088,783 $3.35 $3.36 $0.01 0.30% 85,624,174 $286,840,983
11/23/2020 $3.81 $0.00 12.87% 31,514,579 $3.79 $3.80 $0.01 0.26% 85,624,174 $326,228,103
11/24/2020 $4.58 $0.00 18.41% 62,884,604 $4.57 $4.58 $0.01 0.22% 85,624,174 $392,158,717
11/25/2020 $4.49 $0.00 -1.98% 22,647,306 $4.48 $4.49 $0.01 0.22% 85,624,174 $384,452,541
11/27/2020 $4.45 $0.00 -0.89% 10,097,374 $4.43 $4.44 $0.01 0.23% 85,624,174 $381,027,574
11/30/2020 $4.27 $0.00 -4.13% 16,554,987 $4.26 $4.27 $0.01 0.23% 85,624,174 $365,615,223
12/1/2020 $4.15 $0.00 -2.85% 12,293,499 $4.10 $4.11 $0.01 0.24% 85,624,174 $355,340,322
12/2/2020 $4.32 $0.00 4.01% 11,847,629 $4.31 $4.32 $0.01 0.23% 85,624,174 $369,896,432
12/3/2020 $3.63 $0.00 -17.40% 66,080,891 $3.62 $3.63 $0.01 0.28% 85,624,174 $310,815,752
12/4/2020 $3.51 $0.00 -3.36% 33,157,263 $3.50 $3.51 $0.01 0.29% 85,624,174 $300,540,851
12/7/2020 $3.56 $0.00 1.41% 20,503,852 $3.56 $3.57 $0.01 0.28% 85,624,174 $304,822,059
12/8/2020 $3.98 $0.00 11.15% 29,530,632 $3.97 $3.98 $0.01 0.25% 85,624,174 $340,784,213
12/9/2020 $3.86 $0.00 -3.06% 20,991,197 $3.86 $3.87 $0.01 0.26% 85,624,174 $330,509,312
12/10/2020 $4.09 $0.00 5.79% 19,872,845 $4.08 $4.09 $0.01 0.24% 85,624,174 $350,202,872
12/11/2020 $3.92 $0.00 -4.25% 22,310,377 $3.92 $3.93 $0.01 0.25% 85,624,174 $335,646,762
12/14/2020 $3.19 $0.00 -20.61% 67,158,976 $3.19 $3.20 $0.01 0.31% 108,898,373 $347,385,810
12/15/2020 $2.86 $0.00 -10.92% 54,432,125 $2.86 $2.87 $0.01 0.35% 108,898,373 $311,449,347
12/16/2020 $2.78 $0.00 -2.84% 25,423,239 $2.77 $2.78 $0.01 0.36% 108,898,373 $302,737,477
12/17/2020 $2.85 $0.00 2.49% 23,799,298 $2.83 $2.84 $0.01 0.35% 108,898,373 $310,360,363
12/18/2020 $2.80 $0.00 -1.77% 21,941,652 $2.78 $2.79 $0.01 0.36% 108,898,373 $304,915,444
12/21/2020 $2.68 $0.00 -4.38% 22,699,798 $2.67 $2.68 $0.01 0.37% 108,898,373 $291,847,640
12/22/2020 $2.59 $0.00 -3.42% 21,686,612 $2.58 $2.59 $0.01 0.39% 108,898,373 $282,046,786
12/23/2020 $2.56 $0.00 -1.17% 15,724,765 $2.55 $2.56 $0.01 0.39% 108,898,373 $278,779,835
12/24/2020 $2.51 $0.00 -1.97% 11,094,189 $2.51 $2.52 $0.01 0.40% 108,898,373 $273,334,916
12/28/2020 $2.39 $0.00 -4.90% 23,942,699 $2.38 $2.39 $0.01 0.42% 108,898,373 $260,267,111
12/29/2020 $2.29 $0.00 -4.27% 21,086,148 $2.29 $2.30 $0.01 0.44% 108,898,373 $249,377,274
12/30/2020 $2.16 $0.00 -5.84% 40,278,438 $2.15 $2.16 $0.01 0.46% 108,898,373 $235,220,486
12/31/2020 $2.12 $0.00 -1.87% 28,234,251 $2.11 $2.12 $0.01 0.47% 172,563,249 $365,834,088
63
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 68 of
206
Exhibit-3a
AMC Market Efficiency Statistics
January 28, 2020 through January 27, 2021
Closing Average
Log Closing Closing Bid/Ask Bid/Ask Outstanding Market
Date Closing Price Dividend Return Volume Bid Ask Spread Spread % Shares Capitalization
[a] [b] [b] [c] [d] [e] [f] [g]
1/4/2021 $2.01 $0.00 -5.33% 29,873,796 $2.01 $2.02 $0.01 0.50% 172,563,249 $346,852,130
1/5/2021 $1.98 $0.00 -1.50% 28,148,314 $1.98 $1.99 $0.01 0.50% 172,563,249 $341,675,233
1/6/2021 $2.01 $0.00 1.50% 67,363,337 $2.01 $2.02 $0.01 0.50% 172,563,249 $346,852,130
1/7/2021 $2.05 $0.00 1.97% 26,150,489 $2.05 $2.06 $0.01 0.49% 172,563,249 $353,754,660
1/8/2021 $2.14 $0.00 4.30% 39,553,343 $2.13 $2.14 $0.01 0.47% 172,563,249 $369,285,353
1/11/2021 $2.20 $0.00 2.77% 41,695,836 $2.19 $2.20 $0.01 0.46% 172,563,249 $379,639,148
1/12/2021 $2.29 $0.00 4.01% 41,784,333 $2.28 $2.29 $0.01 0.44% 172,563,249 $395,169,840
1/13/2021 $2.18 $0.00 -4.92% 45,847,659 $2.17 $2.18 $0.01 0.46% 172,563,249 $376,187,883
1/14/2021 $2.18 $0.00 0.00% 49,638,794 $2.17 $2.18 $0.01 0.46% 172,563,249 $376,187,883
1/15/2021 $2.33 $0.00 6.65% 162,356,375 $2.32 $2.33 $0.01 0.43% 172,563,249 $402,072,370
1/19/2021 $3.06 $0.00 27.25% 256,276,010 $3.05 $3.06 $0.01 0.33% 172,563,249 $528,043,542
1/20/2021 $2.97 $0.00 -2.99% 181,862,210 $2.96 $2.97 $0.01 0.34% 172,563,249 $512,512,850
1/21/2021 $2.98 $0.00 0.34% 64,823,844 $2.97 $2.98 $0.01 0.34% 172,563,249 $514,238,482
1/22/2021 $3.51 $0.00 16.37% 268,273,367 $3.51 $3.52 $0.01 0.28% 172,563,249 $605,697,004
1/25/2021 $4.42 $0.00 23.05% 443,238,115 $4.40 $4.41 $0.01 0.23% 172,563,249 $762,729,561
1/26/2021 $4.96 $0.00 11.53% 456,850,232 $4.94 $4.95 $0.01 0.20% 172,563,249 $855,913,715
1/27/2021 $19.90 $0.00 138.93% 1,253,254,000 $19.83 $19.89 $0.06 0.30% 172,563,249 $3,434,008,655
Average $4.38 $0.00 0.45% 24,199,684 $4.37 $4.38 $0.01 0.26% 68,927,026 $287.3 million
Median $4.20 $0.00 -0.94% 7,181,255 $4.19 $4.20 $0.01 0.24% 52,549,593 $270.4 million
High $19.90 $0.03 138.93% 1,253,254,000 $19.83 $19.89 $0.06 0.50% 172,563,249 $3,434.0 million
Low $1.98 $0.00 -23.84% 1,360,325 $1.98 $1.99 $0.01 0.13% 52,080,077 $109.1 million
Source: CRSP & SEC Filings.
64
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 69 of
206
Exhibit-3b
BB Market Efficiency Statistics
January 28, 2020 through January 27, 2021
Closing Average
Log Closing Closing Bid/Ask Bid/Ask Outstanding Market
Date Closing Price Dividend Return Volume Bid Ask Spread Spread % Shares Capitalization
[a] [b] [b] [c] [d] [e] [f] [g]
1/28/2020 $6.41 $0.00 2.37% 2,408,726 $6.41 $6.42 $0.01 0.16% 552,132,000 $3,539,166,120
1/29/2020 $6.34 $0.00 -1.10% 1,906,674 $6.34 $6.35 $0.01 0.16% 552,132,000 $3,500,516,880
1/30/2020 $6.24 $0.00 -1.59% 3,412,360 $6.24 $6.25 $0.01 0.16% 552,132,000 $3,445,303,680
1/31/2020 $6.10 $0.00 -2.27% 3,795,365 $6.09 $6.10 $0.01 0.16% 552,132,000 $3,368,005,200
2/3/2020 $6.21 $0.00 1.79% 3,790,705 $6.20 $6.21 $0.01 0.16% 552,132,000 $3,428,739,720
2/4/2020 $6.15 $0.00 -0.97% 7,154,668 $6.14 $6.15 $0.01 0.16% 552,132,000 $3,395,611,800
2/5/2020 $6.20 $0.00 0.81% 5,955,841 $6.20 $6.21 $0.01 0.16% 552,132,000 $3,423,218,400
2/6/2020 $6.13 $0.00 -1.14% 3,650,648 $6.13 $6.14 $0.01 0.16% 552,132,000 $3,384,569,160
2/7/2020 $6.02 $0.00 -1.81% 4,757,846 $6.02 $6.03 $0.01 0.17% 552,132,000 $3,323,834,640
2/10/2020 $6.05 $0.00 0.50% 3,873,618 $6.05 $6.06 $0.01 0.17% 552,132,000 $3,340,398,600
2/11/2020 $6.19 $0.00 2.29% 6,154,985 $6.19 $6.20 $0.01 0.16% 552,132,000 $3,417,697,080
2/12/2020 $6.07 $0.00 -1.96% 4,635,036 $6.07 $6.08 $0.01 0.16% 552,132,000 $3,351,441,240
2/13/2020 $6.00 $0.00 -1.16% 3,319,459 $5.99 $6.00 $0.01 0.17% 552,132,000 $3,312,792,000
2/14/2020 $5.83 $0.00 -2.87% 5,093,985 $5.82 $5.83 $0.01 0.17% 552,132,000 $3,218,929,560
2/18/2020 $6.09 $0.00 4.36% 13,150,626 $6.09 $6.10 $0.01 0.16% 552,132,000 $3,362,483,880
2/19/2020 $6.15 $0.00 0.98% 6,265,093 $6.14 $6.15 $0.01 0.16% 552,132,000 $3,395,611,800
2/20/2020 $6.16 $0.00 0.16% 4,414,264 $6.15 $6.16 $0.01 0.16% 552,132,000 $3,401,133,120
2/21/2020 $6.01 $0.00 -2.47% 3,272,395 $6.00 $6.01 $0.01 0.17% 552,132,000 $3,318,313,320
2/24/2020 $5.76 $0.00 -4.25% 5,541,683 $5.75 $5.76 $0.01 0.17% 552,132,000 $3,180,280,320
2/25/2020 $5.50 $0.00 -4.62% 9,081,546 $5.50 $5.51 $0.01 0.18% 552,132,000 $3,036,726,000
2/26/2020 $5.47 $0.00 -0.55% 6,546,410 $5.48 $5.49 $0.01 0.18% 552,132,000 $3,020,162,040
2/27/2020 $5.14 $0.00 -6.22% 7,885,515 $5.13 $5.14 $0.01 0.19% 552,132,000 $2,837,958,480
2/28/2020 $5.17 $0.00 0.58% 7,500,200 $5.17 $5.18 $0.01 0.19% 552,132,000 $2,854,522,440
3/2/2020 $5.08 $0.00 -1.76% 6,395,010 $5.07 $5.08 $0.01 0.20% 552,132,000 $2,804,830,560
3/3/2020 $4.93 $0.00 -3.00% 6,645,110 $4.92 $4.93 $0.01 0.20% 552,132,000 $2,722,010,760
3/4/2020 $4.92 $0.00 -0.20% 8,415,656 $4.91 $4.92 $0.01 0.20% 552,132,000 $2,716,489,440
3/5/2020 $4.67 $0.00 -5.21% 7,690,564 $4.66 $4.67 $0.01 0.21% 552,132,000 $2,578,456,440
3/6/2020 $4.44 $0.00 -5.05% 10,202,244 $4.43 $4.44 $0.01 0.23% 552,132,000 $2,451,466,080
3/9/2020 $3.85 $0.00 -14.26% 13,138,991 $3.85 $3.86 $0.01 0.26% 552,132,000 $2,125,708,200
3/10/2020 $4.20 $0.00 8.70% 9,966,285 $4.19 $4.20 $0.01 0.24% 552,132,000 $2,318,954,400
3/11/2020 $4.16 $0.00 -0.96% 13,680,830 $4.16 $4.17 $0.01 0.24% 552,132,000 $2,296,869,120
3/12/2020 $3.70 $0.00 -11.72% 10,503,526 $3.69 $3.70 $0.01 0.27% 552,132,000 $2,042,888,400
3/13/2020 $4.38 $0.00 16.87% 11,567,855 $4.38 $4.39 $0.01 0.23% 552,132,000 $2,418,338,160
3/16/2020 $3.39 $0.00 -25.62% 13,485,182 $3.38 $3.39 $0.01 0.30% 552,132,000 $1,871,727,480
3/17/2020 $2.90 $0.00 -15.61% 18,660,401 $2.89 $2.90 $0.01 0.35% 552,132,000 $1,601,182,800
3/18/2020 $3.18 $0.00 9.22% 9,992,944 $3.17 $3.18 $0.01 0.31% 552,132,000 $1,755,779,760
3/19/2020 $3.26 $0.00 2.48% 6,861,250 $3.26 $3.27 $0.01 0.31% 552,132,000 $1,799,950,320
3/20/2020 $3.38 $0.00 3.61% 8,340,609 $3.37 $3.38 $0.01 0.30% 552,132,000 $1,866,206,160
3/23/2020 $3.44 $0.00 1.76% 6,762,626 $3.43 $3.44 $0.01 0.29% 552,132,000 $1,899,334,080
3/24/2020 $3.62 $0.00 5.10% 5,548,704 $3.61 $3.62 $0.01 0.28% 552,132,000 $1,998,717,840
3/25/2020 $3.76 $0.00 3.79% 6,433,885 $3.77 $3.78 $0.01 0.26% 552,132,000 $2,076,016,320
3/26/2020 $3.93 $0.00 4.42% 5,852,673 $3.93 $3.94 $0.01 0.25% 554,226,702 $2,178,110,939
3/27/2020 $3.81 $0.00 -3.10% 3,833,627 $3.79 $3.80 $0.01 0.26% 554,226,702 $2,111,603,735
3/30/2020 $3.91 $0.00 2.59% 4,092,357 $3.91 $3.92 $0.01 0.26% 554,226,702 $2,167,026,405
3/31/2020 $4.13 $0.00 5.47% 7,443,025 $4.10 $4.12 $0.02 0.49% 554,226,702 $2,288,956,279
4/1/2020 $3.36 $0.00 -20.63% 11,581,259 $3.35 $3.36 $0.01 0.30% 554,226,702 $1,862,201,719
4/2/2020 $3.23 $0.00 -3.95% 9,663,751 $3.23 $3.24 $0.01 0.31% 554,226,702 $1,790,152,247
4/3/2020 $3.22 $0.00 -0.31% 5,268,114 $3.21 $3.22 $0.01 0.31% 554,226,702 $1,784,609,980
4/6/2020 $3.48 $0.00 7.77% 10,518,059 $3.47 $3.48 $0.01 0.29% 554,226,702 $1,928,708,923
4/7/2020 $3.61 $0.00 3.67% 6,674,615 $3.61 $3.62 $0.01 0.28% 554,226,702 $2,000,758,394
4/8/2020 $3.84 $0.00 6.18% 6,287,587 $3.84 $3.85 $0.01 0.26% 554,226,702 $2,128,230,536
4/9/2020 $3.76 $0.00 -2.11% 5,733,937 $3.75 $3.76 $0.01 0.27% 554,226,702 $2,083,892,400
4/13/2020 $3.86 $0.00 2.62% 6,801,189 $3.86 $3.87 $0.01 0.26% 554,226,702 $2,139,315,070
4/14/2020 $4.00 $0.00 3.56% 4,396,977 $3.99 $4.00 $0.01 0.25% 554,226,702 $2,216,906,808
4/15/2020 $3.70 $0.00 -7.80% 4,168,948 $3.70 $3.71 $0.01 0.27% 554,226,702 $2,050,638,797
4/16/2020 $4.01 $0.00 8.05% 8,747,518 $4.01 $4.02 $0.01 0.25% 554,226,702 $2,222,449,075
4/17/2020 $4.27 $0.00 6.28% 7,456,606 $4.27 $4.28 $0.01 0.23% 554,226,702 $2,366,548,018
4/20/2020 $4.09 $0.00 -4.31% 5,220,618 $4.08 $4.09 $0.01 0.24% 554,226,702 $2,266,787,211
4/21/2020 $3.92 $0.00 -4.25% 4,442,001 $3.91 $3.92 $0.01 0.26% 554,226,702 $2,172,568,672
65
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 70 of
206
Exhibit-3b
BB Market Efficiency Statistics
January 28, 2020 through January 27, 2021
Closing Average
Log Closing Closing Bid/Ask Bid/Ask Outstanding Market
Date Closing Price Dividend Return Volume Bid Ask Spread Spread % Shares Capitalization
[a] [b] [b] [c] [d] [e] [f] [g]
4/22/2020 $3.90 $0.00 -0.51% 4,220,995 $3.89 $3.90 $0.01 0.26% 554,226,702 $2,161,484,138
4/23/2020 $4.01 $0.00 2.78% 4,446,305 $3.99 $4.00 $0.01 0.25% 554,226,702 $2,222,449,075
4/24/2020 $4.04 $0.00 0.75% 3,716,880 $4.03 $4.04 $0.01 0.25% 554,226,702 $2,239,075,876
4/27/2020 $4.26 $0.00 5.30% 4,374,350 $4.25 $4.26 $0.01 0.24% 554,226,702 $2,361,005,751
4/28/2020 $4.21 $0.00 -1.18% 3,509,282 $4.21 $4.22 $0.01 0.24% 554,226,702 $2,333,294,415
4/29/2020 $4.37 $0.00 3.73% 4,752,616 $4.37 $4.38 $0.01 0.23% 554,226,702 $2,421,970,688
4/30/2020 $4.28 $0.00 -2.08% 2,819,126 $4.28 $4.29 $0.01 0.23% 554,226,702 $2,372,090,285
5/1/2020 $4.07 $0.00 -5.03% 5,532,259 $4.07 $4.08 $0.01 0.25% 554,226,702 $2,255,702,677
5/4/2020 $4.26 $0.00 4.56% 4,808,744 $4.26 $4.27 $0.01 0.23% 554,226,702 $2,361,005,751
5/5/2020 $4.27 $0.00 0.23% 4,529,384 $4.27 $4.28 $0.01 0.23% 554,226,702 $2,366,548,018
5/6/2020 $4.49 $0.00 5.02% 5,931,359 $4.49 $4.50 $0.01 0.22% 554,226,702 $2,488,477,892
5/7/2020 $4.60 $0.00 2.42% 6,126,711 $4.59 $4.60 $0.01 0.22% 554,226,702 $2,549,442,829
5/8/2020 $4.71 $0.00 2.36% 4,837,014 $4.70 $4.71 $0.01 0.21% 554,226,702 $2,610,407,766
5/11/2020 $4.58 $0.00 -2.80% 3,858,857 $4.58 $4.59 $0.01 0.22% 554,226,702 $2,538,358,295
5/12/2020 $4.50 $0.00 -1.76% 4,234,291 $4.50 $4.51 $0.01 0.22% 554,226,702 $2,494,020,159
5/13/2020 $4.46 $0.00 -0.89% 7,800,722 $4.46 $4.47 $0.01 0.22% 554,226,702 $2,471,851,091
5/14/2020 $4.46 $0.00 0.00% 5,701,985 $4.46 $4.47 $0.01 0.22% 554,226,702 $2,471,851,091
5/15/2020 $4.42 $0.00 -0.90% 3,104,406 $4.42 $4.43 $0.01 0.23% 554,226,702 $2,449,682,023
5/18/2020 $4.49 $0.00 1.57% 3,880,309 $4.48 $4.49 $0.01 0.22% 554,226,702 $2,488,477,892
5/19/2020 $4.49 $0.00 0.00% 3,895,942 $4.50 $4.51 $0.01 0.22% 554,226,702 $2,488,477,892
5/20/2020 $4.65 $0.00 3.50% 3,835,977 $4.65 $4.66 $0.01 0.21% 554,226,702 $2,577,154,164
5/21/2020 $4.54 $0.00 -2.39% 3,137,206 $4.54 $4.55 $0.01 0.22% 554,226,702 $2,516,189,227
5/22/2020 $4.54 $0.00 0.00% 2,244,502 $4.55 $4.56 $0.01 0.22% 554,226,702 $2,516,189,227
5/26/2020 $4.64 $0.00 2.18% 5,213,600 $4.63 $4.64 $0.01 0.22% 554,226,702 $2,571,611,897
5/27/2020 $4.66 $0.00 0.43% 4,856,973 $4.66 $4.67 $0.01 0.21% 554,226,702 $2,582,696,431
5/28/2020 $4.58 $0.00 -1.73% 3,476,945 $4.58 $4.59 $0.01 0.22% 554,226,702 $2,538,358,295
5/29/2020 $4.64 $0.00 1.30% 4,071,661 $4.64 $4.65 $0.01 0.22% 554,226,702 $2,571,611,897
6/1/2020 $4.92 $0.00 5.86% 17,257,045 $4.91 $4.92 $0.01 0.20% 554,226,702 $2,726,795,374
6/2/2020 $5.36 $0.00 8.57% 19,723,163 $5.35 $5.36 $0.01 0.19% 554,226,702 $2,970,655,123
6/3/2020 $5.21 $0.00 -2.84% 5,690,854 $5.21 $5.22 $0.01 0.19% 554,226,702 $2,887,521,117
6/4/2020 $5.23 $0.00 0.38% 4,554,043 $5.23 $5.24 $0.01 0.19% 554,226,702 $2,898,605,651
6/5/2020 $5.47 $0.00 4.49% 5,841,965 $5.47 $5.48 $0.01 0.18% 554,226,702 $3,031,620,060
6/8/2020 $5.79 $0.00 5.69% 6,199,272 $5.78 $5.79 $0.01 0.17% 554,226,702 $3,208,972,605
6/9/2020 $5.61 $0.00 -3.16% 3,714,656 $5.61 $5.62 $0.01 0.18% 554,226,702 $3,109,211,798
6/10/2020 $5.57 $0.00 -0.72% 2,857,473 $5.57 $5.58 $0.01 0.18% 554,226,702 $3,087,042,730
6/11/2020 $5.03 $0.00 -10.20% 5,896,497 $5.03 $5.04 $0.01 0.20% 554,226,702 $2,787,760,311
6/12/2020 $5.25 $0.00 4.28% 4,118,203 $5.25 $5.26 $0.01 0.19% 554,226,702 $2,909,690,186
6/15/2020 $4.99 $0.00 -5.08% 6,506,659 $4.98 $4.99 $0.01 0.20% 554,226,702 $2,765,591,243
6/16/2020 $5.22 $0.00 4.51% 5,589,399 $5.21 $5.22 $0.01 0.19% 554,226,702 $2,893,063,384
6/17/2020 $5.10 $0.00 -2.33% 3,608,088 $5.10 $5.11 $0.01 0.20% 554,226,702 $2,826,556,180
6/18/2020 $5.08 $0.00 -0.39% 3,764,923 $5.07 $5.08 $0.01 0.20% 554,226,702 $2,815,471,646
6/19/2020 $5.06 $0.00 -0.39% 8,341,747 $5.05 $5.06 $0.01 0.20% 554,226,702 $2,804,387,112
6/22/2020 $5.12 $0.00 1.18% 5,146,822 $5.12 $5.13 $0.01 0.20% 555,754,901 $2,845,465,093
6/23/2020 $5.10 $0.00 -0.39% 4,459,683 $5.09 $5.10 $0.01 0.20% 555,754,901 $2,834,349,995
6/24/2020 $4.92 $0.00 -3.59% 7,844,386 $4.91 $4.92 $0.01 0.20% 555,754,901 $2,734,314,113
6/25/2020 $4.85 $0.00 -1.43% 7,956,484 $4.84 $4.85 $0.01 0.21% 555,754,901 $2,695,411,270
6/26/2020 $4.72 $0.00 -2.72% 4,769,237 $4.72 $4.73 $0.01 0.21% 555,754,901 $2,623,163,133
6/29/2020 $4.80 $0.00 1.68% 4,448,689 $4.80 $4.81 $0.01 0.21% 555,754,901 $2,667,623,525
6/30/2020 $4.89 $0.00 1.86% 4,433,244 $4.88 $4.89 $0.01 0.20% 555,754,901 $2,717,641,466
7/1/2020 $4.78 $0.00 -2.28% 3,522,810 $4.77 $4.78 $0.01 0.21% 555,754,901 $2,656,508,427
7/2/2020 $4.85 $0.00 1.45% 6,370,645 $4.85 $4.86 $0.01 0.21% 555,754,901 $2,695,411,270
7/6/2020 $5.02 $0.00 3.45% 4,578,880 $5.01 $5.02 $0.01 0.20% 555,754,901 $2,789,889,603
7/7/2020 $4.80 $0.00 -4.48% 2,831,925 $4.79 $4.80 $0.01 0.21% 555,754,901 $2,667,623,525
7/8/2020 $4.84 $0.00 0.83% 2,486,568 $4.83 $4.84 $0.01 0.21% 555,754,901 $2,689,853,721
7/9/2020 $4.81 $0.00 -0.62% 2,714,799 $4.81 $4.82 $0.01 0.21% 555,754,901 $2,673,181,074
7/10/2020 $4.73 $0.00 -1.68% 2,852,055 $4.73 $4.74 $0.01 0.21% 555,754,901 $2,628,720,682
7/13/2020 $4.58 $0.00 -3.22% 3,526,853 $4.57 $4.58 $0.01 0.22% 555,754,901 $2,545,357,447
7/14/2020 $4.58 $0.00 0.00% 3,662,843 $4.57 $4.58 $0.01 0.22% 555,754,901 $2,545,357,447
7/15/2020 $4.71 $0.00 2.80% 3,575,771 $4.70 $4.71 $0.01 0.21% 555,754,901 $2,617,605,584
66
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 71 of
206
Exhibit-3b
BB Market Efficiency Statistics
January 28, 2020 through January 27, 2021
Closing Average
Log Closing Closing Bid/Ask Bid/Ask Outstanding Market
Date Closing Price Dividend Return Volume Bid Ask Spread Spread % Shares Capitalization
[a] [b] [b] [c] [d] [e] [f] [g]
7/16/2020 $4.65 $0.00 -1.28% 2,076,326 $4.65 $4.66 $0.01 0.21% 555,754,901 $2,584,260,290
7/17/2020 $4.80 $0.00 3.17% 2,793,988 $4.80 $4.81 $0.01 0.21% 555,754,901 $2,667,623,525
7/20/2020 $4.99 $0.00 3.88% 3,248,585 $4.98 $4.99 $0.01 0.20% 555,754,901 $2,773,216,956
7/21/2020 $4.85 $0.00 -2.85% 3,337,432 $4.85 $4.86 $0.01 0.21% 555,754,901 $2,695,411,270
7/22/2020 $4.79 $0.00 -1.24% 2,395,528 $4.78 $4.79 $0.01 0.21% 555,754,901 $2,662,065,976
7/23/2020 $4.74 $0.00 -1.05% 3,280,518 $4.74 $4.75 $0.01 0.21% 555,754,901 $2,634,278,231
7/24/2020 $4.65 $0.00 -1.92% 3,103,727 $4.64 $4.65 $0.01 0.22% 555,754,901 $2,584,260,290
7/27/2020 $4.69 $0.00 0.86% 2,975,576 $4.68 $4.69 $0.01 0.21% 555,754,901 $2,606,490,486
7/28/2020 $4.66 $0.00 -0.64% 2,635,228 $4.66 $4.67 $0.01 0.21% 555,754,901 $2,589,817,839
7/29/2020 $4.87 $0.00 4.41% 3,937,168 $4.86 $4.87 $0.01 0.21% 555,754,901 $2,706,526,368
7/30/2020 $4.74 $0.00 -2.71% 3,197,502 $4.74 $4.75 $0.01 0.21% 555,754,901 $2,634,278,231
7/31/2020 $4.74 $0.00 0.00% 2,165,912 $4.73 $4.74 $0.01 0.21% 555,754,901 $2,634,278,231
8/3/2020 $4.74 $0.00 0.00% 1,906,333 $4.74 $4.75 $0.01 0.21% 555,754,901 $2,634,278,231
8/4/2020 $4.75 $0.00 0.21% 3,146,674 $4.75 $4.76 $0.01 0.21% 555,754,901 $2,639,835,780
8/5/2020 $4.84 $0.00 1.88% 2,314,572 $4.84 $4.85 $0.01 0.21% 555,754,901 $2,689,853,721
8/6/2020 $4.96 $0.00 2.45% 5,436,453 $4.95 $4.96 $0.01 0.20% 555,754,901 $2,756,544,309
8/7/2020 $4.84 $0.00 -2.45% 5,364,623 $4.84 $4.85 $0.01 0.21% 555,754,901 $2,689,853,721
8/10/2020 $4.84 $0.00 0.00% 2,386,810 $4.83 $4.84 $0.01 0.21% 555,754,901 $2,689,853,721
8/11/2020 $4.79 $0.00 -1.04% 3,280,094 $4.79 $4.80 $0.01 0.21% 555,754,901 $2,662,065,976
8/12/2020 $4.82 $0.00 0.62% 1,893,976 $4.81 $4.82 $0.01 0.21% 555,754,901 $2,678,738,623
8/13/2020 $4.89 $0.00 1.44% 2,495,559 $4.88 $4.89 $0.01 0.20% 555,754,901 $2,717,641,466
8/14/2020 $4.80 $0.00 -1.86% 2,574,812 $4.79 $4.80 $0.01 0.21% 555,754,901 $2,667,623,525
8/17/2020 $4.81 $0.00 0.21% 1,842,279 $4.81 $4.82 $0.01 0.21% 555,754,901 $2,673,181,074
8/18/2020 $4.79 $0.00 -0.42% 2,432,902 $4.79 $4.80 $0.01 0.21% 555,754,901 $2,662,065,976
8/19/2020 $4.78 $0.00 -0.21% 2,641,862 $4.78 $4.79 $0.01 0.21% 555,754,901 $2,656,508,427
8/20/2020 $4.83 $0.00 1.04% 2,103,313 $4.83 $4.84 $0.01 0.21% 555,754,901 $2,684,296,172
8/21/2020 $4.75 $0.00 -1.67% 2,038,166 $4.74 $4.75 $0.01 0.21% 555,754,901 $2,639,835,780
8/24/2020 $4.79 $0.00 0.84% 2,528,378 $4.79 $4.80 $0.01 0.21% 555,754,901 $2,662,065,976
8/25/2020 $4.78 $0.00 -0.21% 2,470,462 $4.78 $4.79 $0.01 0.21% 555,754,901 $2,656,508,427
8/26/2020 $5.08 $0.00 6.09% 7,740,960 $5.08 $5.09 $0.01 0.20% 555,754,901 $2,823,234,897
8/27/2020 $5.03 $0.00 -0.99% 3,544,302 $5.02 $5.03 $0.01 0.20% 555,754,901 $2,795,447,152
8/28/2020 $5.23 $0.00 3.90% 3,993,943 $5.22 $5.23 $0.01 0.19% 555,754,901 $2,906,598,132
8/31/2020 $5.22 $0.00 -0.19% 4,302,973 $5.21 $5.22 $0.01 0.19% 555,754,901 $2,901,040,583
9/1/2020 $5.58 $0.00 6.67% 6,662,922 $5.58 $5.59 $0.01 0.18% 555,754,901 $3,101,112,348
9/2/2020 $5.52 $0.00 -1.08% 5,100,117 $5.52 $5.53 $0.01 0.18% 555,754,901 $3,067,767,054
9/3/2020 $5.18 $0.00 -6.36% 5,338,775 $5.17 $5.18 $0.01 0.19% 555,754,901 $2,878,810,387
9/4/2020 $5.11 $0.00 -1.36% 5,839,583 $5.11 $5.12 $0.01 0.20% 555,754,901 $2,839,907,544
9/8/2020 $4.93 $0.00 -3.59% 3,747,374 $4.93 $4.94 $0.01 0.20% 555,754,901 $2,739,871,662
9/9/2020 $4.92 $0.00 -0.20% 3,597,561 $4.91 $4.92 $0.01 0.20% 555,754,901 $2,734,314,113
9/10/2020 $4.80 $0.00 -2.47% 3,546,285 $4.80 $4.81 $0.01 0.21% 555,754,901 $2,667,623,525
9/11/2020 $4.75 $0.00 -1.05% 3,690,640 $4.74 $4.75 $0.01 0.21% 555,754,901 $2,639,835,780
9/14/2020 $4.82 $0.00 1.46% 3,552,366 $4.82 $4.83 $0.01 0.21% 555,754,901 $2,678,738,623
9/15/2020 $4.81 $0.00 -0.21% 2,491,023 $4.81 $4.82 $0.01 0.21% 555,754,901 $2,673,181,074
9/16/2020 $4.73 $0.00 -1.68% 3,159,896 $4.73 $4.74 $0.01 0.21% 555,754,901 $2,628,720,682
9/17/2020 $4.73 $0.00 0.00% 3,696,443 $4.72 $4.73 $0.01 0.21% 555,754,901 $2,628,720,682
9/18/2020 $4.86 $0.00 2.71% 4,055,778 $4.86 $4.87 $0.01 0.21% 555,754,901 $2,700,968,819
9/21/2020 $4.76 $0.00 -2.08% 3,244,905 $4.76 $4.77 $0.01 0.21% 556,513,359 $2,649,003,589
9/22/2020 $4.94 $0.00 3.71% 3,316,679 $4.94 $4.95 $0.01 0.20% 556,513,359 $2,749,175,993
9/23/2020 $4.80 $0.00 -2.87% 4,556,051 $4.79 $4.80 $0.01 0.21% 556,513,359 $2,671,264,123
9/24/2020 $4.75 $0.00 -1.05% 17,292,849 $4.75 $4.76 $0.01 0.21% 556,513,359 $2,643,438,455
9/25/2020 $4.77 $0.00 0.42% 5,590,815 $4.76 $4.77 $0.01 0.21% 556,513,359 $2,654,568,722
9/28/2020 $4.61 $0.00 -3.41% 7,265,685 $4.61 $4.62 $0.01 0.22% 556,513,359 $2,565,526,585
9/29/2020 $4.63 $0.00 0.43% 5,846,179 $4.63 $4.64 $0.01 0.22% 556,513,359 $2,576,656,852
9/30/2020 $4.59 $0.00 -0.87% 3,808,542 $4.58 $4.59 $0.01 0.22% 556,513,359 $2,554,396,318
10/1/2020 $4.58 $0.00 -0.22% 4,971,185 $4.58 $4.59 $0.01 0.22% 556,513,359 $2,548,831,184
10/2/2020 $4.44 $0.00 -3.10% 6,539,262 $4.43 $4.44 $0.01 0.23% 556,513,359 $2,470,919,314
10/5/2020 $4.50 $0.00 1.34% 3,106,256 $4.49 $4.50 $0.01 0.22% 556,513,359 $2,504,310,116
10/6/2020 $4.55 $0.00 1.10% 3,966,064 $4.54 $4.55 $0.01 0.22% 556,513,359 $2,532,135,783
10/7/2020 $4.57 $0.00 0.44% 2,166,932 $4.57 $4.58 $0.01 0.22% 556,513,359 $2,543,266,051
67
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 72 of
206
Exhibit-3b
BB Market Efficiency Statistics
January 28, 2020 through January 27, 2021
Closing Average
Log Closing Closing Bid/Ask Bid/Ask Outstanding Market
Date Closing Price Dividend Return Volume Bid Ask Spread Spread % Shares Capitalization
[a] [b] [b] [c] [d] [e] [f] [g]
10/8/2020 $4.60 $0.00 0.65% 2,154,113 $4.60 $4.61 $0.01 0.22% 556,513,359 $2,559,961,451
10/9/2020 $4.73 $0.00 2.79% 2,618,171 $4.73 $4.74 $0.01 0.21% 556,513,359 $2,632,308,188
10/12/2020 $4.75 $0.00 0.42% 2,268,273 $4.74 $4.75 $0.01 0.21% 556,513,359 $2,643,438,455
10/13/2020 $5.14 $0.00 7.89% 10,691,064 $5.14 $5.15 $0.01 0.19% 556,513,359 $2,860,478,665
10/14/2020 $5.08 $0.00 -1.17% 5,209,616 $5.08 $5.09 $0.01 0.20% 556,513,359 $2,827,087,864
10/15/2020 $5.16 $0.00 1.56% 4,453,800 $5.15 $5.16 $0.01 0.19% 556,513,359 $2,871,608,932
10/16/2020 $4.98 $0.00 -3.55% 5,989,984 $4.98 $4.99 $0.01 0.20% 556,513,359 $2,771,436,528
10/19/2020 $5.19 $0.00 4.13% 4,816,427 $5.18 $5.19 $0.01 0.19% 556,513,359 $2,888,304,333
10/20/2020 $5.08 $0.00 -2.14% 4,616,522 $5.08 $5.09 $0.01 0.20% 556,513,359 $2,827,087,864
10/21/2020 $5.10 $0.00 0.39% 3,555,836 $5.10 $5.11 $0.01 0.20% 556,513,359 $2,838,218,131
10/22/2020 $5.13 $0.00 0.59% 2,651,978 $5.12 $5.13 $0.01 0.20% 556,513,359 $2,854,913,532
10/23/2020 $5.12 $0.00 -0.20% 2,568,033 $5.11 $5.12 $0.01 0.20% 556,513,359 $2,849,348,398
10/26/2020 $4.88 $0.00 -4.80% 3,772,836 $4.87 $4.88 $0.01 0.21% 556,513,359 $2,715,785,192
10/27/2020 $4.85 $0.00 -0.62% 2,077,902 $4.85 $4.86 $0.01 0.21% 556,513,359 $2,699,089,791
10/28/2020 $4.57 $0.00 -5.95% 4,031,206 $4.56 $4.57 $0.01 0.22% 556,513,359 $2,543,266,051
10/29/2020 $4.61 $0.00 0.87% 2,557,312 $4.60 $4.61 $0.01 0.22% 556,513,359 $2,565,526,585
10/30/2020 $4.49 $0.00 -2.64% 3,573,867 $4.49 $4.50 $0.01 0.22% 556,513,359 $2,498,744,982
11/2/2020 $4.48 $0.00 -0.22% 2,864,480 $4.48 $4.49 $0.01 0.22% 556,513,359 $2,493,179,848
11/3/2020 $4.67 $0.00 4.15% 2,781,730 $4.66 $4.67 $0.01 0.21% 556,513,359 $2,598,917,387
11/4/2020 $4.68 $0.00 0.21% 3,113,912 $4.67 $4.68 $0.01 0.21% 556,513,359 $2,604,482,520
11/5/2020 $4.86 $0.00 3.77% 2,597,311 $4.86 $4.87 $0.01 0.21% 556,513,359 $2,704,654,925
11/6/2020 $4.83 $0.00 -0.62% 2,853,811 $4.83 $4.84 $0.01 0.21% 556,513,359 $2,687,959,524
11/9/2020 $4.93 $0.00 2.05% 3,986,592 $4.93 $4.94 $0.01 0.20% 556,513,359 $2,743,610,860
11/10/2020 $5.02 $0.00 1.81% 4,143,562 $5.01 $5.02 $0.01 0.20% 556,513,359 $2,793,697,062
11/11/2020 $5.19 $0.00 3.33% 5,724,602 $5.19 $5.20 $0.01 0.19% 556,513,359 $2,888,304,333
11/12/2020 $4.99 $0.00 -3.93% 2,988,412 $4.99 $5.00 $0.01 0.20% 556,513,359 $2,777,001,661
11/13/2020 $5.11 $0.00 2.38% 5,360,961 $5.10 $5.11 $0.01 0.20% 556,513,359 $2,843,783,264
11/16/2020 $5.19 $0.00 1.55% 3,276,284 $5.19 $5.20 $0.01 0.19% 556,513,359 $2,888,304,333
11/17/2020 $5.29 $0.00 1.91% 3,229,332 $5.29 $5.30 $0.01 0.19% 556,513,359 $2,943,955,669
11/18/2020 $5.44 $0.00 2.80% 6,118,709 $5.43 $5.44 $0.01 0.18% 556,513,359 $3,027,432,673
11/19/2020 $5.36 $0.00 -1.48% 4,367,186 $5.35 $5.36 $0.01 0.19% 556,513,359 $2,982,911,604
11/20/2020 $5.76 $0.00 7.20% 6,587,242 $5.76 $5.77 $0.01 0.17% 556,513,359 $3,205,516,948
11/23/2020 $5.66 $0.00 -1.75% 4,999,182 $5.65 $5.66 $0.01 0.18% 556,513,359 $3,149,865,612
11/24/2020 $5.70 $0.00 0.70% 5,144,868 $5.69 $5.70 $0.01 0.18% 556,513,359 $3,172,126,146
11/25/2020 $5.91 $0.00 3.62% 4,992,235 $5.90 $5.91 $0.01 0.17% 556,513,359 $3,288,993,952
11/27/2020 $6.15 $0.00 3.98% 3,742,511 $6.14 $6.15 $0.01 0.16% 556,513,359 $3,422,557,158
11/30/2020 $5.87 $0.00 -4.66% 6,862,861 $5.87 $5.88 $0.01 0.17% 556,513,359 $3,266,733,417
12/1/2020 $7.00 $0.00 17.61% 330,186,642 $6.99 $7.00 $0.01 0.14% 556,513,359 $3,895,593,513
12/2/2020 $7.45 $0.00 6.23% 150,129,782 $7.44 $7.45 $0.01 0.13% 556,513,359 $4,146,024,525
12/3/2020 $7.46 $0.00 0.13% 40,307,221 $7.45 $7.46 $0.01 0.13% 556,513,359 $4,151,589,658
12/4/2020 $8.52 $0.00 13.29% 69,814,488 $8.50 $8.51 $0.01 0.12% 556,513,359 $4,741,493,819
12/7/2020 $8.25 $0.00 -3.22% 44,629,082 $8.24 $8.25 $0.01 0.12% 556,513,359 $4,591,235,212
12/8/2020 $8.52 $0.00 3.22% 26,885,135 $8.51 $8.52 $0.01 0.12% 556,513,359 $4,741,493,819
12/9/2020 $8.31 $0.00 -2.50% 19,628,026 $8.30 $8.31 $0.01 0.12% 556,513,359 $4,624,626,013
12/10/2020 $8.37 $0.00 0.72% 10,923,177 $8.36 $8.37 $0.01 0.12% 556,513,359 $4,658,016,815
12/11/2020 $8.16 $0.00 -2.54% 11,643,153 $8.15 $8.16 $0.01 0.12% 556,513,359 $4,541,149,009
12/14/2020 $8.25 $0.00 1.10% 14,675,514 $8.25 $8.26 $0.01 0.12% 556,513,359 $4,591,235,212
12/15/2020 $8.30 $0.00 0.60% 9,819,740 $8.30 $8.31 $0.01 0.12% 562,634,092 $4,669,862,964
12/16/2020 $8.24 $0.00 -0.73% 8,043,156 $8.24 $8.25 $0.01 0.12% 562,634,092 $4,636,104,918
12/17/2020 $8.26 $0.00 0.24% 17,717,855 $8.25 $8.26 $0.01 0.12% 562,634,092 $4,647,357,600
12/18/2020 $6.95 $0.00 -17.27% 49,470,140 $6.94 $6.95 $0.01 0.14% 562,634,092 $3,910,306,939
12/21/2020 $7.11 $0.00 2.28% 17,988,339 $7.10 $7.11 $0.01 0.14% 562,634,092 $4,000,328,394
12/22/2020 $7.19 $0.00 1.12% 16,822,909 $7.19 $7.20 $0.01 0.14% 562,634,092 $4,045,339,121
12/23/2020 $7.09 $0.00 -1.40% 9,115,529 $7.08 $7.09 $0.01 0.14% 562,634,092 $3,989,075,712
12/24/2020 $7.06 $0.00 -0.42% 6,088,342 $7.06 $7.07 $0.01 0.14% 562,634,092 $3,972,196,690
12/28/2020 $6.88 $0.00 -2.58% 9,820,108 $6.88 $6.89 $0.01 0.15% 562,634,092 $3,870,922,553
12/29/2020 $6.77 $0.00 -1.61% 11,284,185 $6.76 $6.77 $0.01 0.15% 562,634,092 $3,809,032,803
12/30/2020 $6.67 $0.00 -1.49% 9,434,913 $6.66 $6.67 $0.01 0.15% 562,634,092 $3,752,769,394
12/31/2020 $6.63 $0.00 -0.60% 7,530,565 $6.63 $6.64 $0.01 0.15% 562,634,092 $3,730,264,030
68
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 73 of
206
Exhibit-3b
BB Market Efficiency Statistics
January 28, 2020 through January 27, 2021
Closing Average
Log Closing Closing Bid/Ask Bid/Ask Outstanding Market
Date Closing Price Dividend Return Volume Bid Ask Spread Spread % Shares Capitalization
[a] [b] [b] [c] [d] [e] [f] [g]
1/4/2021 $6.58 $0.00 -0.76% 11,139,231 $6.58 $6.59 $0.01 0.15% 562,634,092 $3,702,132,325
1/5/2021 $6.77 $0.00 2.85% 9,108,900 $6.77 $6.78 $0.01 0.15% 562,634,092 $3,809,032,803
1/6/2021 $6.71 $0.00 -0.89% 11,022,286 $6.71 $6.72 $0.01 0.15% 562,634,092 $3,775,274,757
1/7/2021 $7.06 $0.00 5.08% 13,062,758 $7.06 $7.07 $0.01 0.14% 562,634,092 $3,972,196,690
1/8/2021 $7.56 $0.00 6.84% 23,039,275 $7.55 $7.56 $0.01 0.13% 562,634,092 $4,253,513,736
1/11/2021 $7.65 $0.00 1.18% 15,749,559 $7.64 $7.65 $0.01 0.13% 562,634,092 $4,304,150,804
1/12/2021 $7.63 $0.00 -0.26% 9,416,014 $7.62 $7.63 $0.01 0.13% 562,634,092 $4,292,898,122
1/13/2021 $7.44 $0.00 -2.52% 8,345,519 $7.43 $7.44 $0.01 0.13% 562,634,092 $4,185,997,644
1/14/2021 $9.11 $0.00 20.25% 65,231,338 $9.09 $9.10 $0.01 0.11% 562,634,092 $5,125,596,578
1/15/2021 $9.84 $0.00 7.71% 153,854,663 $9.83 $9.84 $0.01 0.10% 562,634,092 $5,536,319,465
1/19/2021 $12.35 $0.00 22.72% 112,483,169 $12.34 $12.35 $0.01 0.08% 562,634,092 $6,948,531,036
1/20/2021 $12.79 $0.00 3.50% 130,140,695 $12.77 $12.79 $0.02 0.16% 562,634,092 $7,196,090,037
1/21/2021 $12.85 $0.00 0.47% 63,464,952 $12.83 $12.84 $0.01 0.08% 562,634,092 $7,229,848,082
1/22/2021 $14.04 $0.00 8.86% 120,473,629 $14.03 $14.04 $0.01 0.07% 562,634,092 $7,899,382,652
1/25/2021 $18.03 $0.00 25.01% 363,829,082 $18.03 $18.04 $0.01 0.06% 562,634,092 $10,144,292,679
1/26/2021 $18.92 $0.00 4.82% 242,740,763 $18.80 $18.81 $0.01 0.05% 562,634,092 $10,645,037,021
1/27/2021 $25.10 $0.00 28.26% 372,222,608 $25.03 $25.04 $0.01 0.04% 562,634,092 $14,122,115,709
Average $5.49 $0.00 0.55% 14,672,603 $5.48 $5.49 $0.01 0.20% 555,773,767 $3,053.1 million
Median $4.86 $0.00 0.00% 4,816,427 $4.86 $4.87 $0.01 0.21% 555,754,901 $2,701.0 million
High $25.10 $0.00 28.26% 372,222,608 $25.03 $25.04 $0.02 0.49% 562,634,092 $14,122.1 million
Low $2.90 $0.00 -25.62% 1,842,279 $2.89 $2.90 $0.01 0.04% 552,132,000 $1,601.2 million
Source: CRSP & SEC Filings.
69
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 74 of
206
Exhibit-3c
BBBY Market Efficiency Statistics
January 28, 2020 through January 27, 2021
Closing Average
Log Closing Closing Bid/Ask Bid/Ask Outstanding Market
Date Closing Price Dividend Return Volume Bid Ask Spread Spread % Shares Capitalization
[a] [b] [b] [c] [d] [e] [f] [g]
1/28/2020 $16.12 $0.00 1.25% 3,297,086 $16.11 $16.12 $0.01 0.06% 126,960,648 $2,046,605,646
1/29/2020 $16.21 $0.00 0.56% 2,456,758 $16.21 $16.22 $0.01 0.06% 126,960,648 $2,058,032,104
1/30/2020 $14.95 $0.00 -8.09% 7,825,058 $14.94 $14.95 $0.01 0.07% 126,960,648 $1,898,061,688
1/31/2020 $14.25 $0.00 -4.80% 8,895,241 $14.24 $14.25 $0.01 0.07% 126,960,648 $1,809,189,234
2/3/2020 $14.89 $0.00 4.36% 4,767,284 $14.88 $14.89 $0.01 0.07% 126,960,648 $1,889,809,245
2/4/2020 $15.34 $0.00 3.01% 3,606,784 $15.33 $15.34 $0.01 0.07% 126,960,648 $1,947,576,340
2/5/2020 $15.75 $0.00 2.64% 3,158,694 $15.74 $15.75 $0.01 0.06% 126,960,648 $1,999,630,206
2/6/2020 $15.62 $0.00 -0.83% 3,367,470 $15.61 $15.62 $0.01 0.06% 126,960,648 $1,983,125,322
2/7/2020 $15.31 $0.00 -2.00% 2,851,683 $15.30 $15.31 $0.01 0.07% 126,960,648 $1,943,767,521
2/10/2020 $14.29 $0.00 -6.89% 10,657,670 $14.30 $14.31 $0.01 0.07% 126,960,648 $1,814,267,660
2/11/2020 $14.85 $0.00 3.84% 12,358,815 $14.83 $14.85 $0.02 0.13% 126,960,648 $1,885,365,623
2/12/2020 $11.79 $0.00 -23.07% 77,928,150 $11.78 $11.79 $0.01 0.08% 126,960,648 $1,496,866,040
2/13/2020 $11.81 $0.00 0.17% 12,641,063 $11.80 $11.81 $0.01 0.08% 126,960,648 $1,499,405,253
2/14/2020 $11.18 $0.00 -5.48% 13,740,094 $11.17 $11.18 $0.01 0.09% 126,960,648 $1,419,420,045
2/18/2020 $11.78 $0.00 5.23% 15,783,886 $11.77 $11.78 $0.01 0.08% 126,960,648 $1,495,596,433
2/19/2020 $12.61 $0.00 6.81% 19,106,179 $12.60 $12.61 $0.01 0.08% 126,960,648 $1,600,973,771
2/20/2020 $12.67 $0.00 0.47% 10,594,744 $12.67 $12.68 $0.01 0.08% 126,960,648 $1,608,591,410
2/21/2020 $12.45 $0.00 -1.75% 8,802,431 $12.45 $12.46 $0.01 0.08% 126,960,648 $1,580,660,068
2/24/2020 $11.62 $0.00 -6.90% 11,428,785 $11.60 $11.62 $0.02 0.17% 126,960,648 $1,475,282,730
2/25/2020 $10.99 $0.00 -5.57% 12,182,287 $10.98 $10.99 $0.01 0.09% 126,960,648 $1,395,297,522
2/26/2020 $10.60 $0.00 -3.61% 8,885,381 $10.60 $10.61 $0.01 0.09% 126,960,648 $1,345,782,869
2/27/2020 $10.28 $0.00 -3.07% 9,984,290 $10.27 $10.28 $0.01 0.10% 126,960,648 $1,305,155,461
2/28/2020 $10.81 $0.00 5.03% 12,465,416 $10.82 $10.83 $0.01 0.09% 126,960,648 $1,372,444,605
3/2/2020 $10.33 $0.00 -4.54% 9,487,812 $10.33 $10.34 $0.01 0.10% 126,960,648 $1,311,503,494
3/3/2020 $9.91 $0.00 -4.15% 10,628,176 $9.90 $9.91 $0.01 0.10% 126,960,648 $1,258,180,022
3/4/2020 $9.97 $0.00 0.60% 8,099,293 $9.96 $9.97 $0.01 0.10% 126,960,648 $1,265,797,661
3/5/2020 $9.49 $0.00 -4.93% 9,355,858 $9.49 $9.50 $0.01 0.11% 126,960,648 $1,204,856,550
3/6/2020 $9.79 $0.00 3.11% 8,965,373 $9.79 $9.80 $0.01 0.10% 126,960,648 $1,242,944,744
3/9/2020 $9.01 $0.00 -8.30% 8,331,533 $9.01 $9.02 $0.01 0.11% 126,960,648 $1,143,915,438
3/10/2020 $8.74 $0.00 -3.04% 12,245,368 $8.74 $8.75 $0.01 0.11% 126,960,648 $1,109,636,064
3/11/2020 $7.65 $0.00 -13.32% 12,231,544 $7.63 $7.64 $0.01 0.13% 126,960,648 $971,248,957
3/12/2020 $6.29 $0.17 -16.91% 12,312,549 $6.26 $6.27 $0.01 0.16% 126,960,648 $798,582,476
3/13/2020 $7.29 $0.00 14.75% 16,596,403 $7.28 $7.29 $0.01 0.14% 126,960,648 $925,543,124
3/16/2020 $6.09 $0.00 -17.99% 15,564,201 $6.08 $6.09 $0.01 0.16% 126,960,648 $773,190,346
3/17/2020 $5.44 $0.00 -11.29% 12,666,003 $5.42 $5.43 $0.01 0.18% 126,960,648 $690,665,925
3/18/2020 $4.62 $0.00 -16.34% 11,669,884 $4.58 $4.59 $0.01 0.22% 126,960,648 $586,558,194
3/19/2020 $5.42 $0.00 15.97% 12,360,938 $5.41 $5.42 $0.01 0.18% 126,960,648 $688,126,712
3/20/2020 $5.00 $0.00 -8.07% 10,833,819 $4.98 $4.99 $0.01 0.20% 126,960,648 $634,803,240
3/23/2020 $4.46 $0.00 -11.43% 11,960,177 $4.45 $4.46 $0.01 0.22% 126,960,648 $566,244,490
3/24/2020 $5.72 $0.00 24.88% 10,215,361 $5.71 $5.72 $0.01 0.17% 126,960,648 $726,214,907
3/25/2020 $5.39 $0.00 -5.94% 7,151,427 $5.38 $5.39 $0.01 0.19% 126,960,648 $684,317,893
3/26/2020 $4.89 $0.00 -9.74% 12,084,824 $4.87 $4.88 $0.01 0.21% 126,960,648 $620,837,569
3/27/2020 $4.65 $0.00 -5.03% 10,189,653 $4.65 $4.66 $0.01 0.21% 126,960,648 $590,367,013
3/30/2020 $4.20 $0.00 -10.18% 8,706,282 $4.18 $4.19 $0.01 0.24% 126,553,062 $531,522,860
3/31/2020 $4.21 $0.00 0.24% 7,996,434 $4.18 $4.19 $0.01 0.24% 126,553,062 $532,788,391
4/1/2020 $3.79 $0.00 -10.51% 10,635,013 $3.78 $3.79 $0.01 0.26% 126,553,062 $479,636,105
4/2/2020 $3.56 $0.00 -6.26% 13,213,509 $3.55 $3.56 $0.01 0.28% 126,553,062 $450,528,901
4/3/2020 $3.94 $0.00 10.14% 15,706,198 $3.93 $3.94 $0.01 0.25% 126,553,062 $498,619,064
4/6/2020 $4.41 $0.00 11.27% 13,306,731 $4.40 $4.41 $0.01 0.23% 126,553,062 $558,099,003
4/7/2020 $4.71 $0.00 6.58% 19,721,694 $4.69 $4.70 $0.01 0.21% 126,553,062 $596,064,922
4/8/2020 $5.70 $0.00 19.08% 23,167,608 $5.70 $5.71 $0.01 0.18% 126,553,062 $721,352,453
4/9/2020 $5.58 $0.00 -2.13% 17,374,705 $5.58 $5.59 $0.01 0.18% 126,553,062 $706,166,086
4/13/2020 $5.27 $0.00 -5.72% 10,350,150 $5.26 $5.27 $0.01 0.19% 126,553,062 $666,934,637
4/14/2020 $5.37 $0.00 1.88% 6,576,903 $5.36 $5.37 $0.01 0.19% 126,553,062 $679,589,943
4/15/2020 $4.44 $0.00 -19.02% 25,509,150 $4.43 $4.44 $0.01 0.23% 126,553,062 $561,895,595
4/16/2020 $5.24 $0.00 16.57% 34,137,178 $5.23 $5.24 $0.01 0.19% 126,553,062 $663,138,045
4/17/2020 $4.79 $0.00 -8.98% 26,793,458 $4.78 $4.79 $0.01 0.21% 126,553,062 $606,189,167
4/20/2020 $4.55 $0.00 -5.14% 12,686,779 $4.54 $4.55 $0.01 0.22% 126,553,062 $575,816,432
4/21/2020 $4.53 $0.00 -0.44% 9,268,389 $4.52 $4.53 $0.01 0.22% 126,553,062 $573,285,371
70
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 75 of
206
Exhibit-3c
BBBY Market Efficiency Statistics
January 28, 2020 through January 27, 2021
Closing Average
Log Closing Closing Bid/Ask Bid/Ask Outstanding Market
Date Closing Price Dividend Return Volume Bid Ask Spread Spread % Shares Capitalization
[a] [b] [b] [c] [d] [e] [f] [g]
4/22/2020 $4.60 $0.00 1.53% 10,532,615 $4.60 $4.61 $0.01 0.22% 126,553,062 $582,144,085
4/23/2020 $4.91 $0.00 6.52% 12,369,957 $4.89 $4.90 $0.01 0.20% 126,553,062 $621,375,534
4/24/2020 $5.23 $0.00 6.31% 11,370,471 $5.22 $5.23 $0.01 0.19% 126,553,062 $661,872,514
4/27/2020 $6.41 $0.00 20.34% 34,297,938 $6.40 $6.41 $0.01 0.16% 126,553,062 $811,205,127
4/28/2020 $6.65 $0.00 3.68% 43,853,170 $6.64 $6.65 $0.01 0.15% 126,553,062 $841,577,862
4/29/2020 $6.59 $0.00 -0.91% 13,945,270 $6.59 $6.60 $0.01 0.15% 126,553,062 $833,984,679
4/30/2020 $6.19 $0.00 -6.26% 11,016,169 $6.19 $6.20 $0.01 0.16% 126,553,062 $783,363,454
5/1/2020 $5.64 $0.00 -9.39% 11,275,026 $5.63 $5.64 $0.01 0.18% 126,553,062 $713,126,504
5/4/2020 $5.91 $0.00 4.76% 8,280,423 $5.91 $5.92 $0.01 0.17% 126,553,062 $747,928,596
5/5/2020 $5.58 $0.00 -5.75% 8,444,107 $5.57 $5.58 $0.01 0.18% 126,553,062 $706,166,086
5/6/2020 $5.64 $0.00 1.07% 5,131,608 $5.64 $5.65 $0.01 0.18% 126,553,062 $713,759,270
5/7/2020 $5.78 $0.00 2.45% 5,440,938 $5.77 $5.78 $0.01 0.17% 126,553,062 $731,476,698
5/8/2020 $6.46 $0.00 11.12% 9,909,832 $6.45 $6.46 $0.01 0.15% 126,553,062 $817,532,781
5/11/2020 $6.20 $0.00 -4.11% 8,451,016 $6.20 $6.21 $0.01 0.16% 126,553,062 $784,628,984
5/12/2020 $5.86 $0.00 -5.64% 6,220,411 $5.86 $5.87 $0.01 0.17% 126,553,062 $741,600,943
5/13/2020 $5.45 $0.00 -7.25% 8,540,416 $5.44 $5.45 $0.01 0.18% 126,553,062 $689,714,188
5/14/2020 $5.35 $0.00 -1.85% 9,401,672 $5.35 $5.36 $0.01 0.19% 126,553,062 $677,058,882
5/15/2020 $5.79 $0.00 7.90% 10,117,736 $5.79 $5.80 $0.01 0.17% 126,553,062 $732,742,229
5/18/2020 $6.28 $0.00 8.12% 11,647,288 $6.27 $6.28 $0.01 0.16% 126,553,062 $794,753,229
5/19/2020 $5.95 $0.00 -5.40% 8,110,659 $5.94 $5.95 $0.01 0.17% 126,553,062 $752,990,719
5/20/2020 $5.95 $0.00 0.00% 8,724,971 $5.94 $5.95 $0.01 0.17% 126,553,062 $752,990,719
5/21/2020 $6.80 $0.00 13.35% 20,507,598 $6.81 $6.82 $0.01 0.15% 126,553,062 $860,560,822
5/22/2020 $6.70 $0.00 -1.48% 12,435,996 $6.69 $6.70 $0.01 0.15% 126,553,062 $847,905,515
5/26/2020 $7.49 $0.00 11.15% 16,028,472 $7.49 $7.50 $0.01 0.13% 126,553,062 $947,882,434
5/27/2020 $7.69 $0.00 2.64% 12,356,752 $7.69 $7.70 $0.01 0.13% 126,553,062 $973,193,047
5/28/2020 $7.47 $0.00 -2.90% 7,965,651 $7.48 $7.49 $0.01 0.13% 126,553,062 $945,351,373
5/29/2020 $7.27 $0.00 -2.71% 7,567,405 $7.26 $7.27 $0.01 0.14% 126,553,062 $920,040,761
6/1/2020 $7.50 $0.00 3.11% 6,301,830 $7.51 $7.52 $0.01 0.13% 126,307,342 $947,305,065
6/2/2020 $7.55 $0.00 0.66% 6,979,551 $7.54 $7.55 $0.01 0.13% 126,307,342 $953,620,432
6/3/2020 $8.08 $0.00 6.78% 11,627,872 $8.08 $8.09 $0.01 0.12% 126,307,342 $1,020,563,323
6/4/2020 $8.73 $0.00 7.74% 16,524,562 $8.74 $8.75 $0.01 0.11% 126,307,342 $1,102,663,096
6/5/2020 $9.32 $0.00 6.54% 25,934,021 $9.32 $9.33 $0.01 0.11% 126,307,342 $1,177,184,427
6/8/2020 $9.86 $0.00 5.63% 14,947,107 $9.86 $9.87 $0.01 0.10% 126,307,342 $1,245,390,392
6/9/2020 $9.09 $0.00 -8.13% 7,918,790 $9.09 $9.10 $0.01 0.11% 126,307,342 $1,148,133,739
6/10/2020 $8.26 $0.00 -9.58% 13,717,164 $8.25 $8.26 $0.01 0.12% 126,307,342 $1,043,298,645
6/11/2020 $7.46 $0.00 -10.19% 11,953,836 $7.45 $7.46 $0.01 0.13% 126,307,342 $942,252,771
6/12/2020 $8.10 $0.00 8.23% 7,464,375 $8.09 $8.10 $0.01 0.12% 126,307,342 $1,023,089,470
6/15/2020 $8.37 $0.00 3.28% 14,686,966 $8.38 $8.39 $0.01 0.12% 126,307,342 $1,057,192,453
6/16/2020 $9.64 $0.00 14.13% 17,807,034 $9.63 $9.64 $0.01 0.10% 126,307,342 $1,217,602,777
6/17/2020 $9.72 $0.00 0.83% 12,992,399 $9.72 $9.73 $0.01 0.10% 126,307,342 $1,227,707,364
6/18/2020 $10.10 $0.00 3.83% 12,029,662 $10.10 $10.11 $0.01 0.10% 126,307,342 $1,275,704,154
6/19/2020 $9.84 $0.00 -2.61% 40,711,553 $9.83 $9.84 $0.01 0.10% 126,307,342 $1,242,864,245
6/22/2020 $9.97 $0.00 1.31% 10,300,127 $9.98 $9.99 $0.01 0.10% 126,307,342 $1,259,284,200
6/23/2020 $10.24 $0.00 2.67% 10,410,166 $10.24 $10.25 $0.01 0.10% 126,307,342 $1,293,387,182
6/24/2020 $9.35 $0.00 -9.09% 12,132,776 $9.34 $9.35 $0.01 0.11% 126,307,342 $1,180,973,648
6/25/2020 $9.48 $0.00 1.33% 7,292,735 $9.47 $9.48 $0.01 0.11% 126,307,342 $1,196,762,065
6/26/2020 $10.05 $0.00 5.89% 16,544,887 $10.04 $10.05 $0.01 0.10% 126,307,342 $1,269,388,787
6/29/2020 $10.82 $0.00 7.38% 12,952,906 $10.84 $10.85 $0.01 0.09% 126,307,342 $1,366,645,440
6/30/2020 $10.60 $0.00 -2.05% 8,966,644 $10.60 $10.61 $0.01 0.09% 126,307,342 $1,338,857,825
7/1/2020 $10.64 $0.00 0.38% 7,770,032 $10.64 $10.65 $0.01 0.09% 126,307,342 $1,343,910,119
7/2/2020 $10.81 $0.00 1.59% 8,644,859 $10.81 $10.82 $0.01 0.09% 126,307,342 $1,365,382,367
7/6/2020 $10.76 $0.00 -0.46% 9,243,991 $10.76 $10.77 $0.01 0.09% 126,307,342 $1,359,067,000
7/7/2020 $10.24 $0.00 -4.95% 12,595,093 $10.24 $10.25 $0.01 0.10% 126,307,342 $1,293,387,182
7/8/2020 $10.41 $0.00 1.65% 20,094,522 $10.40 $10.41 $0.01 0.10% 126,307,342 $1,314,859,430
7/9/2020 $7.86 $0.00 -28.10% 66,611,172 $7.85 $7.86 $0.01 0.13% 126,307,342 $992,775,708
7/10/2020 $8.20 $0.00 4.17% 22,311,804 $8.19 $8.20 $0.01 0.12% 126,307,342 $1,035,088,668
7/13/2020 $7.73 $0.00 -5.91% 22,965,177 $7.72 $7.73 $0.01 0.13% 126,307,342 $975,724,217
7/14/2020 $8.39 $0.00 8.26% 17,809,256 $8.39 $8.40 $0.01 0.12% 126,307,342 $1,059,718,599
7/15/2020 $8.88 $0.00 5.68% 16,066,669 $8.87 $8.88 $0.01 0.11% 126,307,342 $1,121,609,197
71
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 76 of
206
Exhibit-3c
BBBY Market Efficiency Statistics
January 28, 2020 through January 27, 2021
Closing Average
Log Closing Closing Bid/Ask Bid/Ask Outstanding Market
Date Closing Price Dividend Return Volume Bid Ask Spread Spread % Shares Capitalization
[a] [b] [b] [c] [d] [e] [f] [g]
7/16/2020 $9.47 $0.00 6.38% 13,838,157 $9.46 $9.47 $0.01 0.11% 126,307,342 $1,195,498,992
7/17/2020 $9.22 $0.00 -2.62% 7,063,788 $9.22 $9.23 $0.01 0.11% 126,307,342 $1,164,553,693
7/20/2020 $8.89 $0.00 -3.64% 8,205,974 $8.88 $8.89 $0.01 0.11% 126,307,342 $1,122,872,270
7/21/2020 $9.43 $0.00 5.90% 9,664,810 $9.41 $9.42 $0.01 0.11% 126,307,342 $1,191,078,235
7/22/2020 $10.00 $0.00 5.87% 12,123,282 $9.99 $10.00 $0.01 0.10% 126,307,342 $1,263,073,420
7/23/2020 $10.17 $0.00 1.64% 11,706,199 $10.16 $10.17 $0.01 0.10% 126,307,342 $1,283,914,131
7/24/2020 $10.14 $0.00 -0.25% 5,960,301 $10.13 $10.14 $0.01 0.10% 126,307,342 $1,280,756,448
7/27/2020 $10.53 $0.00 3.77% 8,936,013 $10.53 $10.54 $0.01 0.09% 126,307,342 $1,330,016,311
7/28/2020 $10.35 $0.00 -1.72% 7,748,455 $10.35 $10.36 $0.01 0.10% 126,307,342 $1,307,280,990
7/29/2020 $10.85 $0.00 4.72% 5,726,884 $10.84 $10.85 $0.01 0.09% 126,307,342 $1,370,434,661
7/30/2020 $10.96 $0.00 1.01% 14,298,585 $10.94 $10.95 $0.01 0.09% 126,307,342 $1,384,328,468
7/31/2020 $10.82 $0.00 -1.29% 8,839,285 $10.81 $10.82 $0.01 0.09% 126,307,342 $1,366,645,440
8/3/2020 $11.05 $0.00 2.10% 6,099,985 $11.04 $11.05 $0.01 0.09% 126,307,342 $1,395,696,129
8/4/2020 $11.43 $0.00 3.38% 4,706,318 $11.43 $11.44 $0.01 0.09% 126,307,342 $1,443,692,919
8/5/2020 $11.77 $0.00 2.93% 5,142,948 $11.76 $11.77 $0.01 0.08% 126,307,342 $1,486,637,415
8/6/2020 $12.00 $0.00 1.94% 5,565,543 $12.00 $12.01 $0.01 0.08% 126,307,342 $1,515,688,104
8/7/2020 $12.11 $0.00 0.91% 9,566,336 $12.11 $12.12 $0.01 0.08% 126,307,342 $1,529,581,912
8/10/2020 $12.66 $0.00 4.44% 8,907,716 $12.66 $12.67 $0.01 0.08% 126,307,342 $1,599,050,950
8/11/2020 $11.93 $0.00 -5.94% 11,841,970 $11.92 $11.93 $0.01 0.08% 126,307,342 $1,506,846,590
8/12/2020 $12.12 $0.00 1.58% 5,984,489 $12.11 $12.12 $0.01 0.08% 126,307,342 $1,530,844,985
8/13/2020 $12.34 $0.00 1.80% 4,608,327 $12.34 $12.35 $0.01 0.08% 126,307,342 $1,558,632,600
8/14/2020 $12.35 $0.00 0.08% 3,626,007 $12.35 $12.36 $0.01 0.08% 126,307,342 $1,559,895,674
8/17/2020 $12.87 $0.00 4.12% 6,424,555 $12.87 $12.88 $0.01 0.08% 126,307,342 $1,625,575,492
8/18/2020 $12.20 $0.00 -5.35% 6,826,954 $12.20 $12.21 $0.01 0.08% 126,307,342 $1,540,949,572
8/19/2020 $12.20 $0.00 0.00% 5,430,369 $12.19 $12.20 $0.01 0.08% 126,307,342 $1,540,949,572
8/20/2020 $11.47 $0.00 -6.17% 7,512,965 $11.47 $11.48 $0.01 0.09% 126,307,342 $1,448,745,213
8/21/2020 $11.67 $0.00 1.73% 5,701,776 $11.67 $11.68 $0.01 0.09% 126,307,342 $1,474,006,681
8/24/2020 $12.27 $0.00 4.97% 8,133,053 $12.26 $12.27 $0.01 0.08% 126,307,342 $1,549,159,550
8/25/2020 $12.32 $0.00 0.45% 5,182,001 $12.32 $12.33 $0.01 0.08% 126,307,342 $1,556,106,453
8/26/2020 $12.18 $0.00 -1.14% 4,999,455 $12.17 $12.18 $0.01 0.08% 126,307,342 $1,538,423,426
8/27/2020 $11.91 $0.00 -2.24% 5,926,222 $11.90 $11.91 $0.01 0.08% 126,307,342 $1,504,320,443
8/28/2020 $12.09 $0.00 1.46% 5,884,127 $12.08 $12.09 $0.01 0.08% 126,307,342 $1,526,424,228
8/31/2020 $12.18 $0.00 0.78% 6,683,304 $12.18 $12.19 $0.01 0.08% 126,008,219 $1,534,780,107
9/1/2020 $13.04 $0.00 6.82% 9,191,356 $13.03 $13.04 $0.01 0.08% 126,008,219 $1,643,147,176
9/2/2020 $12.44 $0.00 -4.75% 7,012,538 $12.43 $12.44 $0.01 0.08% 126,008,219 $1,566,912,203
9/3/2020 $11.83 $0.00 -4.99% 5,369,492 $11.83 $11.84 $0.01 0.08% 126,008,219 $1,490,677,231
9/4/2020 $11.75 $0.00 -0.68% 6,059,759 $11.74 $11.75 $0.01 0.09% 126,008,219 $1,480,596,573
9/8/2020 $11.32 $0.00 -3.73% 5,964,383 $11.31 $11.32 $0.01 0.09% 126,008,219 $1,426,413,039
9/9/2020 $11.42 $0.00 0.88% 4,759,716 $11.41 $11.42 $0.01 0.09% 126,008,219 $1,439,013,861
9/10/2020 $11.98 $0.00 4.79% 15,576,953 $11.98 $11.99 $0.01 0.08% 126,008,219 $1,509,578,464
9/11/2020 $12.04 $0.00 0.46% 4,885,116 $12.03 $12.04 $0.01 0.08% 126,008,219 $1,516,508,916
9/14/2020 $12.69 $0.00 5.30% 6,165,841 $12.69 $12.70 $0.01 0.08% 126,008,219 $1,599,044,299
9/15/2020 $12.55 $0.00 -1.11% 8,013,017 $12.55 $12.56 $0.01 0.08% 126,008,219 $1,581,403,148
9/16/2020 $12.83 $0.00 2.21% 6,602,400 $12.82 $12.83 $0.01 0.08% 126,008,219 $1,616,685,450
9/17/2020 $12.73 $0.00 -0.78% 4,478,021 $12.72 $12.73 $0.01 0.08% 126,008,219 $1,604,084,628
9/18/2020 $12.56 $0.00 -1.34% 6,338,583 $12.57 $12.58 $0.01 0.08% 126,008,219 $1,582,663,231
9/21/2020 $12.38 $0.00 -1.48% 6,292,601 $12.37 $12.38 $0.01 0.08% 126,008,219 $1,559,351,710
9/22/2020 $13.91 $0.00 11.66% 20,097,356 $13.90 $13.91 $0.01 0.07% 126,008,219 $1,752,144,285
9/23/2020 $13.36 $0.00 -4.04% 6,738,974 $13.35 $13.36 $0.01 0.07% 126,008,219 $1,682,839,765
9/24/2020 $13.93 $0.00 4.22% 13,563,127 $13.93 $13.94 $0.01 0.07% 126,008,219 $1,755,294,491
9/25/2020 $14.53 $0.00 4.22% 9,359,069 $14.53 $14.54 $0.01 0.07% 126,008,219 $1,830,899,422
9/28/2020 $14.88 $0.00 2.38% 9,329,126 $14.89 $14.90 $0.01 0.07% 126,008,219 $1,875,002,299
9/29/2020 $14.51 $0.00 -2.52% 6,950,331 $14.50 $14.51 $0.01 0.07% 126,008,219 $1,828,379,258
9/30/2020 $14.98 $0.00 3.19% 11,843,443 $14.98 $14.99 $0.01 0.07% 126,008,219 $1,887,603,121
10/1/2020 $18.75 $0.00 22.42% 83,642,830 $18.74 $18.75 $0.01 0.05% 126,008,219 $2,362,024,065
10/2/2020 $20.60 $0.00 9.44% 33,549,846 $20.59 $20.60 $0.01 0.05% 126,008,219 $2,595,769,311
10/5/2020 $20.49 $0.00 -0.54% 20,709,010 $20.48 $20.49 $0.01 0.05% 126,008,219 $2,581,908,407
10/6/2020 $19.97 $0.00 -2.57% 16,826,407 $19.97 $19.98 $0.01 0.05% 126,008,219 $2,516,384,133
10/7/2020 $20.85 $0.00 4.31% 12,415,332 $20.84 $20.85 $0.01 0.05% 126,008,219 $2,627,271,366
72
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 77 of
206
Exhibit-3c
BBBY Market Efficiency Statistics
January 28, 2020 through January 27, 2021
Closing Average
Log Closing Closing Bid/Ask Bid/Ask Outstanding Market
Date Closing Price Dividend Return Volume Bid Ask Spread Spread % Shares Capitalization
[a] [b] [b] [c] [d] [e] [f] [g]
10/8/2020 $21.76 $0.00 4.27% 7,936,935 $21.75 $21.76 $0.01 0.05% 126,008,219 $2,741,938,845
10/9/2020 $21.46 $0.00 -1.39% 8,061,406 $21.46 $21.47 $0.01 0.05% 126,008,219 $2,704,136,380
10/12/2020 $21.55 $0.00 0.42% 5,886,412 $21.55 $21.57 $0.02 0.09% 126,008,219 $2,715,477,119
10/13/2020 $22.15 $0.00 2.72% 9,535,110 $22.14 $22.15 $0.01 0.05% 126,008,219 $2,790,452,010
10/14/2020 $23.95 $0.00 7.81% 27,113,215 $23.94 $23.95 $0.01 0.04% 126,008,219 $3,017,266,804
10/15/2020 $24.96 $0.00 4.15% 10,412,889 $24.95 $24.96 $0.01 0.04% 126,008,219 $3,145,165,146
10/16/2020 $24.84 $0.00 -0.50% 11,402,382 $24.83 $24.84 $0.01 0.04% 126,008,219 $3,129,414,119
10/19/2020 $24.89 $0.00 0.22% 7,876,674 $24.89 $24.90 $0.01 0.04% 126,008,219 $3,136,344,571
10/20/2020 $24.99 $0.00 0.40% 8,676,145 $24.98 $24.99 $0.01 0.04% 126,008,219 $3,148,945,393
10/21/2020 $24.44 $0.00 -2.23% 4,610,042 $24.44 $24.45 $0.01 0.04% 126,008,219 $3,079,640,872
10/22/2020 $25.17 $0.00 2.94% 6,126,302 $25.18 $25.20 $0.02 0.08% 126,008,219 $3,171,626,872
10/23/2020 $25.36 $0.00 0.75% 5,446,067 $25.35 $25.36 $0.01 0.04% 126,008,219 $3,195,568,434
10/26/2020 $24.73 $0.00 -2.52% 4,877,320 $24.74 $24.75 $0.01 0.04% 126,008,219 $3,116,183,256
10/27/2020 $24.01 $0.00 -2.95% 4,905,982 $24.00 $24.01 $0.01 0.04% 126,008,219 $3,025,457,338
10/28/2020 $21.10 $0.00 -12.92% 19,795,250 $21.09 $21.10 $0.01 0.05% 126,008,219 $2,658,773,421
10/29/2020 $20.53 $0.00 -2.74% 9,377,001 $20.52 $20.53 $0.01 0.05% 126,008,219 $2,586,948,736
10/30/2020 $19.80 $0.00 -3.62% 8,602,717 $19.79 $19.80 $0.01 0.05% 126,008,219 $2,494,962,736
11/2/2020 $20.20 $0.00 2.00% 6,045,230 $20.20 $20.21 $0.01 0.05% 126,008,219 $2,545,366,024
11/3/2020 $20.67 $0.00 2.30% 6,264,755 $20.66 $20.67 $0.01 0.05% 126,008,219 $2,604,589,887
11/4/2020 $21.02 $0.00 1.68% 5,982,274 $21.01 $21.02 $0.01 0.05% 126,008,219 $2,648,692,763
11/5/2020 $21.50 $0.00 2.26% 4,469,030 $21.50 $21.51 $0.01 0.05% 126,008,219 $2,709,176,709
11/6/2020 $21.44 $0.00 -0.28% 4,292,026 $21.44 $21.45 $0.01 0.05% 126,008,219 $2,701,616,215
11/9/2020 $18.64 $0.00 -13.99% 14,899,160 $18.63 $18.64 $0.01 0.05% 126,008,219 $2,348,793,202
11/10/2020 $18.95 $0.00 1.65% 10,280,547 $18.94 $18.95 $0.01 0.05% 126,008,219 $2,387,855,750
11/11/2020 $19.80 $0.00 4.39% 8,986,924 $19.78 $19.80 $0.02 0.10% 126,008,219 $2,494,962,736
11/12/2020 $19.73 $0.00 -0.35% 5,745,093 $19.72 $19.73 $0.01 0.05% 126,008,219 $2,486,142,161
11/13/2020 $20.23 $0.00 2.50% 6,304,213 $20.22 $20.23 $0.01 0.05% 126,008,219 $2,549,146,270
11/16/2020 $20.54 $0.00 1.52% 8,427,373 $20.53 $20.54 $0.01 0.05% 126,008,219 $2,588,208,818
11/17/2020 $20.12 $0.00 -2.07% 7,041,672 $20.11 $20.12 $0.01 0.05% 126,008,219 $2,535,285,366
11/18/2020 $19.87 $0.00 -1.28% 6,925,720 $19.86 $19.87 $0.01 0.05% 126,008,219 $2,503,153,270
11/19/2020 $20.43 $0.00 2.80% 4,913,651 $20.43 $20.44 $0.01 0.05% 126,008,219 $2,574,347,914
11/20/2020 $20.24 $0.00 -0.93% 4,735,402 $20.24 $20.25 $0.01 0.05% 126,008,219 $2,550,406,353
11/23/2020 $20.79 $0.00 2.68% 9,487,709 $20.79 $20.80 $0.01 0.05% 126,008,219 $2,619,710,873
11/24/2020 $21.97 $0.00 5.52% 9,697,066 $21.96 $21.98 $0.02 0.09% 126,008,219 $2,768,400,571
11/25/2020 $21.72 $0.00 -1.14% 10,310,214 $21.70 $21.71 $0.01 0.05% 126,008,219 $2,736,898,517
11/27/2020 $21.80 $0.00 0.37% 3,805,161 $21.79 $21.80 $0.01 0.05% 126,008,219 $2,746,979,174
11/30/2020 $20.96 $0.00 -3.93% 7,236,502 $20.95 $20.96 $0.01 0.05% 121,214,724 $2,540,660,615
12/1/2020 $20.38 $0.00 -2.81% 7,815,142 $20.38 $20.39 $0.01 0.05% 121,214,724 $2,470,356,075
12/2/2020 $20.32 $0.00 -0.29% 6,040,633 $20.32 $20.33 $0.01 0.05% 121,214,724 $2,463,083,192
12/3/2020 $19.57 $0.00 -3.76% 7,510,923 $19.56 $19.57 $0.01 0.05% 121,214,724 $2,372,172,149
12/4/2020 $19.70 $0.00 0.66% 6,296,278 $19.69 $19.70 $0.01 0.05% 121,214,724 $2,387,930,063
12/7/2020 $19.17 $0.00 -2.73% 7,214,388 $19.17 $19.18 $0.01 0.05% 121,214,724 $2,323,686,259
12/8/2020 $18.59 $0.00 -3.07% 9,601,336 $18.59 $18.60 $0.01 0.05% 121,214,724 $2,253,381,719
12/9/2020 $18.51 $0.00 -0.43% 8,839,138 $18.50 $18.51 $0.01 0.05% 121,214,724 $2,243,684,541
12/10/2020 $18.96 $0.00 2.40% 6,938,530 $18.95 $18.96 $0.01 0.05% 121,214,724 $2,298,231,167
12/11/2020 $19.17 $0.00 1.10% 6,266,703 $19.16 $19.17 $0.01 0.05% 121,214,724 $2,323,686,259
12/14/2020 $18.87 $0.00 -1.58% 9,456,415 $18.87 $18.88 $0.01 0.05% 121,214,724 $2,287,321,842
12/15/2020 $19.53 $0.00 3.44% 8,995,667 $19.52 $19.53 $0.01 0.05% 121,214,724 $2,367,323,560
12/16/2020 $19.81 $0.00 1.42% 6,162,424 $19.82 $19.83 $0.01 0.05% 121,214,724 $2,401,263,682
12/17/2020 $19.80 $0.00 -0.05% 5,378,626 $19.80 $19.81 $0.01 0.05% 121,214,724 $2,400,051,535
12/18/2020 $18.72 $0.00 -5.61% 8,432,817 $18.72 $18.73 $0.01 0.05% 121,214,724 $2,269,139,633
12/21/2020 $19.26 $0.00 2.84% 7,502,712 $19.24 $19.25 $0.01 0.05% 121,214,724 $2,334,595,584
12/22/2020 $18.99 $0.00 -1.41% 5,593,682 $18.98 $18.99 $0.01 0.05% 121,214,724 $2,301,867,609
12/23/2020 $18.88 $0.00 -0.58% 4,771,362 $18.88 $18.89 $0.01 0.05% 121,214,724 $2,288,533,989
12/24/2020 $18.60 $0.00 -1.49% 2,423,329 $18.60 $18.61 $0.01 0.05% 121,214,724 $2,254,593,866
12/28/2020 $18.77 $0.00 0.91% 5,862,472 $18.77 $18.78 $0.01 0.05% 121,214,724 $2,275,200,369
12/29/2020 $18.83 $0.00 0.32% 6,367,655 $18.82 $18.83 $0.01 0.05% 121,214,724 $2,282,473,253
12/30/2020 $18.65 $0.00 -0.96% 5,405,700 $18.64 $18.65 $0.01 0.05% 121,214,724 $2,260,654,603
12/31/2020 $17.76 $0.00 -4.89% 12,460,939 $17.76 $17.77 $0.01 0.06% 121,214,724 $2,152,773,498
73
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206
Exhibit-3c
BBBY Market Efficiency Statistics
January 28, 2020 through January 27, 2021
Closing Average
Log Closing Closing Bid/Ask Bid/Ask Outstanding Market
Date Closing Price Dividend Return Volume Bid Ask Spread Spread % Shares Capitalization
[a] [b] [b] [c] [d] [e] [f] [g]
1/4/2021 $18.03 $0.00 1.51% 13,929,307 $18.03 $18.05 $0.02 0.11% 121,214,724 $2,185,501,474
1/5/2021 $19.76 $0.00 9.16% 13,642,795 $19.76 $19.77 $0.01 0.05% 121,214,724 $2,395,202,946
1/6/2021 $21.03 $0.00 6.23% 19,048,259 $21.02 $21.03 $0.01 0.05% 121,214,724 $2,549,145,646
1/7/2021 $18.73 $0.00 -11.58% 39,271,433 $18.72 $18.73 $0.01 0.05% 121,214,724 $2,270,351,781
1/8/2021 $18.94 $0.00 1.11% 11,184,462 $18.93 $18.94 $0.01 0.05% 121,214,724 $2,295,806,873
1/11/2021 $20.49 $0.00 7.87% 16,114,142 $20.48 $20.49 $0.01 0.05% 121,214,724 $2,483,689,695
1/12/2021 $21.53 $0.00 4.93% 8,796,418 $21.52 $21.53 $0.01 0.05% 121,214,724 $2,609,146,934
1/13/2021 $23.02 $0.00 6.71% 18,978,990 $23.03 $23.04 $0.01 0.04% 121,214,724 $2,790,362,946
1/14/2021 $27.34 $0.00 17.20% 29,152,145 $27.33 $27.34 $0.01 0.04% 121,214,724 $3,314,010,554
1/15/2021 $25.60 $0.00 -6.60% 13,639,220 $25.59 $25.60 $0.01 0.04% 121,214,724 $3,102,490,861
1/19/2021 $25.03 $0.00 -2.23% 9,006,910 $25.02 $25.03 $0.01 0.04% 121,214,724 $3,034,004,542
1/20/2021 $24.97 $0.00 -0.24% 7,010,945 $24.98 $24.99 $0.01 0.04% 121,214,724 $3,026,731,658
1/21/2021 $26.87 $0.00 7.33% 16,623,258 $26.85 $26.86 $0.01 0.04% 121,214,724 $3,257,039,634
1/22/2021 $30.21 $0.00 11.72% 38,905,657 $30.18 $30.21 $0.03 0.10% 121,214,724 $3,661,896,812
1/25/2021 $30.68 $0.00 1.54% 88,702,345 $30.67 $30.68 $0.01 0.03% 121,214,724 $3,718,867,732
1/26/2021 $36.87 $0.00 18.38% 63,881,930 $36.81 $36.86 $0.05 0.14% 121,214,724 $4,469,186,874
1/27/2021 $52.89 $0.00 36.08% 89,784,262 $52.94 $52.95 $0.01 0.02% 121,214,724 $6,411,046,752
Average $13.43 $0.00 0.49% 12,423,875 $13.42 $13.43 $0.01 0.10% 125,580,499 $1,678.5 million
Median $11.93 $0.00 0.46% 9,243,991 $11.92 $11.93 $0.01 0.09% 126,307,342 $1,506.8 million
High $52.89 $0.17 36.08% 89,784,262 $52.94 $52.95 $0.05 0.28% 126,960,648 $6,411.0 million
Low $3.56 $0.00 -28.10% 2,423,329 $3.55 $3.56 $0.01 0.02% 121,214,724 $450.5 million
Source: CRSP & SEC Filings.
74
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206
Exhibit-3d
EXPR Market Efficiency Statistics
January 28, 2020 through January 27, 2021
Closing Average
Log Closing Closing Bid/Ask Bid/Ask Outstanding Market
Date Closing Price Dividend Return Volume Bid Ask Spread Spread % Shares Capitalization
[a] [b] [b] [c] [d] [e] [f] [g]
1/28/2020 $4.58 $0.00 -4.27% 1,289,226 $4.57 $4.58 $0.01 0.22% 63,907,212 $292,695,031
1/29/2020 $4.32 $0.00 -5.84% 1,221,044 $4.31 $4.32 $0.01 0.23% 63,907,212 $276,079,156
1/30/2020 $4.18 $0.00 -3.29% 1,316,733 $4.17 $4.18 $0.01 0.24% 63,907,212 $267,132,146
1/31/2020 $4.01 $0.00 -4.15% 1,804,912 $4.01 $4.02 $0.01 0.25% 63,907,212 $256,267,920
2/3/2020 $4.15 $0.00 3.43% 1,881,378 $4.14 $4.15 $0.01 0.24% 63,907,212 $265,214,930
2/4/2020 $4.39 $0.00 5.62% 1,783,859 $4.39 $4.40 $0.01 0.23% 63,907,212 $280,552,661
2/5/2020 $4.52 $0.00 2.92% 1,979,946 $4.51 $4.52 $0.01 0.22% 63,907,212 $288,860,598
2/6/2020 $4.54 $0.00 0.44% 1,157,838 $4.53 $4.54 $0.01 0.22% 63,907,212 $290,138,742
2/7/2020 $4.23 $0.00 -7.07% 2,060,633 $4.22 $4.23 $0.01 0.24% 63,907,212 $270,327,507
2/10/2020 $4.24 $0.00 0.24% 730,908 $4.23 $4.24 $0.01 0.24% 63,907,212 $270,966,579
2/11/2020 $4.33 $0.00 2.10% 1,030,703 $4.33 $4.34 $0.01 0.23% 63,907,212 $276,718,228
2/12/2020 $4.47 $0.00 3.18% 1,514,421 $4.48 $4.49 $0.01 0.22% 63,907,212 $285,665,238
2/13/2020 $4.33 $0.00 -3.18% 801,553 $4.33 $4.34 $0.01 0.23% 63,907,212 $276,718,228
2/14/2020 $4.37 $0.00 0.92% 731,785 $4.37 $4.38 $0.01 0.23% 63,907,212 $279,274,516
2/18/2020 $4.32 $0.00 -1.15% 771,452 $4.31 $4.32 $0.01 0.23% 63,907,212 $276,079,156
2/19/2020 $4.36 $0.00 0.92% 719,235 $4.35 $4.36 $0.01 0.23% 63,907,212 $278,635,444
2/20/2020 $4.58 $0.00 4.92% 831,370 $4.58 $4.59 $0.01 0.22% 63,907,212 $292,695,031
2/21/2020 $4.46 $0.00 -2.66% 912,206 $4.45 $4.46 $0.01 0.22% 63,907,212 $285,026,166
2/24/2020 $4.09 $0.00 -8.66% 1,511,394 $4.08 $4.09 $0.01 0.24% 63,907,212 $261,380,497
2/25/2020 $3.90 $0.00 -4.76% 1,190,431 $3.90 $3.91 $0.01 0.26% 63,907,212 $249,238,127
2/26/2020 $3.78 $0.00 -3.13% 1,114,741 $3.77 $3.78 $0.01 0.26% 63,907,212 $241,569,261
2/27/2020 $3.80 $0.00 0.53% 1,805,645 $3.79 $3.80 $0.01 0.26% 63,907,212 $242,847,406
2/28/2020 $3.70 $0.00 -2.67% 1,879,804 $3.70 $3.71 $0.01 0.27% 63,907,212 $236,456,684
3/2/2020 $3.49 $0.00 -5.84% 1,290,856 $3.49 $3.50 $0.01 0.29% 63,924,618 $223,096,917
3/3/2020 $3.12 $0.00 -11.21% 2,692,224 $3.11 $3.12 $0.01 0.32% 63,924,618 $199,444,808
3/4/2020 $3.16 $0.00 1.27% 1,207,883 $3.14 $3.15 $0.01 0.32% 63,924,618 $202,001,793
3/5/2020 $2.97 $0.00 -6.20% 2,270,593 $2.96 $2.97 $0.01 0.34% 63,924,618 $189,856,115
3/6/2020 $3.00 $0.00 1.01% 2,094,712 $2.99 $3.00 $0.01 0.33% 63,924,618 $191,773,854
3/9/2020 $2.61 $0.00 -13.93% 1,131,693 $2.60 $2.61 $0.01 0.38% 63,924,618 $166,843,253
3/10/2020 $2.48 $0.00 -5.11% 1,597,516 $2.46 $2.47 $0.01 0.41% 63,924,618 $158,533,053
3/11/2020 $2.30 $0.00 -7.53% 4,859,395 $2.30 $2.31 $0.01 0.43% 63,924,618 $147,026,621
3/12/2020 $2.19 $0.00 -4.90% 2,014,415 $2.18 $2.19 $0.01 0.46% 63,924,618 $139,994,913
3/13/2020 $2.16 $0.00 -1.38% 2,999,613 $2.15 $2.16 $0.01 0.46% 63,924,618 $138,077,175
3/16/2020 $1.60 $0.00 -30.01% 2,068,120 $1.60 $1.61 $0.01 0.62% 63,924,618 $102,279,389
3/17/2020 $1.68 $0.00 4.88% 1,860,405 $1.67 $1.69 $0.02 1.19% 63,924,618 $107,393,358
3/18/2020 $1.57 $0.00 -6.77% 1,431,115 $1.56 $1.57 $0.01 0.64% 63,924,618 $100,361,650
3/19/2020 $1.83 $0.00 15.32% 1,552,316 $1.82 $1.83 $0.01 0.55% 63,924,618 $116,982,051
3/20/2020 $1.72 $0.00 -6.20% 2,940,758 $1.71 $1.73 $0.02 1.16% 63,924,618 $109,950,343
3/23/2020 $1.69 $0.00 -1.76% 850,002 $1.68 $1.69 $0.01 0.59% 63,924,618 $108,032,604
3/24/2020 $1.67 $0.00 -1.19% 1,408,799 $1.65 $1.66 $0.01 0.60% 63,924,618 $106,754,112
3/25/2020 $1.77 $0.00 5.82% 1,540,272 $1.77 $1.78 $0.01 0.56% 63,924,618 $113,146,574
3/26/2020 $2.01 $0.00 12.72% 1,353,582 $1.98 $1.99 $0.01 0.50% 63,924,618 $128,488,482
3/27/2020 $1.92 $0.00 -4.58% 451,461 $1.91 $1.92 $0.01 0.52% 63,924,618 $122,735,267
3/30/2020 $1.64 $0.00 -15.76% 1,298,239 $1.63 $1.64 $0.01 0.61% 63,924,618 $104,836,374
3/31/2020 $1.49 $0.00 -9.59% 2,124,304 $1.48 $1.49 $0.01 0.67% 63,924,618 $95,247,681
4/1/2020 $1.36 $0.00 -9.13% 1,606,795 $1.35 $1.36 $0.01 0.74% 63,924,618 $86,937,480
4/2/2020 $1.39 $0.00 2.18% 1,283,820 $1.38 $1.39 $0.01 0.72% 63,924,618 $88,855,219
4/3/2020 $1.32 $0.00 -5.17% 1,639,352 $1.31 $1.32 $0.01 0.76% 63,924,618 $84,380,496
4/6/2020 $1.46 $0.00 10.08% 1,842,367 $1.45 $1.46 $0.01 0.69% 63,924,618 $93,329,942
4/7/2020 $1.66 $0.00 12.84% 1,636,009 $1.66 $1.67 $0.01 0.60% 63,924,618 $106,114,866
4/8/2020 $2.12 $0.00 24.46% 1,769,744 $2.14 $2.16 $0.02 0.93% 63,924,618 $135,520,190
4/9/2020 $2.58 $0.00 19.64% 2,942,258 $2.58 $2.59 $0.01 0.39% 63,924,618 $164,925,514
4/13/2020 $2.04 $0.00 -23.48% 2,175,040 $2.03 $2.04 $0.01 0.49% 63,924,618 $130,406,221
4/14/2020 $2.40 $0.00 16.25% 1,739,952 $2.39 $2.40 $0.01 0.42% 63,924,618 $153,419,083
4/15/2020 $2.00 $0.00 -18.23% 1,516,900 $2.00 $2.01 $0.01 0.50% 63,924,618 $127,849,236
4/16/2020 $1.98 $0.00 -1.01% 579,595 $1.97 $1.98 $0.01 0.51% 63,924,618 $126,570,744
4/17/2020 $2.01 $0.00 1.50% 1,026,146 $2.01 $2.02 $0.01 0.50% 63,924,618 $128,488,482
4/20/2020 $1.92 $0.00 -4.58% 1,280,497 $1.92 $1.93 $0.01 0.52% 63,924,618 $122,735,267
4/21/2020 $1.83 $0.00 -4.80% 930,692 $1.82 $1.83 $0.01 0.55% 63,924,618 $116,982,051
75
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 80 of
206
Exhibit-3d
EXPR Market Efficiency Statistics
January 28, 2020 through January 27, 2021
Closing Average
Log Closing Closing Bid/Ask Bid/Ask Outstanding Market
Date Closing Price Dividend Return Volume Bid Ask Spread Spread % Shares Capitalization
[a] [b] [b] [c] [d] [e] [f] [g]
4/22/2020 $1.69 $0.00 -7.96% 1,271,703 $1.68 $1.69 $0.01 0.59% 63,924,618 $108,032,604
4/23/2020 $1.63 $0.00 -3.61% 1,754,916 $1.62 $1.63 $0.01 0.62% 63,924,618 $104,197,127
4/24/2020 $1.65 $0.00 1.22% 1,176,966 $1.65 $1.66 $0.01 0.60% 63,924,618 $105,475,620
4/27/2020 $1.78 $0.00 7.58% 1,283,871 $1.78 $1.79 $0.01 0.56% 63,924,618 $113,785,820
4/28/2020 $2.07 $0.00 15.09% 2,030,287 $2.08 $2.09 $0.01 0.48% 63,924,618 $132,323,959
4/29/2020 $2.04 $0.00 -1.46% 1,722,979 $2.04 $2.05 $0.01 0.49% 63,924,618 $130,406,221
4/30/2020 $2.07 $0.00 1.46% 5,258,699 $2.07 $2.08 $0.01 0.48% 63,924,618 $132,323,959
5/1/2020 $1.92 $0.00 -7.52% 1,550,398 $1.91 $1.92 $0.01 0.52% 63,924,618 $122,735,267
5/4/2020 $1.81 $0.00 -5.90% 534,304 $1.81 $1.82 $0.01 0.55% 63,924,618 $115,703,559
5/5/2020 $1.72 $0.00 -5.10% 1,240,659 $1.72 $1.73 $0.01 0.58% 63,924,618 $109,950,343
5/6/2020 $1.60 $0.00 -7.23% 1,721,586 $1.60 $1.61 $0.01 0.62% 63,924,618 $102,279,389
5/7/2020 $1.70 $0.00 6.06% 1,378,749 $1.68 $1.69 $0.01 0.59% 63,924,618 $108,671,851
5/8/2020 $1.80 $0.00 5.72% 1,254,545 $1.79 $1.80 $0.01 0.56% 63,924,618 $115,064,312
5/11/2020 $1.75 $0.00 -2.82% 1,000,181 $1.76 $1.77 $0.01 0.57% 63,924,618 $111,868,082
5/12/2020 $1.64 $0.00 -6.49% 1,075,044 $1.64 $1.65 $0.01 0.61% 63,924,618 $104,836,374
5/13/2020 $1.59 $0.00 -3.10% 981,864 $1.59 $1.60 $0.01 0.63% 63,924,618 $101,640,143
5/14/2020 $1.60 $0.00 0.63% 1,084,313 $1.60 $1.61 $0.01 0.62% 63,924,618 $102,279,389
5/15/2020 $1.67 $0.00 4.28% 1,404,335 $1.67 $1.68 $0.01 0.60% 63,924,618 $106,754,112
5/18/2020 $1.81 $0.00 8.05% 1,373,206 $1.80 $1.81 $0.01 0.55% 63,924,618 $115,703,559
5/19/2020 $1.75 $0.00 -3.37% 987,526 $1.75 $1.76 $0.01 0.57% 63,924,618 $111,868,082
5/20/2020 $1.77 $0.00 1.14% 928,554 $1.76 $1.77 $0.01 0.57% 63,924,618 $113,146,574
5/21/2020 $1.91 $0.00 7.61% 2,871,335 $1.91 $1.92 $0.01 0.52% 63,924,618 $122,096,020
5/22/2020 $1.87 $0.00 -2.12% 784,856 $1.86 $1.87 $0.01 0.54% 63,924,618 $119,539,036
5/26/2020 $1.95 $0.00 4.19% 1,065,527 $1.94 $1.95 $0.01 0.51% 63,924,618 $124,653,005
5/27/2020 $2.08 $0.00 6.45% 1,951,287 $2.08 $2.09 $0.01 0.48% 63,924,618 $132,963,205
5/28/2020 $2.02 $0.00 -2.93% 1,487,330 $2.02 $2.03 $0.01 0.49% 63,924,618 $129,127,728
5/29/2020 $1.96 $0.00 -3.02% 1,280,282 $1.95 $1.96 $0.01 0.51% 63,924,618 $125,292,251
6/1/2020 $1.86 $0.00 -5.24% 1,737,869 $1.86 $1.87 $0.01 0.54% 64,459,170 $119,894,056
6/2/2020 $2.03 $0.00 8.75% 1,566,055 $2.02 $2.03 $0.01 0.49% 64,459,170 $130,852,115
6/3/2020 $1.87 $0.00 -8.21% 4,113,986 $1.86 $1.87 $0.01 0.54% 64,459,170 $120,538,648
6/4/2020 $1.89 $0.00 1.06% 1,702,625 $1.88 $1.89 $0.01 0.53% 64,459,170 $121,827,831
6/5/2020 $2.05 $0.00 8.13% 3,348,770 $2.04 $2.05 $0.01 0.49% 64,459,170 $132,141,299
6/8/2020 $2.55 $0.00 21.83% 3,820,784 $2.54 $2.55 $0.01 0.39% 64,459,170 $164,370,884
6/9/2020 $2.49 $0.00 -2.38% 2,375,688 $2.48 $2.49 $0.01 0.40% 64,459,170 $160,503,333
6/10/2020 $2.20 $0.00 -12.38% 2,050,255 $2.20 $2.21 $0.01 0.45% 64,459,170 $141,810,174
6/11/2020 $1.88 $0.00 -15.72% 1,748,411 $1.87 $1.88 $0.01 0.53% 64,459,170 $121,183,240
6/12/2020 $1.95 $0.00 3.66% 1,356,233 $1.94 $1.95 $0.01 0.51% 64,459,170 $125,695,382
6/15/2020 $1.86 $0.00 -4.73% 2,109,492 $1.85 $1.86 $0.01 0.54% 64,459,170 $119,894,056
6/16/2020 $1.92 $0.00 3.17% 1,619,049 $1.92 $1.93 $0.01 0.52% 64,459,170 $123,761,606
6/17/2020 $1.88 $0.00 -2.11% 1,335,777 $1.88 $1.89 $0.01 0.53% 64,459,170 $121,183,240
6/18/2020 $1.85 $0.00 -1.61% 1,247,875 $1.85 $1.86 $0.01 0.54% 64,459,170 $119,249,465
6/19/2020 $1.87 $0.00 1.08% 4,795,217 $1.86 $1.87 $0.01 0.54% 64,459,170 $120,538,648
6/22/2020 $1.82 $0.00 -2.71% 1,644,080 $1.82 $1.83 $0.01 0.55% 64,459,170 $117,315,689
6/23/2020 $1.72 $0.00 -5.65% 1,465,868 $1.72 $1.73 $0.01 0.58% 64,459,170 $110,869,772
6/24/2020 $1.56 $0.00 -9.76% 1,826,805 $1.55 $1.56 $0.01 0.64% 64,459,170 $100,556,305
6/25/2020 $1.53 $0.00 -1.94% 969,104 $1.52 $1.53 $0.01 0.66% 64,459,170 $98,622,530
6/26/2020 $1.42 $0.00 -7.46% 2,675,172 $1.41 $1.42 $0.01 0.71% 64,459,170 $91,532,021
6/29/2020 $1.51 $0.00 6.15% 1,004,284 $1.50 $1.51 $0.01 0.66% 64,459,170 $97,333,347
6/30/2020 $1.54 $0.00 1.97% 1,255,441 $1.53 $1.54 $0.01 0.65% 64,459,170 $99,267,122
7/1/2020 $1.44 $0.00 -6.71% 1,873,854 $1.42 $1.43 $0.01 0.70% 64,459,170 $92,821,205
7/2/2020 $1.42 $0.00 -1.40% 1,319,007 $1.42 $1.43 $0.01 0.70% 64,459,170 $91,532,021
7/6/2020 $1.38 $0.00 -2.86% 1,616,756 $1.37 $1.38 $0.01 0.73% 64,459,170 $88,953,655
7/7/2020 $1.30 $0.00 -5.97% 1,513,179 $1.30 $1.31 $0.01 0.77% 64,459,170 $83,796,921
7/8/2020 $1.40 $0.00 7.41% 1,858,071 $1.39 $1.40 $0.01 0.72% 64,459,170 $90,242,838
7/9/2020 $1.50 $0.00 6.90% 3,619,395 $1.49 $1.50 $0.01 0.67% 64,459,170 $96,688,755
7/10/2020 $1.53 $0.00 1.98% 3,217,511 $1.52 $1.53 $0.01 0.66% 64,459,170 $98,622,530
7/13/2020 $1.39 $0.00 -9.60% 2,705,041 $1.39 $1.40 $0.01 0.72% 64,459,170 $89,598,246
7/14/2020 $1.38 $0.00 -0.72% 2,107,670 $1.37 $1.38 $0.01 0.73% 64,459,170 $88,953,655
7/15/2020 $1.42 $0.00 2.86% 2,948,338 $1.42 $1.43 $0.01 0.70% 64,459,170 $91,532,021
76
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 81 of
206
Exhibit-3d
EXPR Market Efficiency Statistics
January 28, 2020 through January 27, 2021
Closing Average
Log Closing Closing Bid/Ask Bid/Ask Outstanding Market
Date Closing Price Dividend Return Volume Bid Ask Spread Spread % Shares Capitalization
[a] [b] [b] [c] [d] [e] [f] [g]
7/16/2020 $1.42 $0.00 0.00% 910,488 $1.41 $1.42 $0.01 0.71% 64,459,170 $91,532,021
7/17/2020 $1.39 $0.00 -2.14% 1,256,336 $1.39 $1.40 $0.01 0.72% 64,459,170 $89,598,246
7/20/2020 $1.33 $0.00 -4.41% 1,632,447 $1.32 $1.33 $0.01 0.75% 64,459,170 $85,730,696
7/21/2020 $1.31 $0.00 -1.52% 1,639,137 $1.30 $1.31 $0.01 0.77% 64,459,170 $84,441,513
7/22/2020 $1.27 $0.00 -3.10% 1,863,706 $1.27 $1.28 $0.01 0.78% 64,459,170 $81,863,146
7/23/2020 $1.24 $0.00 -2.39% 2,504,171 $1.23 $1.24 $0.01 0.81% 64,459,170 $79,929,371
7/24/2020 $1.21 $0.00 -2.45% 1,491,121 $1.20 $1.21 $0.01 0.83% 64,459,170 $77,995,596
7/27/2020 $1.15 $0.00 -5.09% 2,946,186 $1.14 $1.15 $0.01 0.87% 64,459,170 $74,128,046
7/28/2020 $1.14 $0.00 -0.87% 3,233,887 $1.12 $1.13 $0.01 0.89% 64,459,170 $73,483,454
7/29/2020 $1.09 $0.00 -4.49% 3,557,138 $1.08 $1.09 $0.01 0.92% 64,459,170 $70,260,495
7/30/2020 $1.11 $0.00 1.82% 2,285,682 $1.10 $1.11 $0.01 0.90% 64,459,170 $71,549,679
7/31/2020 $1.01 $0.00 -9.44% 2,262,729 $1.00 $1.01 $0.01 1.00% 64,459,170 $65,103,762
8/3/2020 $1.02 $0.00 0.99% 1,769,751 $1.01 $1.02 $0.01 0.99% 64,459,170 $65,748,353
8/4/2020 $1.16 $0.00 12.86% 2,768,405 $1.15 $1.16 $0.01 0.87% 64,459,170 $74,772,637
8/5/2020 $1.14 $0.00 -1.74% 1,688,898 $1.13 $1.14 $0.01 0.88% 64,459,170 $73,483,454
8/6/2020 $1.11 $0.00 -2.67% 765,551 $1.10 $1.11 $0.01 0.90% 64,459,170 $71,549,679
8/7/2020 $1.14 $0.00 2.67% 1,779,399 $1.13 $1.14 $0.01 0.88% 64,459,170 $73,483,454
8/10/2020 $1.23 $0.00 7.60% 2,495,222 $1.22 $1.23 $0.01 0.82% 64,459,170 $79,284,779
8/11/2020 $1.24 $0.00 0.81% 2,340,803 $1.23 $1.24 $0.01 0.81% 64,459,170 $79,929,371
8/12/2020 $1.19 $0.00 -4.12% 1,676,016 $1.18 $1.19 $0.01 0.84% 64,459,170 $76,706,412
8/13/2020 $1.24 $0.00 4.12% 1,590,272 $1.23 $1.24 $0.01 0.81% 64,459,170 $79,929,371
8/14/2020 $1.24 $0.00 0.00% 1,121,760 $1.23 $1.24 $0.01 0.81% 64,459,170 $79,929,371
8/17/2020 $1.27 $0.00 2.39% 1,869,382 $1.26 $1.27 $0.01 0.79% 64,459,170 $81,863,146
8/18/2020 $1.21 $0.00 -4.84% 1,916,871 $1.20 $1.21 $0.01 0.83% 64,459,170 $77,995,596
8/19/2020 $1.14 $0.00 -5.96% 2,574,863 $1.13 $1.14 $0.01 0.88% 64,459,170 $73,483,454
8/20/2020 $1.10 $0.00 -3.57% 1,425,777 $1.09 $1.10 $0.01 0.91% 64,459,170 $70,905,087
8/21/2020 $1.05 $0.00 -4.65% 2,734,702 $1.05 $1.06 $0.01 0.95% 64,459,170 $67,682,129
8/24/2020 $1.05 $0.00 0.00% 1,894,658 $1.05 $1.06 $0.01 0.95% 64,459,170 $67,682,129
8/25/2020 $1.13 $0.00 7.34% 2,574,289 $1.13 $1.14 $0.01 0.88% 64,459,170 $72,838,862
8/26/2020 $1.08 $0.00 -4.53% 3,199,996 $1.07 $1.08 $0.01 0.93% 64,459,170 $69,615,904
8/27/2020 $1.05 $0.00 -2.82% 1,281,436 $1.04 $1.05 $0.01 0.96% 64,459,170 $67,682,129
8/28/2020 $1.09 $0.00 3.74% 1,425,798 $1.08 $1.09 $0.01 0.92% 64,459,170 $70,260,495
8/31/2020 $1.11 $0.00 1.82% 1,123,043 $1.11 $1.12 $0.01 0.90% 64,837,737 $71,969,888
9/1/2020 $1.05 $0.00 -5.56% 1,716,436 $1.04 $1.05 $0.01 0.96% 64,837,737 $68,079,624
9/2/2020 $1.04 $0.00 -0.96% 1,925,829 $1.03 $1.04 $0.01 0.97% 64,837,737 $67,431,246
9/3/2020 $1.02 $0.00 -1.94% 1,968,959 $1.02 $1.03 $0.01 0.98% 64,837,737 $66,134,492
9/4/2020 $0.98 $0.00 -4.46% 4,128,239 $0.98 $0.98 $0.00 0.08% 64,837,737 $63,249,212
9/8/2020 $0.92 $0.00 -6.04% 3,977,733 $0.92 $0.92 $0.00 0.01% 64,837,737 $59,540,494
9/9/2020 $0.92 $0.00 0.03% 1,756,008 $0.92 $0.92 $0.00 0.01% 64,837,737 $59,559,945
9/10/2020 $0.90 $0.00 -2.07% 1,740,512 $0.91 $0.91 $0.00 0.11% 64,837,737 $58,340,996
9/11/2020 $0.88 $0.00 -1.67% 1,987,229 $0.88 $0.88 $0.00 0.01% 64,837,737 $57,374,913
9/14/2020 $0.97 $0.00 8.94% 2,688,374 $0.96 $0.97 $0.01 0.79% 64,837,737 $62,743,478
9/15/2020 $0.95 $0.00 -1.46% 857,411 $0.95 $0.96 $0.01 0.84% 64,837,737 $61,835,750
9/16/2020 $0.95 $0.00 -0.69% 2,165,563 $0.95 $0.95 $0.00 0.02% 64,837,737 $61,407,821
9/17/2020 $0.97 $0.00 2.52% 1,500,918 $0.97 $0.97 $0.00 0.01% 64,837,737 $62,976,894
9/18/2020 $0.90 $0.00 -7.78% 12,962,857 $0.90 $0.91 $0.01 1.05% 64,837,737 $58,263,190
9/21/2020 $0.81 $0.00 -11.00% 5,056,919 $0.81 $0.81 $0.00 0.20% 64,837,737 $52,194,378
9/22/2020 $0.77 $0.00 -4.45% 4,158,318 $0.77 $0.77 $0.00 0.17% 64,837,737 $49,925,057
9/23/2020 $0.70 $0.00 -9.35% 7,205,515 $0.70 $0.70 $0.00 0.10% 64,837,737 $45,470,705
9/24/2020 $0.71 $0.00 1.84% 8,010,380 $0.71 $0.72 $0.00 0.10% 64,837,737 $46,313,596
9/25/2020 $0.68 $0.00 -5.14% 4,617,736 $0.68 $0.68 $0.00 0.01% 64,837,737 $43,992,405
9/28/2020 $0.67 $0.00 -1.87% 8,330,686 $0.67 $0.67 $0.00 0.03% 64,837,737 $43,175,449
9/29/2020 $0.61 $0.00 -8.70% 5,810,852 $0.61 $0.61 $0.00 0.02% 64,837,737 $39,576,955
9/30/2020 $0.61 $0.00 -0.07% 6,972,624 $0.61 $0.61 $0.00 0.03% 64,837,737 $39,551,020
10/1/2020 $0.80 $0.00 26.73% 17,630,019 $0.80 $0.80 $0.00 0.21% 64,837,737 $51,669,193
10/2/2020 $0.82 $0.00 2.26% 8,230,127 $0.82 $0.82 $0.00 0.01% 64,837,737 $52,849,239
10/5/2020 $0.76 $0.00 -7.00% 3,495,906 $0.76 $0.76 $0.00 0.03% 64,837,737 $49,276,680
10/6/2020 $0.66 $0.00 -14.32% 6,800,543 $0.66 $0.66 $0.00 0.02% 64,837,737 $42,702,134
10/7/2020 $0.70 $0.00 6.64% 5,911,327 $0.70 $0.70 $0.00 0.16% 64,837,737 $45,632,799
77
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 82 of
206
Exhibit-3d
EXPR Market Efficiency Statistics
January 28, 2020 through January 27, 2021
Closing Average
Log Closing Closing Bid/Ask Bid/Ask Outstanding Market
Date Closing Price Dividend Return Volume Bid Ask Spread Spread % Shares Capitalization
[a] [b] [b] [c] [d] [e] [f] [g]
10/8/2020 $0.73 $0.00 3.66% 5,010,726 $0.73 $0.73 $0.00 0.01% 64,837,737 $47,331,548
10/9/2020 $0.75 $0.00 3.00% 5,799,387 $0.75 $0.75 $0.00 0.01% 64,837,737 $48,770,946
10/12/2020 $0.76 $0.00 1.36% 7,744,147 $0.76 $0.76 $0.00 0.09% 64,837,737 $49,438,774
10/13/2020 $0.72 $0.00 -5.47% 6,032,566 $0.72 $0.72 $0.00 0.10% 64,837,737 $46,806,362
10/14/2020 $0.74 $0.00 2.29% 6,731,390 $0.74 $0.74 $0.00 0.01% 64,837,737 $47,889,153
10/15/2020 $0.75 $0.00 1.68% 2,605,075 $0.75 $0.75 $0.00 0.17% 64,837,737 $48,699,624
10/16/2020 $0.75 $0.00 0.27% 3,424,695 $0.75 $0.75 $0.00 0.01% 64,837,737 $48,829,300
10/19/2020 $0.75 $0.00 -0.33% 2,494,958 $0.75 $0.75 $0.00 0.09% 64,837,737 $48,667,205
10/20/2020 $0.72 $0.00 -3.59% 3,256,896 $0.72 $0.72 $0.00 0.01% 64,837,737 $46,949,005
10/21/2020 $0.72 $0.00 -1.17% 2,564,210 $0.72 $0.72 $0.00 0.17% 64,837,737 $46,404,368
10/22/2020 $0.75 $0.00 4.04% 3,794,501 $0.75 $0.75 $0.00 0.01% 64,837,737 $48,317,082
10/23/2020 $0.77 $0.00 3.16% 2,087,059 $0.77 $0.77 $0.00 0.18% 64,837,737 $49,866,704
10/26/2020 $0.75 $0.00 -2.58% 2,118,441 $0.73 $0.74 $0.00 0.67% 64,837,737 $48,595,884
10/27/2020 $0.71 $0.00 -5.70% 4,291,756 $0.71 $0.71 $0.00 0.01% 64,837,737 $45,905,118
10/28/2020 $0.66 $0.00 -7.32% 4,693,896 $0.66 $0.66 $0.00 0.00% 64,837,737 $42,663,231
10/29/2020 $0.63 $0.00 -5.00% 6,274,224 $0.63 $0.63 $0.00 0.02% 64,837,737 $40,581,940
10/30/2020 $0.61 $0.00 -2.41% 7,016,745 $0.61 $0.61 $0.00 0.02% 64,837,737 $39,615,857
11/2/2020 $0.58 $0.00 -4.97% 5,958,857 $0.58 $0.58 $0.00 0.02% 64,837,737 $37,696,660
11/3/2020 $0.60 $0.00 3.76% 5,543,864 $0.60 $0.60 $0.00 0.02% 64,837,737 $39,142,542
11/4/2020 $0.59 $0.00 -1.49% 3,906,270 $0.59 $0.60 $0.00 0.12% 64,837,737 $38,565,486
11/5/2020 $0.62 $0.00 4.50% 4,565,766 $0.62 $0.62 $0.00 0.02% 64,837,737 $40,342,040
11/6/2020 $0.62 $0.00 -0.19% 2,747,883 $0.62 $0.62 $0.00 0.02% 64,837,737 $40,264,235
11/9/2020 $0.92 $0.00 38.80% 28,970,074 $0.92 $0.92 $0.00 0.01% 64,837,737 $59,352,464
11/10/2020 $0.93 $0.00 1.83% 13,290,917 $0.93 $0.93 $0.00 0.01% 64,837,737 $60,448,222
11/11/2020 $0.85 $0.00 -8.96% 7,140,918 $0.85 $0.85 $0.00 0.05% 64,837,737 $55,267,687
11/12/2020 $0.78 $0.00 -8.88% 7,776,342 $0.78 $0.78 $0.00 0.06% 64,837,737 $50,573,435
11/13/2020 $0.77 $0.00 -1.60% 9,654,863 $0.77 $0.77 $0.00 0.01% 64,837,737 $49,769,447
11/16/2020 $0.84 $0.00 9.12% 5,951,175 $0.84 $0.84 $0.00 0.17% 64,837,737 $54,522,053
11/17/2020 $0.90 $0.00 6.35% 7,490,649 $0.90 $0.90 $0.00 0.01% 64,837,737 $58,094,612
11/18/2020 $1.02 $0.00 12.96% 17,567,720 $1.02 $1.03 $0.01 0.98% 64,837,737 $66,134,492
11/19/2020 $1.04 $0.00 1.94% 3,421,589 $1.04 $1.05 $0.01 0.96% 64,837,737 $67,431,246
11/20/2020 $1.14 $0.00 9.18% 4,696,181 $1.13 $1.14 $0.01 0.88% 64,837,737 $73,915,020
11/23/2020 $1.39 $0.00 19.83% 9,111,212 $1.38 $1.39 $0.01 0.72% 64,837,737 $90,124,454
11/24/2020 $1.54 $0.00 10.25% 13,611,046 $1.53 $1.54 $0.01 0.65% 64,837,737 $99,850,115
11/25/2020 $1.60 $0.00 3.82% 4,729,289 $1.59 $1.60 $0.01 0.63% 64,837,737 $103,740,379
11/27/2020 $1.59 $0.00 -0.63% 2,721,876 $1.58 $1.59 $0.01 0.63% 64,837,737 $103,092,002
11/30/2020 $1.52 $0.00 -4.50% 4,403,668 $1.55 $1.56 $0.01 0.64% 64,947,502 $98,720,203
12/1/2020 $1.68 $0.00 10.01% 5,075,586 $1.66 $1.67 $0.01 0.60% 64,947,502 $109,111,803
12/2/2020 $1.58 $0.00 -6.14% 4,214,608 $1.57 $1.58 $0.01 0.63% 64,947,502 $102,617,053
12/3/2020 $1.17 $0.00 -30.04% 20,433,942 $1.16 $1.17 $0.01 0.86% 64,947,502 $75,988,577
12/4/2020 $1.20 $0.00 2.53% 3,615,920 $1.18 $1.19 $0.01 0.84% 64,947,502 $77,937,002
12/7/2020 $1.10 $0.00 -8.70% 5,499,955 $1.08 $1.09 $0.01 0.92% 64,947,502 $71,442,252
12/8/2020 $1.13 $0.00 2.69% 3,064,172 $1.12 $1.13 $0.01 0.89% 64,947,502 $73,390,677
12/9/2020 $1.16 $0.00 2.62% 4,521,615 $1.15 $1.16 $0.01 0.87% 64,947,502 $75,339,102
12/10/2020 $1.12 $0.00 -3.51% 3,181,706 $1.11 $1.12 $0.01 0.90% 64,947,502 $72,741,202
12/11/2020 $1.07 $0.00 -4.57% 3,555,996 $1.06 $1.07 $0.01 0.94% 64,947,502 $69,493,827
12/14/2020 $1.04 $0.00 -2.84% 3,514,974 $1.04 $1.05 $0.01 0.96% 64,947,502 $67,545,402
12/15/2020 $1.05 $0.00 0.96% 3,373,720 $1.04 $1.05 $0.01 0.96% 64,947,502 $68,194,877
12/16/2020 $1.04 $0.00 -0.96% 3,038,066 $1.04 $1.05 $0.01 0.96% 64,947,502 $67,545,402
12/17/2020 $1.06 $0.00 1.90% 2,087,141 $1.05 $1.06 $0.01 0.95% 64,947,502 $68,844,352
12/18/2020 $1.16 $0.00 9.02% 6,399,207 $1.14 $1.15 $0.01 0.87% 64,947,502 $75,339,102
12/21/2020 $1.09 $0.00 -6.22% 2,259,820 $1.08 $1.09 $0.01 0.92% 64,947,502 $70,792,777
12/22/2020 $1.08 $0.00 -0.92% 2,589,982 $1.07 $1.08 $0.01 0.93% 64,947,502 $70,143,302
12/23/2020 $1.05 $0.00 -2.82% 1,579,261 $1.04 $1.05 $0.01 0.96% 64,947,502 $68,194,877
12/24/2020 $1.04 $0.00 -0.96% 1,222,832 $1.04 $1.05 $0.01 0.96% 64,947,502 $67,545,402
12/28/2020 $1.00 $0.00 -3.92% 2,850,054 $1.00 $1.01 $0.01 1.00% 64,947,502 $64,947,502
12/29/2020 $0.91 $0.00 -9.37% 7,277,164 $0.91 $0.91 $0.00 0.01% 64,947,502 $59,141,195
12/30/2020 $0.95 $0.00 3.79% 2,531,066 $0.94 $0.95 $0.00 0.08% 64,947,502 $61,427,347
12/31/2020 $0.91 $0.00 -3.86% 1,959,384 $0.92 $0.92 $0.00 0.16% 64,947,502 $59,102,227
78
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 83 of
206
Exhibit-3d
EXPR Market Efficiency Statistics
January 28, 2020 through January 27, 2021
Closing Average
Log Closing Closing Bid/Ask Bid/Ask Outstanding Market
Date Closing Price Dividend Return Volume Bid Ask Spread Spread % Shares Capitalization
[a] [b] [b] [c] [d] [e] [f] [g]
1/4/2021 $0.93 $0.00 2.67% 3,238,164 $0.94 $0.94 $0.00 0.01% 64,947,502 $60,699,935
1/5/2021 $0.96 $0.00 2.98% 2,300,439 $0.97 $0.97 $0.00 0.24% 64,947,502 $62,537,950
1/6/2021 $1.00 $0.00 3.78% 2,407,674 $1.00 $1.01 $0.01 1.00% 64,947,502 $64,947,502
1/7/2021 $1.02 $0.00 1.98% 2,548,946 $1.02 $1.03 $0.01 0.98% 64,947,502 $66,246,452
1/8/2021 $1.04 $0.00 1.94% 2,587,059 $1.03 $1.04 $0.01 0.97% 64,947,502 $67,545,402
1/11/2021 $1.00 $0.00 -4.20% 3,595,967 $1.00 $1.00 $0.00 0.01% 64,947,502 $64,765,649
1/12/2021 $1.05 $0.00 5.16% 3,438,177 $1.04 $1.05 $0.01 0.96% 64,947,502 $68,194,877
1/13/2021 $1.03 $0.00 -1.92% 2,056,567 $1.03 $1.04 $0.01 0.97% 64,947,502 $66,895,927
1/14/2021 $1.28 $0.00 21.73% 50,952,900 $1.27 $1.28 $0.01 0.78% 64,947,502 $83,132,803
1/15/2021 $1.26 $0.00 -1.57% 8,498,349 $1.25 $1.26 $0.01 0.80% 64,947,502 $81,833,853
1/19/2021 $1.21 $0.00 -4.05% 3,768,030 $1.20 $1.21 $0.01 0.83% 64,947,502 $78,586,477
1/20/2021 $1.16 $0.00 -4.22% 3,213,601 $1.16 $1.17 $0.01 0.86% 64,947,502 $75,339,102
1/21/2021 $1.17 $0.00 0.86% 5,279,111 $1.16 $1.17 $0.01 0.86% 64,947,502 $75,988,577
1/22/2021 $1.79 $0.00 42.52% 77,272,988 $1.78 $1.79 $0.01 0.56% 64,947,502 $116,256,029
1/25/2021 $4.15 $0.00 84.09% 358,630,191 $4.15 $4.16 $0.01 0.24% 64,947,502 $269,532,133
1/26/2021 $3.04 $0.00 -31.13% 73,344,309 $3.03 $3.04 $0.01 0.33% 64,947,502 $197,440,406
1/27/2021 $9.55 $0.00 114.47% 287,577,238 $9.55 $9.64 $0.09 0.94% 64,947,502 $620,248,644
Average $1.68 $0.00 0.27% 6,415,080 $1.68 $1.69 $0.01 0.52% 64,447,357 $108.2 million
Median $1.38 $0.00 -1.40% 2,068,120 $1.37 $1.38 $0.01 0.55% 64,459,170 $89.0 million
High $9.55 $0.00 114.47% 358,630,191 $9.55 $9.64 $0.09 1.19% 64,947,502 $620.2 million
Low $0.58 $0.00 -31.13% 451,461 $0.58 $0.58 $0.00 0.00% 63,907,212 $37.7 million
Source: CRSP & SEC Filings.
79
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 84 of
206
Exhibit-3e
GME Market Efficiency Statistics
January 28, 2020 through January 27, 2021
Closing Average
Log Closing Closing Bid/Ask Bid/Ask Outstanding Market
Date Closing Price Dividend Return Volume Bid Ask Spread Spread % Shares Capitalization
[a] [b] [b] [c] [d] [e] [f] [g]
1/28/2020 $4.21 $0.00 -1.65% 2,144,936 $4.21 $4.22 $0.01 0.24% 65,922,283 $277,532,811
1/29/2020 $4.13 $0.00 -1.92% 1,552,557 $4.13 $4.14 $0.01 0.24% 65,922,283 $272,259,029
1/30/2020 $3.93 $0.00 -4.96% 3,006,733 $3.93 $3.94 $0.01 0.25% 65,922,283 $259,074,572
1/31/2020 $3.84 $0.00 -2.32% 2,891,764 $3.84 $3.85 $0.01 0.26% 65,922,283 $253,141,567
2/3/2020 $3.95 $0.00 2.82% 2,026,199 $3.95 $3.96 $0.01 0.25% 65,922,283 $260,393,018
2/4/2020 $4.07 $0.00 2.99% 3,563,061 $4.08 $4.09 $0.01 0.24% 65,922,283 $268,303,692
2/5/2020 $4.18 $0.00 2.67% 2,641,722 $4.18 $4.19 $0.01 0.24% 65,922,283 $275,555,143
2/6/2020 $4.14 $0.00 -0.96% 1,510,303 $4.14 $4.15 $0.01 0.24% 65,922,283 $272,918,252
2/7/2020 $3.81 $0.00 -8.31% 2,742,281 $3.81 $3.82 $0.01 0.26% 65,922,283 $251,163,898
2/10/2020 $3.94 $0.00 3.36% 2,777,042 $3.94 $3.95 $0.01 0.25% 65,922,283 $259,733,795
2/11/2020 $4.02 $0.00 2.01% 3,415,023 $4.02 $4.03 $0.01 0.25% 65,922,283 $265,007,578
2/12/2020 $4.19 $0.00 4.14% 4,820,604 $4.19 $4.20 $0.01 0.24% 65,922,283 $276,214,366
2/13/2020 $4.11 $0.00 -1.93% 2,081,693 $4.11 $4.12 $0.01 0.24% 65,922,283 $270,940,583
2/14/2020 $4.02 $0.00 -2.21% 1,582,660 $4.02 $4.03 $0.01 0.25% 65,922,283 $265,007,578
2/18/2020 $4.06 $0.00 0.99% 1,467,612 $4.05 $4.06 $0.01 0.25% 65,922,283 $267,644,469
2/19/2020 $4.15 $0.00 2.19% 2,593,092 $4.15 $4.16 $0.01 0.24% 65,922,283 $273,577,474
2/20/2020 $4.14 $0.00 -0.24% 1,562,341 $4.14 $4.15 $0.01 0.24% 65,922,283 $272,918,252
2/21/2020 $4.04 $0.00 -2.45% 1,695,693 $4.04 $4.05 $0.01 0.25% 65,922,283 $266,326,023
2/24/2020 $3.70 $0.00 -8.79% 3,566,289 $3.70 $3.71 $0.01 0.27% 65,922,283 $243,912,447
2/25/2020 $3.56 $0.00 -3.86% 4,447,956 $3.55 $3.56 $0.01 0.28% 65,922,283 $234,683,327
2/26/2020 $3.39 $0.00 -4.89% 4,725,372 $3.39 $3.40 $0.01 0.29% 65,922,283 $223,476,539
2/27/2020 $3.47 $0.00 2.33% 3,879,480 $3.47 $3.48 $0.01 0.29% 65,922,283 $228,750,322
2/28/2020 $3.60 $0.00 3.68% 4,692,197 $3.59 $3.60 $0.01 0.28% 65,922,283 $237,320,219
3/2/2020 $3.83 $0.00 6.19% 3,208,428 $3.84 $3.85 $0.01 0.26% 65,922,283 $252,482,344
3/3/2020 $3.63 $0.00 -5.36% 4,282,456 $3.63 $3.64 $0.01 0.28% 65,922,283 $239,297,887
3/4/2020 $3.77 $0.00 3.78% 4,257,629 $3.76 $3.77 $0.01 0.27% 65,922,283 $248,527,007
3/5/2020 $3.96 $0.00 4.92% 3,599,627 $3.95 $3.96 $0.01 0.25% 65,922,283 $261,052,241
3/6/2020 $3.92 $0.00 -1.02% 2,096,803 $3.91 $3.92 $0.01 0.26% 65,922,283 $258,415,349
3/9/2020 $3.70 $0.00 -5.78% 2,732,022 $3.70 $3.71 $0.01 0.27% 65,922,283 $243,912,447
3/10/2020 $4.23 $0.00 13.39% 4,863,169 $4.22 $4.23 $0.01 0.24% 65,922,283 $278,851,257
3/11/2020 $4.14 $0.00 -2.15% 4,414,196 $4.13 $4.14 $0.01 0.24% 65,922,283 $272,918,252
3/12/2020 $3.98 $0.00 -3.94% 5,123,363 $3.97 $3.98 $0.01 0.25% 65,922,283 $262,370,686
3/13/2020 $4.59 $0.00 14.26% 5,787,211 $4.58 $4.59 $0.01 0.22% 65,922,283 $302,583,279
3/16/2020 $4.37 $0.00 -4.91% 4,866,696 $4.38 $4.39 $0.01 0.23% 65,922,283 $288,080,377
3/17/2020 $4.23 $0.00 -3.26% 3,562,210 $4.22 $4.23 $0.01 0.24% 65,922,283 $278,851,257
3/18/2020 $3.77 $0.00 -11.51% 3,651,709 $3.77 $3.78 $0.01 0.26% 65,922,283 $248,527,007
3/19/2020 $4.19 $0.00 10.56% 5,039,539 $4.17 $4.19 $0.02 0.48% 65,922,283 $276,214,366
3/20/2020 $3.76 $0.00 -10.83% 7,722,194 $3.75 $3.76 $0.01 0.27% 64,457,992 $242,362,050
3/23/2020 $3.81 $0.00 1.32% 6,009,784 $3.80 $3.81 $0.01 0.26% 64,457,992 $245,584,950
3/24/2020 $4.16 $0.00 8.79% 6,805,659 $4.19 $4.20 $0.01 0.24% 64,457,992 $268,145,247
3/25/2020 $4.17 $0.00 0.24% 3,592,059 $4.20 $4.21 $0.01 0.24% 64,457,992 $268,789,827
3/26/2020 $4.41 $0.00 5.60% 6,210,979 $4.40 $4.41 $0.01 0.23% 64,457,992 $284,259,745
3/27/2020 $4.22 $0.00 -4.40% 7,024,763 $4.21 $4.22 $0.01 0.24% 64,457,992 $272,012,726
3/30/2020 $3.65 $0.00 -14.51% 3,350,571 $3.65 $3.66 $0.01 0.27% 64,457,992 $235,271,671
3/31/2020 $3.50 $0.00 -4.20% 2,304,132 $3.52 $3.53 $0.01 0.28% 64,457,992 $225,602,972
4/1/2020 $3.25 $0.00 -7.41% 4,568,695 $3.25 $3.26 $0.01 0.31% 64,457,992 $209,488,474
4/2/2020 $2.85 $0.00 -13.13% 4,064,339 $2.85 $2.86 $0.01 0.35% 64,457,992 $183,705,277
4/3/2020 $2.80 $0.00 -1.77% 3,830,761 $2.79 $2.80 $0.01 0.36% 64,457,992 $180,482,378
4/6/2020 $3.09 $0.00 9.86% 3,340,544 $3.08 $3.09 $0.01 0.32% 64,457,992 $199,175,195
4/7/2020 $3.27 $0.00 5.66% 2,836,859 $3.27 $3.28 $0.01 0.31% 64,457,992 $210,777,634
4/8/2020 $3.41 $0.00 4.19% 2,884,528 $3.40 $3.41 $0.01 0.29% 64,457,992 $219,801,753
4/9/2020 $3.89 $0.00 13.17% 5,908,916 $3.89 $3.90 $0.01 0.26% 64,457,992 $250,741,589
4/13/2020 $4.74 $0.00 19.76% 6,844,501 $4.75 $4.76 $0.01 0.21% 64,457,992 $305,530,882
4/14/2020 $5.95 $0.00 22.74% 13,506,632 $5.92 $5.93 $0.01 0.17% 64,457,992 $383,525,052
4/15/2020 $5.27 $0.00 -12.14% 7,499,854 $5.26 $5.27 $0.01 0.19% 64,457,992 $339,693,618
4/16/2020 $5.03 $0.00 -4.66% 3,371,921 $5.01 $5.02 $0.01 0.20% 64,457,992 $324,223,700
4/17/2020 $4.88 $0.00 -3.03% 5,653,188 $4.86 $4.87 $0.01 0.21% 64,457,992 $314,555,001
4/20/2020 $5.61 $0.00 13.94% 6,085,011 $5.57 $5.58 $0.01 0.18% 64,457,992 $361,609,335
4/21/2020 $4.78 $0.00 -16.01% 4,142,050 $4.78 $4.79 $0.01 0.21% 64,457,992 $308,109,202
80
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 85 of
206
Exhibit-3e
GME Market Efficiency Statistics
January 28, 2020 through January 27, 2021
Closing Average
Log Closing Closing Bid/Ask Bid/Ask Outstanding Market
Date Closing Price Dividend Return Volume Bid Ask Spread Spread % Shares Capitalization
[a] [b] [b] [c] [d] [e] [f] [g]
4/22/2020 $4.89 $0.00 2.28% 2,678,133 $4.88 $4.89 $0.01 0.20% 64,457,992 $315,199,581
4/23/2020 $4.70 $0.00 -3.96% 2,265,853 $4.68 $4.69 $0.01 0.21% 64,457,992 $302,952,562
4/24/2020 $4.77 $0.00 1.48% 2,236,544 $4.77 $4.78 $0.01 0.21% 64,457,992 $307,464,622
4/27/2020 $5.82 $0.00 19.90% 7,275,138 $5.81 $5.82 $0.01 0.17% 64,457,992 $375,145,513
4/28/2020 $5.64 $0.00 -3.14% 5,200,189 $5.61 $5.62 $0.01 0.18% 64,457,992 $363,543,075
4/29/2020 $6.04 $0.00 6.85% 3,370,045 $5.99 $6.00 $0.01 0.17% 64,457,992 $389,326,272
4/30/2020 $5.73 $0.00 -5.27% 2,173,530 $5.74 $5.75 $0.01 0.17% 64,457,992 $369,344,294
5/1/2020 $6.05 $0.00 5.43% 4,005,598 $6.04 $6.05 $0.01 0.17% 64,457,992 $389,970,852
5/4/2020 $5.48 $0.00 -9.90% 4,068,105 $5.45 $5.46 $0.01 0.18% 64,457,992 $353,229,796
5/5/2020 $5.39 $0.00 -1.66% 2,105,919 $5.38 $5.39 $0.01 0.19% 64,457,992 $347,428,577
5/6/2020 $4.93 $0.00 -8.92% 3,369,640 $4.93 $4.94 $0.01 0.20% 64,457,992 $317,777,901
5/7/2020 $4.87 $0.00 -1.22% 2,501,195 $4.85 $4.86 $0.01 0.21% 64,457,992 $313,910,421
5/8/2020 $4.98 $0.00 2.23% 2,353,661 $4.95 $4.96 $0.01 0.20% 64,457,992 $321,000,800
5/11/2020 $4.76 $0.00 -4.52% 1,699,158 $4.76 $4.77 $0.01 0.21% 64,457,992 $306,820,042
5/12/2020 $4.54 $0.00 -4.73% 2,639,157 $4.53 $4.54 $0.01 0.22% 64,457,992 $292,639,284
5/13/2020 $4.21 $0.00 -7.55% 2,882,877 $4.20 $4.21 $0.01 0.24% 64,457,992 $271,368,146
5/14/2020 $4.13 $0.00 -1.92% 2,004,868 $4.13 $4.14 $0.01 0.24% 64,457,992 $266,211,507
5/15/2020 $4.22 $0.00 2.16% 1,940,704 $4.22 $4.23 $0.01 0.24% 64,457,992 $272,012,726
5/18/2020 $4.58 $0.00 8.19% 2,371,694 $4.57 $4.58 $0.01 0.22% 64,457,992 $295,217,603
5/19/2020 $4.44 $0.00 -3.10% 1,840,732 $4.44 $4.45 $0.01 0.22% 64,457,992 $286,193,484
5/20/2020 $4.43 $0.00 -0.23% 2,543,609 $4.42 $4.43 $0.01 0.23% 64,457,992 $285,548,905
5/21/2020 $4.44 $0.00 0.23% 1,971,906 $4.44 $4.45 $0.01 0.22% 64,457,992 $286,193,484
5/22/2020 $4.18 $0.00 -6.03% 2,379,851 $4.18 $4.19 $0.01 0.24% 64,457,992 $269,434,407
5/26/2020 $4.42 $0.00 5.58% 3,545,926 $4.41 $4.42 $0.01 0.23% 64,457,992 $284,904,325
5/27/2020 $4.69 $0.00 5.93% 3,146,603 $4.68 $4.69 $0.01 0.21% 64,457,992 $302,307,982
5/28/2020 $4.33 $0.00 -7.99% 2,184,367 $4.33 $4.34 $0.01 0.23% 64,457,992 $279,103,105
5/29/2020 $4.06 $0.00 -6.44% 3,973,540 $4.06 $4.07 $0.01 0.25% 64,457,992 $261,699,448
6/1/2020 $4.13 $0.00 1.71% 2,618,424 $4.13 $4.14 $0.01 0.24% 64,457,992 $266,211,507
6/2/2020 $4.18 $0.00 1.20% 2,369,780 $4.18 $4.19 $0.01 0.24% 64,758,910 $270,692,244
6/3/2020 $4.44 $0.00 6.03% 3,037,424 $4.44 $4.45 $0.01 0.22% 64,758,910 $287,529,560
6/4/2020 $4.47 $0.00 0.67% 3,514,299 $4.46 $4.47 $0.01 0.22% 64,758,910 $289,472,328
6/5/2020 $4.14 $0.00 -7.67% 6,274,428 $4.14 $4.15 $0.01 0.24% 64,758,910 $268,101,887
6/8/2020 $5.01 $0.00 19.07% 10,133,663 $4.98 $4.99 $0.01 0.20% 64,758,910 $324,442,139
6/9/2020 $4.96 $0.00 -1.00% 8,073,448 $4.94 $4.96 $0.02 0.40% 64,758,910 $321,204,194
6/10/2020 $5.07 $0.00 2.19% 10,606,372 $5.06 $5.07 $0.01 0.20% 64,758,910 $328,327,674
6/11/2020 $4.37 $0.00 -14.86% 6,235,993 $4.36 $4.37 $0.01 0.23% 64,758,910 $282,996,437
6/12/2020 $4.72 $0.00 7.70% 4,378,192 $4.71 $4.72 $0.01 0.21% 64,758,910 $305,662,055
6/15/2020 $4.69 $0.00 -0.64% 3,910,385 $4.69 $4.70 $0.01 0.21% 64,758,910 $303,719,288
6/16/2020 $4.64 $0.00 -1.07% 3,123,535 $4.64 $4.65 $0.01 0.22% 64,758,910 $300,481,342
6/17/2020 $4.76 $0.00 2.55% 3,593,466 $4.75 $4.76 $0.01 0.21% 64,758,910 $308,252,412
6/18/2020 $4.95 $0.00 3.91% 3,423,827 $4.91 $4.92 $0.01 0.20% 64,758,910 $320,556,605
6/19/2020 $4.88 $0.00 -1.42% 7,365,867 $4.80 $4.81 $0.01 0.21% 64,758,910 $316,023,481
6/22/2020 $4.87 $0.00 -0.21% 3,178,966 $4.87 $4.88 $0.01 0.21% 64,758,910 $315,375,892
6/23/2020 $4.83 $0.00 -0.82% 3,205,372 $4.84 $4.85 $0.01 0.21% 64,758,910 $312,785,535
6/24/2020 $4.41 $0.00 -9.10% 2,976,209 $4.41 $4.42 $0.01 0.23% 64,758,910 $285,586,793
6/25/2020 $4.46 $0.00 1.13% 2,450,936 $4.46 $4.47 $0.01 0.22% 64,758,910 $288,824,739
6/26/2020 $4.35 $0.00 -2.50% 3,801,155 $4.37 $4.38 $0.01 0.23% 64,758,910 $281,701,259
6/29/2020 $4.38 $0.00 0.69% 2,131,330 $4.37 $4.38 $0.01 0.23% 64,758,910 $283,644,026
6/30/2020 $4.34 $0.00 -0.92% 3,889,029 $4.31 $4.33 $0.02 0.46% 64,758,910 $281,053,669
7/1/2020 $4.44 $0.00 2.28% 2,304,101 $4.43 $4.44 $0.01 0.23% 64,758,910 $287,529,560
7/2/2020 $4.29 $0.00 -3.44% 1,887,751 $4.29 $4.30 $0.01 0.23% 64,758,910 $277,815,724
7/6/2020 $4.24 $0.00 -1.17% 2,140,879 $4.24 $4.25 $0.01 0.24% 64,758,910 $274,577,778
7/7/2020 $4.09 $0.00 -3.60% 2,456,970 $4.08 $4.09 $0.01 0.24% 64,758,910 $264,863,942
7/8/2020 $4.26 $0.00 4.07% 2,052,829 $4.26 $4.27 $0.01 0.23% 64,758,910 $275,872,957
7/9/2020 $4.21 $0.00 -1.18% 1,992,621 $4.21 $4.22 $0.01 0.24% 64,758,910 $272,635,011
7/10/2020 $4.34 $0.00 3.04% 1,410,828 $4.34 $4.35 $0.01 0.23% 64,758,910 $281,053,669
7/13/2020 $4.26 $0.00 -1.86% 4,216,265 $4.26 $4.27 $0.01 0.23% 64,758,910 $275,872,957
7/14/2020 $4.08 $0.00 -4.32% 2,261,589 $4.08 $4.09 $0.01 0.24% 64,758,910 $264,216,353
7/15/2020 $4.19 $0.00 2.66% 1,474,126 $4.19 $4.20 $0.01 0.24% 64,758,910 $271,339,833
81
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 86 of
206
Exhibit-3e
GME Market Efficiency Statistics
January 28, 2020 through January 27, 2021
Closing Average
Log Closing Closing Bid/Ask Bid/Ask Outstanding Market
Date Closing Price Dividend Return Volume Bid Ask Spread Spread % Shares Capitalization
[a] [b] [b] [c] [d] [e] [f] [g]
7/16/2020 $4.17 $0.00 -0.48% 1,330,461 $4.17 $4.18 $0.01 0.24% 64,758,910 $270,044,655
7/17/2020 $3.96 $0.00 -5.17% 3,066,549 $3.96 $3.97 $0.01 0.25% 64,758,910 $256,445,284
7/20/2020 $3.85 $0.00 -2.82% 3,401,088 $3.85 $3.86 $0.01 0.26% 64,758,910 $249,321,804
7/21/2020 $4.01 $0.00 4.07% 3,341,012 $4.01 $4.02 $0.01 0.25% 64,758,910 $259,683,229
7/22/2020 $4.11 $0.00 2.46% 2,523,547 $4.11 $4.12 $0.01 0.24% 64,758,910 $266,159,120
7/23/2020 $4.11 $0.00 0.00% 3,237,550 $4.11 $4.12 $0.01 0.24% 64,758,910 $266,159,120
7/24/2020 $4.03 $0.00 -1.97% 2,216,295 $4.03 $4.04 $0.01 0.25% 64,758,910 $260,978,407
7/27/2020 $4.01 $0.00 -0.50% 2,472,696 $4.01 $4.02 $0.01 0.25% 64,758,910 $259,683,229
7/28/2020 $3.94 $0.00 -1.76% 4,555,392 $3.94 $3.95 $0.01 0.25% 64,758,910 $255,150,105
7/29/2020 $4.06 $0.00 3.00% 2,879,626 $4.06 $4.07 $0.01 0.25% 64,758,910 $262,921,175
7/30/2020 $4.10 $0.00 0.98% 2,398,485 $4.10 $4.11 $0.01 0.24% 64,758,910 $265,511,531
7/31/2020 $4.01 $0.00 -2.22% 1,879,553 $4.01 $4.02 $0.01 0.25% 64,758,910 $259,683,229
8/3/2020 $4.15 $0.00 3.43% 2,518,010 $4.15 $4.16 $0.01 0.24% 64,758,910 $268,749,477
8/4/2020 $4.43 $0.00 6.53% 10,361,363 $4.43 $4.44 $0.01 0.23% 64,758,910 $286,881,971
8/5/2020 $4.63 $0.00 4.42% 4,925,697 $4.62 $4.63 $0.01 0.22% 64,758,910 $299,833,753
8/6/2020 $4.43 $0.00 -4.42% 1,901,224 $4.43 $4.44 $0.01 0.23% 64,758,910 $286,881,971
8/7/2020 $4.16 $0.00 -6.29% 3,341,099 $4.16 $4.17 $0.01 0.24% 64,758,910 $269,397,066
8/10/2020 $4.33 $0.00 4.01% 4,561,772 $4.33 $4.34 $0.01 0.23% 64,758,910 $280,406,080
8/11/2020 $4.35 $0.00 0.46% 3,139,105 $4.35 $4.36 $0.01 0.23% 64,758,910 $281,701,259
8/12/2020 $4.52 $0.00 3.83% 3,057,594 $4.52 $4.53 $0.01 0.22% 64,758,910 $292,710,273
8/13/2020 $4.64 $0.00 2.62% 2,128,313 $4.64 $4.65 $0.01 0.22% 64,758,910 $300,481,342
8/14/2020 $4.75 $0.00 2.34% 3,474,692 $4.74 $4.75 $0.01 0.21% 64,758,910 $307,604,823
8/17/2020 $4.63 $0.00 -2.56% 2,370,970 $4.63 $4.64 $0.01 0.22% 64,758,910 $299,833,753
8/18/2020 $4.81 $0.00 3.81% 3,834,840 $4.81 $4.82 $0.01 0.21% 64,758,910 $311,490,357
8/19/2020 $4.72 $0.00 -1.89% 2,612,583 $4.72 $4.73 $0.01 0.21% 64,758,910 $305,662,055
8/20/2020 $4.61 $0.00 -2.36% 2,441,184 $4.61 $4.62 $0.01 0.22% 64,758,910 $298,538,575
8/21/2020 $5.03 $0.00 8.72% 10,642,591 $5.03 $5.04 $0.01 0.20% 64,758,910 $325,737,317
8/24/2020 $4.87 $0.00 -3.23% 4,585,366 $4.87 $4.88 $0.01 0.21% 64,758,910 $315,375,892
8/25/2020 $4.98 $0.00 2.23% 2,998,678 $4.98 $4.99 $0.01 0.20% 64,758,910 $322,499,372
8/26/2020 $5.11 $0.00 2.58% 2,779,664 $5.11 $5.12 $0.01 0.20% 64,758,910 $330,918,030
8/27/2020 $5.25 $0.00 2.70% 3,384,658 $5.25 $5.26 $0.01 0.19% 64,758,910 $339,984,278
8/28/2020 $5.39 $0.00 2.63% 4,236,926 $5.38 $5.39 $0.01 0.19% 64,758,910 $349,050,525
8/31/2020 $6.68 $0.00 21.46% 37,975,999 $6.68 $6.69 $0.01 0.15% 64,758,910 $432,589,519
9/1/2020 $7.65 $0.00 13.56% 23,211,046 $7.65 $7.66 $0.01 0.13% 64,758,910 $495,405,662
9/2/2020 $7.71 $0.00 0.78% 13,011,113 $7.70 $7.71 $0.01 0.13% 65,161,610 $502,396,013
9/3/2020 $7.82 $0.00 1.42% 14,344,502 $7.81 $7.82 $0.01 0.13% 65,161,610 $509,563,790
9/4/2020 $7.65 $0.00 -2.20% 7,661,994 $7.65 $7.66 $0.01 0.13% 65,161,610 $498,486,317
9/8/2020 $7.70 $0.00 0.65% 9,816,620 $7.69 $7.70 $0.01 0.13% 65,161,610 $501,744,397
9/9/2020 $7.35 $0.00 -4.65% 9,068,082 $7.35 $7.36 $0.01 0.14% 65,161,610 $478,937,834
9/10/2020 $6.23 $0.00 -16.53% 15,558,278 $6.22 $6.23 $0.01 0.16% 65,161,610 $405,956,830
9/11/2020 $6.09 $0.00 -2.27% 6,061,190 $6.09 $6.10 $0.01 0.16% 65,161,610 $396,834,205
9/14/2020 $6.91 $0.00 12.63% 10,118,972 $6.91 $6.92 $0.01 0.14% 65,161,610 $450,266,725
9/15/2020 $7.09 $0.00 2.57% 5,743,489 $7.08 $7.09 $0.01 0.14% 65,161,610 $461,995,815
9/16/2020 $8.68 $0.00 20.23% 19,346,508 $8.67 $8.68 $0.01 0.12% 65,161,610 $565,602,775
9/17/2020 $9.20 $0.00 5.82% 17,026,720 $9.19 $9.20 $0.01 0.11% 65,161,610 $599,486,812
9/18/2020 $9.47 $0.00 2.89% 17,407,513 $9.44 $9.45 $0.01 0.11% 65,161,610 $617,080,447
9/21/2020 $8.75 $0.00 -7.91% 7,639,806 $8.74 $8.75 $0.01 0.11% 65,161,610 $570,164,088
9/22/2020 $10.56 $0.00 18.80% 34,752,484 $10.55 $10.56 $0.01 0.09% 65,161,610 $688,106,602
9/23/2020 $10.04 $0.00 -5.05% 10,651,152 $10.04 $10.05 $0.01 0.10% 65,161,610 $654,222,564
9/24/2020 $9.14 $0.00 -9.39% 7,938,838 $9.13 $9.14 $0.01 0.11% 65,161,610 $595,577,115
9/25/2020 $10.02 $0.00 9.19% 7,515,157 $10.01 $10.02 $0.01 0.10% 65,161,610 $652,919,332
9/28/2020 $10.09 $0.00 0.70% 6,764,323 $10.09 $10.10 $0.01 0.10% 65,161,610 $657,480,645
9/29/2020 $10.35 $0.00 2.54% 5,244,339 $10.34 $10.35 $0.01 0.10% 65,161,610 $674,422,664
9/30/2020 $10.20 $0.00 -1.46% 6,079,033 $10.20 $10.21 $0.01 0.10% 65,161,610 $664,648,422
10/1/2020 $9.77 $0.00 -4.31% 4,554,055 $9.76 $9.77 $0.01 0.10% 65,161,610 $636,628,930
10/2/2020 $9.39 $0.00 -3.97% 4,340,484 $9.38 $9.39 $0.01 0.11% 65,161,610 $611,867,518
10/5/2020 $9.46 $0.00 0.74% 2,804,969 $9.45 $9.46 $0.01 0.11% 65,161,610 $616,428,831
10/6/2020 $9.13 $0.00 -3.55% 4,535,421 $9.13 $9.14 $0.01 0.11% 65,161,610 $594,925,499
10/7/2020 $9.36 $0.00 2.49% 3,308,644 $9.35 $9.36 $0.01 0.11% 65,161,610 $609,912,670
82
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 87 of
206
Exhibit-3e
GME Market Efficiency Statistics
January 28, 2020 through January 27, 2021
Closing Average
Log Closing Closing Bid/Ask Bid/Ask Outstanding Market
Date Closing Price Dividend Return Volume Bid Ask Spread Spread % Shares Capitalization
[a] [b] [b] [c] [d] [e] [f] [g]
10/8/2020 $13.49 $0.00 36.55% 76,453,557 $13.50 $13.51 $0.01 0.07% 65,161,610 $879,030,119
10/9/2020 $12.02 $0.00 -11.54% 77,152,780 $12.02 $12.03 $0.01 0.08% 65,161,610 $783,242,552
10/12/2020 $11.80 $0.00 -1.85% 23,655,701 $11.79 $11.80 $0.01 0.08% 65,161,610 $768,906,998
10/13/2020 $11.88 $0.00 0.68% 10,179,708 $11.87 $11.88 $0.01 0.08% 65,161,610 $774,119,927
10/14/2020 $12.25 $0.00 3.07% 10,776,762 $12.24 $12.25 $0.01 0.08% 65,161,610 $798,229,723
10/15/2020 $13.83 $0.00 12.13% 39,894,822 $13.82 $13.83 $0.01 0.07% 65,161,610 $901,185,066
10/16/2020 $13.31 $0.00 -3.83% 11,651,578 $13.30 $13.31 $0.01 0.08% 65,161,610 $867,301,029
10/19/2020 $13.91 $0.00 4.41% 13,169,073 $13.90 $13.91 $0.01 0.07% 65,161,610 $906,397,995
10/20/2020 $13.86 $0.00 -0.36% 6,603,951 $13.84 $13.86 $0.02 0.14% 65,161,610 $903,139,915
10/21/2020 $14.10 $0.00 1.72% 5,361,928 $14.09 $14.10 $0.01 0.07% 65,161,610 $918,778,701
10/22/2020 $14.91 $0.00 5.59% 16,212,232 $14.90 $14.91 $0.01 0.07% 65,161,610 $971,559,605
10/23/2020 $15.00 $0.00 0.60% 6,507,324 $15.02 $15.03 $0.01 0.07% 65,161,610 $977,424,150
10/26/2020 $13.45 $0.00 -10.91% 13,376,269 $13.49 $13.50 $0.01 0.07% 65,161,610 $876,423,655
10/27/2020 $12.69 $0.00 -5.82% 7,231,006 $12.69 $12.70 $0.01 0.08% 65,161,610 $826,900,831
10/28/2020 $11.82 $0.00 -7.10% 6,388,580 $11.82 $11.83 $0.01 0.08% 65,161,610 $770,210,230
10/29/2020 $11.73 $0.00 -0.76% 4,165,843 $11.73 $11.74 $0.01 0.09% 65,161,610 $764,345,685
10/30/2020 $10.47 $0.00 -11.36% 11,562,367 $10.46 $10.47 $0.01 0.10% 65,161,610 $682,242,057
11/2/2020 $10.75 $0.00 2.64% 5,227,011 $10.75 $10.76 $0.01 0.09% 65,161,610 $700,487,308
11/3/2020 $11.57 $0.00 7.35% 7,454,472 $11.56 $11.57 $0.01 0.09% 65,161,610 $753,919,828
11/4/2020 $10.91 $0.00 -5.87% 5,807,871 $10.90 $10.92 $0.02 0.18% 65,161,610 $710,913,165
11/5/2020 $11.45 $0.00 4.83% 4,705,245 $11.45 $11.46 $0.01 0.09% 65,161,610 $746,100,435
11/6/2020 $11.86 $0.00 3.52% 5,518,243 $11.86 $11.87 $0.01 0.08% 65,161,610 $772,816,695
11/9/2020 $11.49 $0.00 -3.17% 6,244,865 $11.49 $11.50 $0.01 0.09% 65,161,610 $748,706,899
11/10/2020 $11.10 $0.00 -3.45% 3,825,963 $11.11 $11.12 $0.01 0.09% 65,161,610 $723,293,871
11/11/2020 $11.75 $0.00 5.69% 4,882,569 $11.75 $11.76 $0.01 0.09% 65,161,610 $765,648,918
11/12/2020 $11.13 $0.00 -5.42% 4,355,892 $11.13 $11.14 $0.01 0.09% 65,161,610 $725,248,719
11/13/2020 $11.01 $0.00 -1.08% 3,546,171 $11.01 $11.02 $0.01 0.09% 65,161,610 $717,429,326
11/16/2020 $12.06 $0.00 9.11% 9,774,824 $12.06 $12.07 $0.01 0.08% 65,161,610 $785,849,017
11/17/2020 $11.63 $0.00 -3.63% 6,678,176 $11.63 $11.64 $0.01 0.09% 65,161,610 $757,829,524
11/18/2020 $11.57 $0.00 -0.52% 3,169,222 $11.58 $11.59 $0.01 0.09% 65,161,610 $753,919,828
11/19/2020 $12.46 $0.00 7.41% 11,787,613 $12.46 $12.47 $0.01 0.08% 65,161,610 $811,913,661
11/20/2020 $12.71 $0.00 1.99% 8,402,347 $12.71 $12.72 $0.01 0.08% 65,161,610 $828,204,063
11/23/2020 $13.90 $0.00 8.95% 9,607,973 $13.90 $13.91 $0.01 0.07% 65,161,610 $905,746,379
11/24/2020 $13.67 $0.00 -1.67% 7,186,710 $13.67 $13.68 $0.01 0.07% 65,161,610 $890,759,209
11/25/2020 $14.75 $0.00 7.60% 8,860,092 $14.74 $14.75 $0.01 0.07% 65,161,610 $961,133,748
11/27/2020 $16.08 $0.00 8.63% 12,504,197 $16.05 $16.06 $0.01 0.06% 65,161,610 $1,047,798,689
11/30/2020 $16.56 $0.00 2.94% 31,983,498 $16.56 $16.64 $0.08 0.48% 65,161,610 $1,079,076,262
12/1/2020 $15.80 $0.00 -4.70% 12,666,027 $15.80 $15.81 $0.01 0.06% 69,746,960 $1,102,001,968
12/2/2020 $16.58 $0.00 4.82% 7,883,380 $16.58 $16.59 $0.01 0.06% 69,746,960 $1,156,404,597
12/3/2020 $16.12 $0.00 -2.81% 6,294,965 $16.12 $16.13 $0.01 0.06% 69,746,960 $1,124,320,995
12/4/2020 $16.90 $0.00 4.73% 8,972,672 $16.90 $16.91 $0.01 0.06% 69,746,960 $1,178,723,624
12/7/2020 $16.35 $0.00 -3.31% 7,386,258 $16.32 $16.33 $0.01 0.06% 69,746,960 $1,140,362,796
12/8/2020 $16.94 $0.00 3.54% 16,120,163 $16.91 $16.92 $0.01 0.06% 69,746,960 $1,181,513,502
12/9/2020 $13.66 $0.00 -21.52% 24,357,944 $13.65 $13.66 $0.01 0.07% 69,746,960 $952,743,474
12/10/2020 $14.12 $0.00 3.31% 7,558,922 $14.12 $14.13 $0.01 0.07% 69,746,960 $984,827,075
12/11/2020 $13.31 $0.00 -5.91% 7,496,868 $13.31 $13.32 $0.01 0.08% 69,746,960 $928,332,038
12/14/2020 $12.72 $0.00 -4.53% 10,007,092 $12.71 $12.72 $0.01 0.08% 69,746,960 $887,181,331
12/15/2020 $13.85 $0.00 8.51% 8,192,856 $13.87 $13.88 $0.01 0.07% 69,746,960 $965,995,396
12/16/2020 $13.85 $0.00 0.00% 5,865,123 $13.85 $13.86 $0.01 0.07% 69,746,960 $965,995,396
12/17/2020 $14.83 $0.00 6.84% 8,194,902 $14.82 $14.83 $0.01 0.07% 69,746,960 $1,034,347,417
12/18/2020 $15.63 $0.00 5.25% 16,618,776 $15.62 $15.63 $0.01 0.06% 69,746,960 $1,090,144,985
12/21/2020 $15.53 $0.00 -0.64% 9,876,128 $15.52 $15.53 $0.01 0.06% 69,746,960 $1,083,170,289
12/22/2020 $19.46 $0.00 22.56% 30,687,718 $19.41 $19.46 $0.05 0.26% 69,746,960 $1,357,275,842
12/23/2020 $20.57 $0.00 5.55% 25,830,256 $20.57 $20.58 $0.01 0.05% 69,746,960 $1,434,694,967
12/24/2020 $20.15 $0.00 -2.06% 6,262,174 $20.15 $20.20 $0.05 0.25% 69,746,960 $1,405,401,244
12/28/2020 $20.99 $0.00 4.08% 8,965,858 $20.98 $20.99 $0.01 0.05% 69,746,960 $1,463,988,690
12/29/2020 $19.38 $0.00 -7.98% 9,241,441 $19.37 $19.38 $0.01 0.05% 69,746,960 $1,351,696,085
12/30/2020 $19.26 $0.00 -0.62% 5,934,391 $19.25 $19.26 $0.01 0.05% 69,746,960 $1,343,326,450
12/31/2020 $18.84 $0.00 -2.20% 6,922,652 $18.80 $18.81 $0.01 0.05% 69,746,960 $1,314,032,726
83
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 88 of
206
Exhibit-3e
GME Market Efficiency Statistics
January 28, 2020 through January 27, 2021
Closing Average
Log Closing Closing Bid/Ask Bid/Ask Outstanding Market
Date Closing Price Dividend Return Volume Bid Ask Spread Spread % Shares Capitalization
[a] [b] [b] [c] [d] [e] [f] [g]
1/4/2021 $17.25 $0.00 -8.82% 10,022,474 $17.24 $17.25 $0.01 0.06% 69,746,960 $1,203,135,060
1/5/2021 $17.37 $0.00 0.69% 4,961,457 $17.37 $17.38 $0.01 0.06% 69,746,960 $1,211,504,695
1/6/2021 $18.36 $0.00 5.54% 6,056,248 $18.38 $18.39 $0.01 0.05% 69,746,960 $1,280,554,186
1/7/2021 $18.08 $0.00 -1.54% 6,129,276 $18.09 $18.12 $0.03 0.17% 69,746,960 $1,261,025,037
1/8/2021 $17.69 $0.00 -2.18% 6,481,960 $17.68 $17.69 $0.01 0.06% 69,746,960 $1,233,823,722
1/11/2021 $19.94 $0.00 11.97% 14,927,612 $19.92 $19.94 $0.02 0.10% 69,746,960 $1,390,754,382
1/12/2021 $19.95 $0.00 0.05% 7,060,665 $19.93 $19.94 $0.01 0.05% 69,746,960 $1,391,451,852
1/13/2021 $31.40 $0.00 45.36% 144,501,736 $31.38 $31.40 $0.02 0.06% 69,746,960 $2,190,054,544
1/14/2021 $39.91 $0.00 23.98% 93,717,410 $39.91 $39.92 $0.01 0.03% 69,746,960 $2,783,601,174
1/15/2021 $35.50 $0.00 -11.71% 46,866,358 $35.49 $35.50 $0.01 0.03% 69,746,960 $2,476,017,080
1/19/2021 $39.36 $0.00 10.32% 74,721,924 $39.51 $39.52 $0.01 0.03% 69,746,960 $2,745,240,346
1/20/2021 $39.12 $0.00 -0.61% 33,471,789 $39.12 $39.13 $0.01 0.03% 69,746,960 $2,728,501,075
1/21/2021 $43.03 $0.00 9.53% 57,079,754 $43.01 $43.03 $0.02 0.05% 69,746,960 $3,001,211,689
1/22/2021 $65.01 $0.00 41.26% 197,157,946 $64.75 $65.00 $0 25 0.39% 69,746,960 $4,534,249,870
1/25/2021 $76.79 $0.00 16.65% 177,874,000 $76.74 $76.78 $0.04 0.05% 69,746,960 $5,355,869,058
1/26/2021 $147 98 $0.00 65.60% 178,587,974 $145.43 $146.00 $0 57 0.39% 69,746,960 $10,321,155,141
1/27/2021 $347 51 $0.00 85.37% 93,396,666 $344.88 $345.01 $0 13 0.04% 69,746,960 $24,237,766,767
Average $10.73 $0.00 1.74% 10,960,260 $10.70 $10.72 $0.01 0.18% 65,737,172 $723.1 million
Median $4.88 $0.00 0.24% 4,555,392 $4.87 $4.88 $0.01 0.21% 65,161,610 $315.4 million
High $347 51 $0.00 85.37% 197,157,946 $344.88 $345.01 $0 57 0.48% 69,746,960 $24,237.8 million
Low $2.80 $0.00 -21.52% 1,330,461 $2.79 $2.80 $0.01 0.03% 64,457,992 $180.5 million
Source: CRSP & SEC Filings.
84
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 89 of
206
Exhibit-3f
KOSS Market Efficiency Statistics
January 28, 2020 through January 27, 2021
Closing Average
Log Closing Closing Bid/Ask Bid/Ask Outstanding Market
Date Closing Price Dividend Return Volume Bid Ask Spread Spread % Shares Capitalization
[a] [b] [b] [c] [d] [e] [f] [g]
1/28/2020 $1.54 $0.00 1.97% 5,218 $1.52 $1.53 $0.01 0.66% 7,404,831 $11,403,440
1/29/2020 $1.56 $0.00 1.09% 6,449 $1.52 $1.57 $0.05 3.24% 7,404,831 $11,527,841
1/30/2020 $1.61 $0.00 3.24% 5,017 $1.56 $1.61 $0.05 3.15% 7,404,831 $11,906,968
1/31/2020 $1.48 $0.00 -8.48% 19,186 $1.44 $1.49 $0.05 3.41% 7,404,831 $10,939,157
2/3/2020 $1.47 $0.00 -0.50% 6,635 $1.44 $1.51 $0.07 4.75% 7,404,831 $10,885,102
2/4/2020 $1.48 $0.00 0.68% 5,972 $1.45 $1.50 $0.05 3.39% 7,404,831 $10,959,150
2/5/2020 $1.44 $0.00 -2.74% 4,431 $1.45 $1.48 $0.03 2.05% 7,404,831 $10,662,957
2/6/2020 $1.44 $0.00 0.00% 3,245 $1.44 $1.50 $0.06 4.08% 7,404,831 $10,662,957
2/7/2020 $1.46 $0.00 1.43% 3,479 $1.44 $1.48 $0.04 2.74% 7,404,831 $10,816,237
2/10/2020 $1.44 $0.00 -1.43% 4,136 $1.44 $1.47 $0.03 2.06% 7,404,831 $10,662,957
2/11/2020 $1.44 $0.00 0.00% 3,834 $1.46 $1.49 $0.03 2.03% 7,404,831 $10,662,957
2/12/2020 $1.48 $0.00 2.67% 2,815 $1.44 $1.52 $0.08 5.41% 7,404,831 $10,951,745
2/13/2020 $1.47 $0.00 -0.60% 8,306 $1.45 $1.52 $0.07 4.71% 7,404,831 $10,886,583
2/14/2020 $1.45 $0.00 -1.38% 1,038 $1.44 $1.49 $0.05 3.41% 7,404,831 $10,737,005
2/18/2020 $1.44 $0.00 -0.69% 15,275 $1.44 $1.45 $0.01 0.69% 7,404,831 $10,662,957
2/19/2020 $1.36 $0.00 -5.72% 36,135 $1.36 $1.40 $0.04 2.90% 7,404,831 $10,070,570
2/20/2020 $1.39 $0.00 2.18% 19,612 $1.39 $1.40 $0.01 0.72% 7,404,831 $10,292,715
2/21/2020 $1.40 $0.00 0.72% 3,585 $1.38 $1.40 $0.02 1.44% 7,404,831 $10,366,763
2/24/2020 $1.39 $0.00 -0.72% 51,480 $1.29 $1.40 $0 11 8.18% 7,404,831 $10,292,715
2/25/2020 $1.34 $0.00 -3.42% 1,986 $1.30 $1.39 $0.09 6.69% 7,404,831 $9,946,169
2/26/2020 $1.23 $0.00 -8.80% 27,885 $1.23 $1.25 $0.02 1.61% 7,404,831 $9,107,942
2/27/2020 $1.25 $0.00 2.00% 2,307 $1.23 $1.26 $0.03 2.41% 7,404,831 $9,292,322
2/28/2020 $1.19 $0.00 -5.27% 19,423 $1.19 $1.20 $0.01 0.84% 7,404,831 $8,815,451
3/2/2020 $1.26 $0.00 5.67% 8,964 $1.20 $1.26 $0.06 4.88% 7,404,831 $9,329,347
3/3/2020 $1.24 $0.00 -1.59% 2,566 $1.22 $1.25 $0.03 2.43% 7,404,831 $9,181,990
3/4/2020 $1.20 $0.00 -3.28% 14,623 $1.19 $1.20 $0.01 0.84% 7,404,831 $8,885,797
3/5/2020 $1.20 $0.00 0.00% 1,573 $1.16 $1.20 $0.04 3.39% 7,404,831 $8,885,797
3/6/2020 $1.15 $0.00 -4.26% 5,323 $1.15 $1.16 $0.01 0.87% 7,404,831 $8,515,556
3/9/2020 $1.04 $0.00 -10.52% 21,731 $1.03 $1.04 $0.01 0.97% 7,404,831 $7,665,481
3/10/2020 $1.06 $0.00 2.37% 45,190 $1.05 $1.06 $0.01 0.95% 7,404,831 $7,849,121
3/11/2020 $1.02 $0.00 -3.85% 6,722 $1.02 $1.10 $0.08 7.55% 7,404,831 $7,552,928
3/12/2020 $1.00 $0.00 -1.99% 7,919 $0.92 $0.92 $0.00 0.01% 7,404,831 $7,404,091
3/13/2020 $0.94 $0.00 -6.18% 14,496 $0.94 $0.97 $0.03 3.13% 7,404,831 $6,960,541
3/16/2020 $0.99 $0.00 5.18% 25,717 $0.91 $0.98 $0.07 7.41% 7,404,831 $7,330,783
3/17/2020 $1.00 $0.00 0.98% 12,306 $0.97 $1.00 $0.03 3.06% 7,404,831 $7,402,610
3/18/2020 $0.90 $0.00 -10.51% 9,464 $0.90 $0.99 $0.09 9.52% 7,404,831 $6,664,348
3/19/2020 $0.90 $0.00 0.01% 7,545 $0.83 $0.92 $0.09 10.05% 7,404,831 $6,665,088
3/20/2020 $0.83 $0.00 -8.10% 1,462 $0.83 $0.92 $0.09 10.27% 7,404,831 $6,146,750
3/23/2020 $0.87 $0.00 4.89% 1,202 $0.88 $0.92 $0.04 4.44% 7,404,831 $6,454,791
3/24/2020 $0.92 $0.00 4.85% 9,678 $0.91 $0.92 $0.01 1.09% 7,404,831 $6,775,420
3/25/2020 $0.83 $0.00 -9.70% 64,361 $0.83 $0.92 $0.09 10.21% 7,404,831 $6,148,972
3/26/2020 $0.87 $0.00 4.69% 5,457 $0.85 $0.87 $0.02 2.37% 7,404,831 $6,444,424
3/27/2020 $0.89 $0.00 2.24% 2,694 $0.80 $0.89 $0.09 10.27% 7,404,831 $6,590,300
3/30/2020 $0.88 $0.00 -0.77% 2,790 $0.80 $0.88 $0.08 9.27% 7,404,831 $6,539,947
3/31/2020 $0.88 $0.00 -0.36% 583 $0.81 $0.87 $0.06 7.14% 7,404,831 $6,516,251
4/1/2020 $0.84 $0.00 -4.65% 5,445 $0.83 $0.88 $0.05 5.28% 7,404,831 $6,220,058
4/2/2020 $0.86 $0.00 2.34% 771 $0.81 $0.86 $0.05 6.59% 7,404,831 $6,367,414
4/3/2020 $0.82 $0.00 -4.75% 1,095 $0.82 $0.87 $0.05 5.91% 7,404,831 $6,071,961
4/6/2020 $0.85 $0.00 3.00% 920 $0.83 $0.86 $0.03 3.55% 7,404,831 $6,257,082
4/7/2020 $0.85 $0.00 0.11% 8,784 $0.81 $0.85 $0.04 4.81% 7,404,831 $6,263,747
4/8/2020 $0.83 $0.00 -1.93% 3,134 $0.82 $0.85 $0.03 4.19% 7,404,831 $6,143,714
4/9/2020 $0.83 $0.00 0.04% 13,599 $0.83 $0.84 $0.01 1.20% 7,404,831 $6,146,010
4/13/2020 $0.95 $0.00 13.02% 23,995 $0.92 $0.95 $0.03 3.00% 7,404,831 $7,000,527
4/14/2020 $0.94 $0.00 -0.25% 9,278 $0.93 $0.94 $0.01 1.39% 7,404,831 $6,982,756
4/15/2020 $1.22 $0.00 25.75% 2,183,785 $1.21 $1.25 $0.04 3.25% 7,404,831 $9,033,894
4/16/2020 $1.21 $0.00 -0.82% 191,995 $1.32 $1.34 $0.02 1.50% 7,404,831 $8,959,846
4/17/2020 $1.12 $0.00 -7.73% 51,823 $1.13 $1.14 $0.01 0.88% 7,404,831 $8,293,411
4/20/2020 $1.08 $0.00 -3.30% 28,527 $1.08 $1.09 $0.01 0.92% 7,404,831 $8,023,875
4/21/2020 $1.16 $0.00 6.81% 58,694 $1.15 $1.17 $0.02 1.72% 7,404,831 $8,589,604
85
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 90 of
206
Exhibit-3f
KOSS Market Efficiency Statistics
January 28, 2020 through January 27, 2021
Closing Average
Log Closing Closing Bid/Ask Bid/Ask Outstanding Market
Date Closing Price Dividend Return Volume Bid Ask Spread Spread % Shares Capitalization
[a] [b] [b] [c] [d] [e] [f] [g]
4/22/2020 $1.15 $0.00 -0.87% 489,053 $1.15 $1.22 $0.07 5.91% 7,404,831 $8,515,556
4/23/2020 $1.19 $0.00 3.42% 94,730 $1.18 $1.29 $0 11 8.91% 7,404,831 $8,811,749
4/24/2020 $1.24 $0.00 4.12% 131,617 $1.24 $1.29 $0.05 3.95% 7,404,831 $9,181,990
4/27/2020 $1.36 $0.00 9.24% 58,190 $1.34 $1.42 $0.08 5.80% 7,404,831 $10,070,570
4/28/2020 $1.42 $0.00 4.32% 45,247 $1.42 $1.47 $0.05 3.46% 7,404,831 $10,514,860
4/29/2020 $1.42 $0.00 0.06% 33,341 $1.40 $1.45 $0.05 3.51% 7,404,831 $10,520,784
4/30/2020 $1.32 $0.00 -7.36% 37,765 $1.30 $1.36 $0.06 4.51% 7,404,831 $9,774,377
5/1/2020 $1.20 $0.00 -9.52% 15,904 $1.20 $1.25 $0.05 4.08% 7,404,831 $8,886,538
5/4/2020 $1.23 $0.00 2.59% 7,558 $1.20 $1.27 $0.07 5.67% 7,404,831 $9,119,790
5/5/2020 $1.20 $0.00 -2.60% 2,227 $1.16 $1.24 $0.08 6.67% 7,404,831 $8,885,797
5/6/2020 $1.23 $0.00 2.47% 6,982 $1.19 $1.23 $0.04 3.31% 7,404,831 $9,107,942
5/7/2020 $1.23 $0.00 0.00% 29,561 $1.23 $1.24 $0.01 0.81% 7,404,831 $9,107,942
5/8/2020 $1.12 $0.00 -9.37% 58,715 $1.17 $1.24 $0.07 5.81% 7,404,831 $8,293,411
5/11/2020 $1.20 $0.00 6.90% 38,689 $1.17 $1.23 $0.06 5.00% 7,404,831 $8,885,797
5/12/2020 $1.17 $0.00 -2.53% 9,811 $1.19 $1.20 $0.01 0.84% 7,404,831 $8,663,652
5/13/2020 $1.11 $0.00 -5.26% 13,982 $1.12 $1.14 $0.02 1.77% 7,404,831 $8,219,362
5/14/2020 $1.07 $0.00 -3.67% 14,678 $1.06 $1.12 $0.06 5.50% 7,404,831 $7,923,169
5/15/2020 $1.16 $0.00 7.64% 14,853 $1.13 $1.19 $0.06 5.17% 7,404,831 $8,552,580
5/18/2020 $1.14 $0.00 -1.54% 13,563 $1.12 $1.14 $0.02 1.77% 7,404,831 $8,421,514
5/19/2020 $1.11 $0.00 -2.43% 17,511 $1.11 $1.17 $0.06 5.26% 7,404,831 $8,219,362
5/20/2020 $1.14 $0.00 2.67% 17,549 $1.12 $1.14 $0.02 1.77% 7,404,831 $8,441,507
5/21/2020 $1.12 $0.00 -1.77% 3,578 $1.12 $1.15 $0.03 2.64% 7,404,831 $8,293,411
5/22/2020 $1.14 $0.00 1.77% 13,318 $1.14 $1.15 $0.01 0.87% 7,404,831 $8,441,507
5/26/2020 $1.15 $0.00 0.45% 3,675 $1.14 $1.15 $0.01 0.87% 7,404,831 $8,479,272
5/27/2020 $1.15 $0.00 0.43% 4,385 $1.15 $1.17 $0.02 1.72% 7,404,831 $8,515,556
5/28/2020 $1.10 $0.00 -4.45% 9,560 $1.10 $1.17 $0.07 6.17% 7,404,831 $8,145,314
5/29/2020 $1.13 $0.00 2.69% 3,489 $1.13 $1.16 $0.03 2.62% 7,404,831 $8,367,459
6/1/2020 $1.13 $0.00 0.00% 16,377 $1.12 $1.14 $0.02 1.77% 7,404,831 $8,367,459
6/2/2020 $1.27 $0.00 11.68% 58,788 $1.23 $1.29 $0.06 4.76% 7,404,831 $9,404,135
6/3/2020 $1.26 $0.00 -1.19% 20,753 $1.22 $1.29 $0.07 5.58% 7,404,831 $9,293,063
6/4/2020 $1.20 $0.00 -4.90% 9,001 $1.18 $1.21 $0.03 2.51% 7,404,831 $8,848,773
6/5/2020 $1.25 $0.00 4.50% 19,809 $1.24 $1.29 $0.05 3.95% 7,404,831 $9,256,039
6/8/2020 $1.28 $0.00 2.37% 17,456 $1.28 $1.30 $0.02 1.55% 7,404,831 $9,478,184
6/9/2020 $1.41 $0.00 9.67% 147,211 $1.41 $1.48 $0.07 4.84% 7,404,831 $10,440,812
6/10/2020 $1.27 $0.00 -10.24% 39,103 $1.27 $1.29 $0.02 1.56% 7,404,831 $9,424,128
6/11/2020 $1.16 $0.00 -9.28% 25,004 $1.15 $1.16 $0.01 0.87% 7,404,831 $8,588,863
6/12/2020 $1.38 $0.00 17.37% 173,443 $1.35 $1.37 $0.02 1.47% 7,404,831 $10,218,667
6/15/2020 $1.39 $0.00 0.73% 57,551 $1.39 $1.41 $0.02 1.43% 7,404,831 $10,293,456
6/16/2020 $1.96 $0.00 34.36% 373,778 $1.95 $1.96 $0.01 0.51% 7,404,831 $14,513,469
6/17/2020 $1.72 $0.00 -13.06% 313,057 $1.68 $1.69 $0.01 0.59% 7,404,831 $12,736,309
6/18/2020 $1.65 $0.00 -4.15% 51,251 $1.63 $1.64 $0.01 0.61% 7,404,831 $12,217,971
6/19/2020 $1.61 $0.00 -2.45% 63,979 $1.61 $1.66 $0.05 3.06% 7,404,831 $11,921,778
6/22/2020 $1.76 $0.00 8.91% 99,384 $1.73 $1.76 $0.03 1.72% 7,404,831 $13,032,503
6/23/2020 $1.55 $0.00 -12.71% 55,179 $1.53 $1.55 $0.02 1.30% 7,404,831 $11,477,488
6/24/2020 $1.48 $0.00 -4.62% 34,682 $1.46 $1.53 $0.07 4.68% 7,404,831 $10,959,150
6/25/2020 $1.46 $0.00 -1.46% 15,967 $1.44 $1.46 $0.02 1.38% 7,404,831 $10,800,686
6/26/2020 $1.40 $0.00 -4.10% 12,358 $1.40 $1.46 $0.06 4.20% 7,404,831 $10,366,763
6/29/2020 $1.42 $0.00 1.42% 6,634 $1.39 $1.44 $0.05 3.53% 7,404,831 $10,514,860
6/30/2020 $1.36 $0.00 -4.32% 26,576 $1.33 $1.36 $0.03 2.23% 7,404,831 $10,070,570
7/1/2020 $1.48 $0.00 8.46% 121,654 $1.45 $1.51 $0.06 4.05% 7,404,831 $10,959,150
7/2/2020 $1.48 $0.00 0.00% 34,011 $1.44 $1.48 $0.04 2.74% 7,404,831 $10,959,150
7/6/2020 $1.48 $0.00 0.00% 9,620 $1.44 $1.49 $0.05 3.41% 7,404,831 $10,959,150
7/7/2020 $1.43 $0.00 -3.44% 2,337 $1.41 $1.43 $0.02 1.41% 7,404,831 $10,588,908
7/8/2020 $1.45 $0.00 1.63% 9,742 $1.45 $1.48 $0.03 2.05% 7,404,831 $10,762,922
7/9/2020 $1.80 $0.00 21.38% 884,725 $1.70 $1.80 $0 10 5.71% 7,404,831 $13,328,696
7/10/2020 $1.78 $0.00 -1.12% 90,201 $1.71 $1.78 $0.07 4.01% 7,404,831 $13,180,599
7/13/2020 $1.53 $0.00 -15.13% 30,855 $1.45 $1.69 $0 24 15.29% 7,404,831 $11,329,391
7/14/2020 $1.58 $0.00 3.22% 28,439 $1.58 $1.65 $0.07 4.33% 7,404,831 $11,700,373
7/15/2020 $1.58 $0.00 -0.01% 20,851 $1.57 $1.58 $0.01 0.63% 7,404,831 $11,699,633
86
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 91 of
206
Exhibit-3f
KOSS Market Efficiency Statistics
January 28, 2020 through January 27, 2021
Closing Average
Log Closing Closing Bid/Ask Bid/Ask Outstanding Market
Date Closing Price Dividend Return Volume Bid Ask Spread Spread % Shares Capitalization
[a] [b] [b] [c] [d] [e] [f] [g]
7/16/2020 $1.62 $0.00 2.19% 11,926 $1.59 $1.64 $0.05 3.10% 7,404,831 $11,958,802
7/17/2020 $1.58 $0.00 -2.19% 25,061 $1.56 $1.61 $0.05 3.15% 7,404,831 $11,699,633
7/20/2020 $1.58 $0.00 0.00% 79,376 $1.58 $1.63 $0.05 3.12% 7,404,831 $11,699,633
7/21/2020 $1.63 $0.00 3.21% 31,203 $1.63 $1.64 $0.01 0.61% 7,404,831 $12,080,982
7/22/2020 $1.73 $0.00 5.86% 162,537 $1.73 $1.78 $0.05 2.85% 7,404,831 $12,810,358
7/23/2020 $1.77 $0.00 2.29% 105,864 $1.76 $1.81 $0.05 2.80% 7,404,831 $13,106,551
7/24/2020 $1.90 $0.00 7.09% 68,882 $1.84 $1.90 $0.06 3.21% 7,404,831 $14,069,179
7/27/2020 $2.03 $0.00 6.62% 305,267 $2.03 $2.08 $0.05 2.43% 7,404,831 $15,031,807
7/28/2020 $2.01 $0.00 -0.99% 104,966 $1.86 $2.01 $0 15 7.75% 7,404,831 $14,883,710
7/29/2020 $1.87 $0.00 -7.22% 29,059 $1.87 $1.91 $0.04 2.12% 7,404,831 $13,847,034
7/30/2020 $1.90 $0.00 1.59% 19,901 $1.90 $1.91 $0.01 0.52% 7,404,831 $14,069,179
7/31/2020 $1.90 $0.00 0.00% 24,864 $1.90 $1.92 $0.02 1.05% 7,404,831 $14,069,179
8/3/2020 $1.94 $0.00 2.08% 31,468 $1.91 $1.95 $0.04 2.07% 7,404,831 $14,365,372
8/4/2020 $2.33 $0.00 18.32% 300,675 $2.31 $2.33 $0.02 0.86% 7,404,831 $17,253,256
8/5/2020 $2.24 $0.00 -3.94% 48,703 $2.23 $2.28 $0.05 2.22% 7,404,831 $16,586,821
8/6/2020 $2.34 $0.00 4.37% 33,395 $2.30 $2.34 $0.04 1.72% 7,404,831 $17,327,305
8/7/2020 $2.33 $0.00 -0.43% 29,941 $2.27 $2.33 $0.06 2.61% 7,404,831 $17,252,516
8/10/2020 $2.40 $0.00 2.96% 55,507 $2.34 $2.38 $0.04 1.69% 7,404,831 $17,771,594
8/11/2020 $2.06 $0.00 -15.28% 542,722 $2.06 $2.25 $0 19 8.82% 7,404,831 $15,253,952
8/12/2020 $2.10 $0.00 1.92% 79,228 $2.06 $2.10 $0.04 1.92% 7,404,831 $15,550,145
8/13/2020 $2.09 $0.00 -0.48% 62,212 $2.04 $2.09 $0.05 2.42% 7,404,831 $15,476,097
8/14/2020 $2.04 $0.00 -2.42% 33,290 $2.04 $2.07 $0.03 1.46% 7,404,831 $15,105,855
8/17/2020 $2.10 $0.00 2.90% 7,838 $2.06 $2.10 $0.04 1.92% 7,404,831 $15,550,145
8/18/2020 $2.35 $0.00 11.24% 108,825 $2.34 $2.36 $0.02 0.85% 7,404,831 $17,400,612
8/19/2020 $2.17 $0.00 -7.96% 22,966 $2.16 $2.22 $0.06 2.74% 7,404,831 $16,068,483
8/20/2020 $2.66 $0.00 20.36% 105,872 $2.60 $2.61 $0.01 0.38% 7,404,831 $19,696,110
8/21/2020 $2.32 $0.00 -13.67% 80,802 $2.30 $2.33 $0.03 1.30% 7,404,831 $17,179,208
8/24/2020 $2.34 $0.00 0.86% 149,849 $2.34 $2.39 $0.05 2.11% 7,404,831 $17,327,305
8/25/2020 $2.32 $0.00 -0.86% 48,072 $2.32 $2.33 $0.01 0.43% 7,404,831 $17,179,208
8/26/2020 $2.14 $0.00 -8.08% 30,334 $2.14 $2.16 $0.02 0.93% 7,404,831 $15,846,338
8/27/2020 $2.27 $0.00 5.90% 144,577 $2.26 $2.27 $0.01 0.44% 7,404,831 $16,808,966
8/28/2020 $2.24 $0.00 -1.33% 16,527 $2.20 $2.24 $0.04 1.80% 7,404,831 $16,586,821
8/31/2020 $2.17 $0.00 -3.24% 31,186 $2.15 $2.18 $0.03 1.39% 7,404,831 $16,057,376
9/1/2020 $2.05 $0.00 -5.62% 44,385 $2.03 $2.07 $0.04 1.95% 7,404,831 $15,179,904
9/2/2020 $2.07 $0.00 0.97% 19,336 $2.04 $2.09 $0.05 2.42% 7,404,831 $15,328,000
9/3/2020 $1.94 $0.00 -6.49% 21,380 $1.92 $1.98 $0.06 3.08% 7,404,831 $14,365,372
9/4/2020 $1.91 $0.00 -1.60% 14,592 $1.90 $1.92 $0.02 1.05% 7,404,831 $14,138,044
9/8/2020 $1.98 $0.00 3.64% 16,210 $1.92 $1.96 $0.04 2.06% 7,404,831 $14,661,565
9/9/2020 $1.95 $0.00 -1.53% 4,829 $1.91 $1.95 $0.04 2.07% 7,404,831 $14,439,420
9/10/2020 $1.97 $0.00 1.02% 7,611 $1.93 $1.98 $0.05 2.56% 7,404,831 $14,587,517
9/11/2020 $2.08 $0.00 5.43% 35,794 $2.05 $2.10 $0.05 2.41% 7,404,831 $15,402,048
9/14/2020 $2.15 $0.00 3.31% 7,013 $2.04 $2.15 $0 11 5.25% 7,404,831 $15,920,387
9/15/2020 $2.05 $0.00 -4.76% 21,024 $2.05 $2.12 $0.07 3.36% 7,404,831 $15,179,904
9/16/2020 $2.07 $0.00 0.97% 9,747 $2.07 $2.12 $0.05 2.39% 7,404,831 $15,328,000
9/17/2020 $2.15 $0.00 3.79% 2,768 $2.10 $2.15 $0.05 2.35% 7,404,831 $15,920,387
9/18/2020 $2.07 $0.00 -3.79% 7,752 $2.07 $2.17 $0 10 4.72% 7,404,831 $15,328,000
9/21/2020 $2.16 $0.00 4.26% 9,229 $2.09 $2.17 $0.08 3.76% 7,404,831 $15,994,435
9/22/2020 $2.14 $0.00 -0.93% 990 $2.10 $2.15 $0.05 2.35% 7,404,831 $15,846,338
9/23/2020 $2.17 $0.00 1.39% 757 $2.14 $2.17 $0.03 1.39% 7,404,831 $16,068,483
9/24/2020 $2.32 $0.00 6.68% 42,793 $2.29 $2.32 $0.03 1.30% 7,404,831 $17,179,208
9/25/2020 $2.22 $0.00 -4.63% 1,575 $2.19 $2.25 $0.06 2.70% 7,404,831 $16,401,701
9/28/2020 $2.20 $0.00 -0.68% 29,836 $2.19 $2.24 $0.05 2.26% 7,404,831 $16,290,628
9/29/2020 $2.14 $0.00 -2.77% 7,530 $2.14 $2.18 $0.04 1.85% 7,404,831 $15,846,338
9/30/2020 $2.14 $0.00 0.00% 1,766 $2.14 $2.17 $0.03 1.39% 7,404,831 $15,846,338
10/1/2020 $2.17 $0.00 1.39% 9,991 $2.11 $2.17 $0.06 2.80% 7,404,831 $16,068,483
10/2/2020 $2.16 $0.00 -0.69% 191 $2.13 $2.18 $0.05 2.32% 7,404,831 $15,957,411
10/5/2020 $2.15 $0.00 -0.23% 8,415 $2.15 $2.18 $0.03 1.39% 7,404,831 $15,920,387
10/6/2020 $2.15 $0.00 0.00% 9,275 $2.15 $2.21 $0.06 2.75% 7,404,831 $15,920,387
10/7/2020 $2.20 $0.00 2.30% 6,884 $2.17 $2.24 $0.07 3.17% 7,404,831 $16,290,628
87
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 92 of
206
Exhibit-3f
KOSS Market Efficiency Statistics
January 28, 2020 through January 27, 2021
Closing Average
Log Closing Closing Bid/Ask Bid/Ask Outstanding Market
Date Closing Price Dividend Return Volume Bid Ask Spread Spread % Shares Capitalization
[a] [b] [b] [c] [d] [e] [f] [g]
10/8/2020 $2.19 $0.00 -0.46% 21,458 $2.16 $2.20 $0.04 1.83% 7,404,831 $16,216,580
10/9/2020 $2.17 $0.00 -0.92% 5,956 $2.16 $2.20 $0.04 1.83% 7,404,831 $16,068,483
10/12/2020 $2.31 $0.00 6.25% 164,426 $2.22 $2.31 $0.09 3.97% 7,404,831 $17,105,160
10/13/2020 $2.19 $0.00 -5.33% 12,959 $2.15 $2.24 $0.09 4.10% 7,404,831 $16,216,580
10/14/2020 $2.20 $0.00 0.46% 3,265 $2.17 $2.24 $0.07 3.17% 7,404,831 $16,290,628
10/15/2020 $2.07 $0.00 -6.09% 8,757 $2.09 $2.17 $0.08 3.76% 7,404,831 $15,328,000
10/16/2020 $2.20 $0.00 6.14% 14,041 $2.15 $2.23 $0.08 3.65% 7,404,831 $16,298,033
10/19/2020 $2.13 $0.00 -3.27% 5,544 $2.15 $2.19 $0.04 1.84% 7,404,831 $15,773,031
10/20/2020 $2.28 $0.00 6.80% 59,800 $2.19 $2.29 $0 10 4.46% 7,404,831 $16,883,015
10/21/2020 $2.24 $0.00 -1.77% 11,547 $2.21 $2.30 $0.09 3.99% 7,404,831 $16,586,821
10/22/2020 $2.15 $0.00 -4.10% 827 $2.14 $2.28 $0 14 6.33% 7,404,831 $15,920,387
10/23/2020 $2.16 $0.00 0.62% 2,382 $2.15 $2.20 $0.05 2.30% 7,404,831 $16,018,871
10/26/2020 $2.14 $0.00 -1.08% 11,593 $2.10 $2.19 $0.09 4.20% 7,404,831 $15,846,338
10/27/2020 $2.19 $0.00 2.31% 7,735 $2.12 $2.18 $0.06 2.79% 7,404,831 $16,216,580
10/28/2020 $2.10 $0.00 -4.37% 4,888 $2.10 $2.17 $0.07 3.28% 7,404,831 $15,522,747
10/29/2020 $2.07 $0.00 -1.04% 3,878 $2.06 $2.15 $0.09 4.28% 7,404,831 $15,362,803
10/30/2020 $2.12 $0.00 1.92% 344 $2.09 $2.14 $0.05 2.36% 7,404,831 $15,661,218
11/2/2020 $2.03 $0.00 -4.10% 3,784 $2.04 $2.17 $0 13 6.18% 7,404,831 $15,031,807
11/3/2020 $2.11 $0.00 3.63% 739 $2.06 $2.17 $0 11 5.20% 7,404,831 $15,587,169
11/4/2020 $2.10 $0.00 -0.24% 1,559 $2.05 $2.16 $0 11 5.23% 7,404,831 $15,550,145
11/5/2020 $2.06 $0.00 -1.92% 1,885 $2.05 $2.14 $0.09 4.30% 7,404,831 $15,253,952
11/6/2020 $2.06 $0.00 0.00% 558 $2.06 $2.15 $0.09 4.28% 7,404,831 $15,253,952
11/9/2020 $2.06 $0.00 0.00% 515 $2.05 $2.14 $0.09 4.30% 7,404,831 $15,253,952
11/10/2020 $2.11 $0.00 2.16% 2,515 $2.08 $2.15 $0.07 3.31% 7,404,831 $15,587,169
11/11/2020 $2.16 $0.00 2.58% 2,986 $2.08 $2.16 $0.08 3.77% 7,404,831 $15,994,435
11/12/2020 $2.08 $0.00 -3.77% 1,333 $2.10 $2.16 $0.06 2.82% 7,404,831 $15,402,048
11/13/2020 $2.16 $0.00 3.77% 3,632 $2.10 $2.17 $0.07 3.28% 7,404,831 $15,994,435
11/16/2020 $2.10 $0.00 -2.82% 7,795 $2.10 $2.19 $0.09 4.20% 7,404,831 $15,550,145
11/17/2020 $2.12 $0.00 0.95% 4,241 $2.07 $2.12 $0.05 2.39% 7,404,831 $15,698,242
11/18/2020 $2.09 $0.00 -1.43% 1,055 $2.08 $2.10 $0.02 0.96% 7,404,831 $15,476,097
11/19/2020 $2.09 $0.00 0.00% 8,313 $2.08 $2.10 $0.02 0.96% 7,404,831 $15,476,097
11/20/2020 $2.08 $0.00 -0.72% 1,118 $2.06 $2.09 $0.03 1.45% 7,404,831 $15,365,024
11/23/2020 $2.09 $0.00 0.72% 989 $2.07 $2.14 $0.07 3.33% 7,404,831 $15,476,097
11/24/2020 $2.15 $0.00 2.96% 18,853 $2.11 $2.19 $0.08 3.72% 7,404,831 $15,940,380
11/25/2020 $2.13 $0.00 -1.00% 5,054 $2.11 $2.16 $0.05 2.34% 7,404,831 $15,781,176
11/27/2020 $2.20 $0.00 3.15% 274 $2.12 $2.20 $0.08 3.70% 7,404,831 $16,285,445
11/30/2020 $2.16 $0.00 -1.80% 7,775 $2.12 $2.20 $0.08 3.70% 7,404,831 $15,994,435
12/1/2020 $2.80 $0.00 25.95% 124,400 $2.44 $2.88 $0.44 16.54% 7,404,831 $20,733,527
12/2/2020 $2.56 $0.00 -8.96% 14,989 $2.56 $2.61 $0.05 1.93% 7,404,831 $18,956,367
12/3/2020 $2.70 $0.00 5.32% 9,835 $2.61 $2.70 $0.09 3.39% 7,404,831 $19,993,044
12/4/2020 $2.54 $0.00 -6.11% 15,278 $2.39 $2.67 $0 28 11.07% 7,404,831 $18,808,271
12/7/2020 $2.57 $0.00 1.17% 3,382 $2.53 $2.62 $0.09 3.50% 7,404,831 $19,030,416
12/8/2020 $2.51 $0.00 -2.36% 3,185 $2.50 $2.53 $0.03 1.19% 7,404,831 $18,586,126
12/9/2020 $2.50 $0.00 -0.40% 10,089 $2.50 $2.51 $0.01 0.40% 7,404,831 $18,512,078
12/10/2020 $2.38 $0.00 -5.10% 4,334 $2.35 $2.49 $0 14 5.79% 7,404,831 $17,590,917
12/11/2020 $2.38 $0.00 -0.03% 580 $2.36 $2.39 $0.03 1.26% 7,404,831 $17,586,474
12/14/2020 $2.45 $0.00 3.11% 3,068 $2.44 $2.52 $0.08 3.23% 7,404,831 $18,141,836
12/15/2020 $2.50 $0.00 2.02% 685 $2.45 $2.50 $0.05 2.02% 7,404,831 $18,512,078
12/16/2020 $2.55 $0.00 1.98% 3,466 $2.47 $2.60 $0 13 5.13% 7,404,831 $18,882,319
12/17/2020 $2.55 $0.00 0.00% 2,092 $2.50 $2.58 $0.08 3.15% 7,404,831 $18,882,319
12/18/2020 $2.38 $0.00 -6.90% 6,930 $2.36 $2.56 $0 20 8.13% 7,404,831 $17,623,498
12/21/2020 $2.47 $0.00 3.71% 15,413 $2.47 $2.51 $0.04 1.61% 7,404,831 $18,289,933
12/22/2020 $2.44 $0.00 -1.22% 4,464 $2.40 $2.48 $0.08 3.28% 7,404,831 $18,067,788
12/23/2020 $2.34 $0.00 -4.18% 8,480 $2.34 $2.37 $0.03 1.27% 7,404,831 $17,327,305
12/24/2020 $2.34 $0.00 0.00% 4,871 $2.34 $2.47 $0 13 5.41% 7,404,831 $17,327,305
12/28/2020 $2.40 $0.00 2.53% 793,307 $2.33 $2.45 $0 12 5.02% 7,404,831 $17,771,594
12/29/2020 $3.44 $0.00 36.00% 15,309,448 $3.39 $3.43 $0.04 1.17% 7,404,831 $25,472,619
12/30/2020 $3.70 $0.00 7.29% 998,852 $3.51 $3.70 $0 19 5.27% 7,404,831 $27,397,875
12/31/2020 $3.44 $0.00 -7.29% 331,697 $3.26 $3.44 $0 18 5.37% 7,404,831 $25,472,619
88
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 93 of
206
Exhibit-3f
KOSS Market Efficiency Statistics
January 28, 2020 through January 27, 2021
Closing Average
Log Closing Closing Bid/Ask Bid/Ask Outstanding Market
Date Closing Price Dividend Return Volume Bid Ask Spread Spread % Shares Capitalization
[a] [b] [b] [c] [d] [e] [f] [g]
1/4/2021 $3.19 $0.00 -7.55% 244,489 $3.10 $3.19 $0.09 2.86% 7,404,831 $23,621,411
1/5/2021 $3.11 $0.00 -2.54% 116,619 $3.31 $3.35 $0.04 1.20% 7,404,831 $23,029,024
1/6/2021 $3.05 $0.00 -1.95% 34,379 $3.04 $3.09 $0.05 1.63% 7,404,831 $22,584,735
1/7/2021 $3.15 $0.00 3.23% 84,545 $3.15 $3.17 $0.02 0.63% 7,404,831 $23,325,218
1/8/2021 $3.27 $0.00 3.74% 62,236 $3.17 $3.27 $0 10 3.11% 7,404,831 $24,213,797
1/11/2021 $3.20 $0.00 -2.16% 39,983 $3.20 $3.22 $0.02 0.62% 7,404,831 $23,696,200
1/12/2021 $3.24 $0.00 1.24% 40,380 $3.24 $3.26 $0.02 0.62% 7,404,831 $23,991,652
1/13/2021 $3.11 $0.00 -4.10% 28,254 $3.10 $3.14 $0.04 1.28% 7,404,831 $23,029,024
1/14/2021 $3.07 $0.00 -1.29% 26,237 $3.07 $3.10 $0.03 0.97% 7,404,831 $22,732,831
1/15/2021 $2.90 $0.00 -5.70% 82,591 $2.85 $2.90 $0.05 1.74% 7,404,831 $21,474,010
1/19/2021 $3.62 $0.00 22.18% 712,364 $3.56 $3.62 $0.06 1.67% 7,404,831 $26,805,488
1/20/2021 $3.43 $0.00 -5.39% 567,463 $3.40 $3.43 $0.03 0.88% 7,404,831 $25,398,570
1/21/2021 $3.54 $0.00 3.16% 96,964 $3.45 $3.55 $0 10 2.86% 7,404,831 $26,213,102
1/22/2021 $3.34 $0.00 -5.82% 121,628 $3.33 $3.40 $0.07 2.08% 7,404,831 $24,732,136
1/25/2021 $6.00 $0.00 58.58% 8,507,708 $5.87 $5.88 $0.01 0.17% 7,404,831 $44,428,986
1/26/2021 $10.00 $0.00 51.08% 34,527,614 $9.94 $10.00 $0.06 0.60% 7,404,831 $74,048,310
1/27/2021 $58.00 $0.00 175.79% 24,943,925 $35.02 $58.00 $22 98 49.41% 7,616,219 $441,740,702
Average $2.08 $0.00 1.44% 390,380 $1.97 $2.11 $0 15 3.40% 7,405,667 $15.5 million
Median $1.90 $0.00 0.00% 14,623 $1.90 $1.92 $0.05 2.74% 7,404,831 $14.1 million
High $58.00 $0.00 175.79% 34,527,614 $35.02 $58.00 $22 98 49.41% 7,616,219 $441.7 million
Low $0.82 $0.00 -15.28% 191 $0.80 $0.84 $0.00 0.01% 7,404,831 $6.1 million
Source: CRSP & SEC Filings.
89
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 94 of
206
Exhibit-3g
NOK Market Efficiency Statistics
January 28, 2020 through January 27, 2021
Closing Average
Log Closing Closing Bid/Ask Bid/Ask Outstanding Market
Date Closing Price Dividend Return Volume Bid Ask Spread Spread % Shares Capitalization
[a] [b] [b] [c] [d] [e] [f] [g]
1/28/2020 $4.02 $0.00 2.01% 23,543,503 $4.03 $4.04 $0.01 0.25% 728,459,602 $2,928,407,600
1/29/2020 $3.91 $0.00 -2.77% 27,741,422 $3.90 $3.91 $0.01 0.26% 728,459,602 $2,848,277,044
1/30/2020 $3.96 $0.00 1.27% 23,305,229 $3.94 $3.95 $0.01 0.25% 728,459,602 $2,884,700,024
1/31/2020 $3.88 $0.00 -2.04% 25,612,127 $3.87 $3.88 $0.01 0.26% 728,459,602 $2,826,423,256
2/3/2020 $3.88 $0.00 0.00% 31,627,824 $3.88 $3.89 $0.01 0.26% 728,459,602 $2,826,423,256
2/4/2020 $3.96 $0.00 2.04% 29,709,894 $3.95 $3.96 $0.01 0.25% 728,459,602 $2,884,700,024
2/5/2020 $4.03 $0.00 1.75% 27,448,427 $4.02 $4.03 $0.01 0.25% 728,459,602 $2,935,692,196
2/6/2020 $4.20 $0.00 4.13% 90,257,751 $4.20 $4.21 $0.01 0.24% 728,459,602 $3,059,530,328
2/7/2020 $4.37 $0.00 3.97% 102,719,682 $4.37 $4.38 $0.01 0.23% 728,459,602 $3,183,368,461
2/10/2020 $4.26 $0.00 -2.55% 63,116,677 $4.26 $4.27 $0.01 0.23% 728,459,602 $3,103,237,905
2/11/2020 $4.41 $0.00 3.46% 82,755,562 $4.40 $4.41 $0.01 0.23% 728,459,602 $3,212,506,845
2/12/2020 $4.41 $0.00 0.00% 34,736,884 $4.41 $4.42 $0.01 0.23% 728,459,602 $3,212,506,845
2/13/2020 $4.34 $0.00 -1.60% 30,693,461 $4.33 $4.34 $0.01 0.23% 728,459,602 $3,161,514,673
2/14/2020 $4.33 $0.00 -0.23% 23,030,758 $4.32 $4.33 $0.01 0.23% 728,459,602 $3,154,230,077
2/18/2020 $4.25 $0.00 -1.86% 22,440,174 $4.24 $4.25 $0.01 0.24% 728,459,602 $3,095,953,309
2/19/2020 $4.20 $0.00 -1.18% 26,638,555 $4.20 $4.21 $0.01 0.24% 728,459,602 $3,059,530,328
2/20/2020 $4.16 $0.00 -0.96% 25,590,372 $4.15 $4.16 $0.01 0.24% 728,459,602 $3,030,391,944
2/21/2020 $4.16 $0.00 0.00% 21,122,889 $4.16 $4.17 $0.01 0.24% 728,459,602 $3,030,391,944
2/24/2020 $4.02 $0.00 -3.42% 35,855,121 $4.01 $4.02 $0.01 0.25% 728,459,602 $2,928,407,600
2/25/2020 $3.91 $0.00 -2.77% 35,960,648 $3.91 $3.92 $0.01 0.26% 728,459,602 $2,848,277,044
2/26/2020 $4.15 $0.00 5.96% 93,312,030 $4.15 $4.16 $0.01 0.24% 728,459,602 $3,023,107,348
2/27/2020 $3.96 $0.00 -4.69% 62,126,701 $3.95 $3.96 $0.01 0.25% 728,459,602 $2,884,700,024
2/28/2020 $3.87 $0.00 -2.30% 58,540,332 $3.87 $3.88 $0.01 0.26% 728,459,602 $2,819,138,660
3/2/2020 $3.93 $0.00 1.54% 41,572,097 $3.93 $3.94 $0.01 0.25% 728,459,602 $2,862,846,236
3/3/2020 $3.79 $0.00 -3.63% 45,558,094 $3.78 $3.79 $0.01 0.26% 728,459,602 $2,760,861,892
3/4/2020 $3.86 $0.00 1.83% 23,839,590 $3.85 $3.86 $0.01 0.26% 728,459,602 $2,811,854,064
3/5/2020 $3.66 $0.00 -5.32% 35,255,438 $3.68 $3.69 $0.01 0.27% 728,459,602 $2,666,162,143
3/6/2020 $3.57 $0.00 -2.49% 39,638,337 $3.56 $3.57 $0.01 0.28% 728,459,602 $2,600,600,779
3/9/2020 $3.31 $0.00 -7.56% 54,609,286 $3.31 $3.32 $0.01 0.30% 728,459,602 $2,411,201,283
3/10/2020 $3.32 $0.00 0.30% 42,384,203 $3.31 $3.32 $0.01 0.30% 728,459,602 $2,418,485,879
3/11/2020 $3.13 $0.00 -5.89% 41,335,544 $3.12 $3.13 $0.01 0.32% 728,459,602 $2,280,078,554
3/12/2020 $2.61 $0.00 -18.17% 51,754,581 $2.63 $2.64 $0.01 0.38% 728,459,602 $1,901,279,561
3/13/2020 $2.74 $0.00 4.86% 31,675,102 $2.74 $2.75 $0.01 0.36% 728,459,602 $1,995,979,309
3/16/2020 $2.42 $0.00 -12.42% 27,259,527 $2.41 $2.42 $0.01 0.41% 728,459,602 $1,762,872,237
3/17/2020 $2.53 $0.00 4.45% 29,468,848 $2.52 $2.53 $0.01 0.40% 728,459,602 $1,843,002,793
3/18/2020 $2.43 $0.00 -4.03% 42,501,293 $2.44 $2.45 $0.01 0.41% 728,459,602 $1,770,156,833
3/19/2020 $2.56 $0.00 5.21% 40,297,739 $2.54 $2.55 $0.01 0.39% 728,459,602 $1,864,856,581
3/20/2020 $2.66 $0.00 3.83% 49,575,219 $2.66 $2.67 $0.01 0.38% 728,459,602 $1,937,702,541
3/23/2020 $2.65 $0.00 -0.38% 46,726,693 $2.65 $2.66 $0.01 0.38% 728,459,602 $1,930,417,945
3/24/2020 $2.94 $0.00 10.38% 47,526,082 $2.94 $2.95 $0.01 0.34% 728,459,602 $2,141,671,230
3/25/2020 $3.07 $0.00 4.33% 48,724,406 $3.06 $3.07 $0.01 0.33% 728,459,602 $2,236,370,978
3/26/2020 $3.15 $0.00 2.57% 35,238,500 $3.15 $3.16 $0.01 0.32% 728,459,602 $2,294,647,746
3/27/2020 $3.01 $0.00 -4.55% 31,098,789 $3.00 $3.01 $0.01 0.33% 728,459,602 $2,192,663,402
3/30/2020 $3.05 $0.00 1.32% 20,464,501 $3.04 $3.05 $0.01 0.33% 728,459,602 $2,221,801,786
3/31/2020 $3.10 $0.00 1.63% 29,417,566 $3.10 $3.11 $0.01 0.32% 728,459,602 $2,258,224,766
4/1/2020 $2.97 $0.00 -4.28% 22,136,792 $2.97 $2.98 $0.01 0.34% 728,459,602 $2,163,525,018
4/2/2020 $3.04 $0.00 2.33% 23,224,722 $3.03 $3.04 $0.01 0.33% 728,459,602 $2,214,517,190
4/3/2020 $2.97 $0.00 -2.33% 17,041,702 $2.96 $2.97 $0.01 0.34% 728,459,602 $2,163,525,018
4/6/2020 $3.16 $0.00 6.20% 23,284,557 $3.16 $3.17 $0.01 0.32% 728,459,602 $2,301,932,342
4/7/2020 $3.16 $0.00 0.00% 27,185,871 $3.15 $3.16 $0.01 0.32% 728,459,602 $2,301,932,342
4/8/2020 $3.24 $0.00 2.50% 18,400,661 $3.24 $3.25 $0.01 0.31% 728,459,602 $2,360,209,110
4/9/2020 $3.27 $0.00 0.92% 20,956,233 $3.27 $3.28 $0.01 0.31% 728,459,602 $2,382,062,899
4/13/2020 $3.25 $0.00 -0.61% 11,758,444 $3.24 $3.25 $0.01 0.31% 728,459,602 $2,367,493,707
4/14/2020 $3.37 $0.00 3.63% 27,570,972 $3.37 $3.38 $0.01 0.30% 728,459,602 $2,454,908,859
4/15/2020 $3.23 $0.00 -4.24% 23,708,870 $3.22 $3.23 $0.01 0.31% 728,459,602 $2,352,924,514
4/16/2020 $3.46 $0.00 6.88% 83,467,874 $3.46 $3.47 $0.01 0.29% 728,459,602 $2,520,470,223
4/17/2020 $3.48 $0.00 0.58% 34,633,125 $3.47 $3.48 $0.01 0.29% 728,459,602 $2,535,039,415
4/20/2020 $3.44 $0.00 -1.16% 16,577,499 $3.44 $3.45 $0.01 0.29% 728,459,602 $2,505,901,031
4/21/2020 $3.36 $0.00 -2.35% 22,449,461 $3.36 $3.37 $0.01 0.30% 728,459,602 $2,447,624,263
90
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 95 of
206
Exhibit-3g
NOK Market Efficiency Statistics
January 28, 2020 through January 27, 2021
Closing Average
Log Closing Closing Bid/Ask Bid/Ask Outstanding Market
Date Closing Price Dividend Return Volume Bid Ask Spread Spread % Shares Capitalization
[a] [b] [b] [c] [d] [e] [f] [g]
4/22/2020 $3.38 $0.00 0.59% 18,071,958 $3.37 $3.38 $0.01 0.30% 728,459,602 $2,462,193,455
4/23/2020 $3.39 $0.00 0.30% 23,344,676 $3.38 $3.39 $0.01 0.30% 728,459,602 $2,469,478,051
4/24/2020 $3.39 $0.00 0.00% 16,388,560 $3.39 $3.40 $0.01 0.29% 728,459,602 $2,469,478,051
4/27/2020 $3.46 $0.00 2.04% 12,403,717 $3.45 $3.46 $0.01 0.29% 728,459,602 $2,520,470,223
4/28/2020 $3.41 $0.00 -1.46% 26,159,500 $3.41 $3.42 $0.01 0.29% 728,459,602 $2,484,047,243
4/29/2020 $3.51 $0.00 2.89% 22,155,567 $3.50 $3.51 $0.01 0.29% 728,459,602 $2,556,893,203
4/30/2020 $3.58 $0.00 1.97% 55,906,505 $3.57 $3.58 $0.01 0.28% 728,459,602 $2,607,885,375
5/1/2020 $3.60 $0.00 0.56% 32,805,513 $3.60 $3.61 $0.01 0.28% 728,459,602 $2,622,454,567
5/4/2020 $3.55 $0.00 -1.40% 23,352,937 $3.55 $3.56 $0.01 0.28% 728,459,602 $2,586,031,587
5/5/2020 $3.46 $0.00 -2.57% 20,014,670 $3.46 $3.47 $0.01 0.29% 728,459,602 $2,520,470,223
5/6/2020 $3.46 $0.00 0.00% 19,892,258 $3.46 $3.47 $0.01 0.29% 728,459,602 $2,520,470,223
5/7/2020 $3.55 $0.00 2.57% 14,407,297 $3.54 $3.55 $0.01 0.28% 728,459,602 $2,586,031,587
5/8/2020 $3.58 $0.00 0.84% 17,426,307 $3.58 $3.59 $0.01 0.28% 728,459,602 $2,607,885,375
5/11/2020 $3.57 $0.00 -0.28% 14,345,988 $3.57 $3.58 $0.01 0.28% 728,459,602 $2,600,600,779
5/12/2020 $3.57 $0.00 0.00% 16,924,284 $3.56 $3.57 $0.01 0.28% 728,459,602 $2,600,600,779
5/13/2020 $3.44 $0.00 -3.71% 27,715,808 $3.43 $3.44 $0.01 0.29% 728,459,602 $2,505,901,031
5/14/2020 $3.42 $0.00 -0.58% 24,552,470 $3.41 $3.42 $0.01 0.29% 728,459,602 $2,491,331,839
5/15/2020 $3.45 $0.00 0.87% 15,698,764 $3.45 $3.46 $0.01 0.29% 728,459,602 $2,513,185,627
5/18/2020 $3.65 $0.00 5.64% 25,662,069 $3.66 $3.67 $0.01 0.27% 728,459,602 $2,658,877,547
5/19/2020 $3.69 $0.00 1.09% 21,212,762 $3.69 $3.70 $0.01 0.27% 728,459,602 $2,688,015,931
5/20/2020 $3.82 $0.00 3.46% 22,489,460 $3.82 $3.83 $0.01 0.26% 728,459,602 $2,782,715,680
5/21/2020 $3.77 $0.00 -1.32% 20,947,676 $3.77 $3.78 $0.01 0.26% 728,459,602 $2,746,292,700
5/22/2020 $3.85 $0.00 2.10% 18,401,454 $3.85 $3.86 $0.01 0.26% 728,459,602 $2,804,569,468
5/26/2020 $3.85 $0.00 0.00% 17,393,962 $3.85 $3.86 $0.01 0.26% 728,459,602 $2,804,569,468
5/27/2020 $3.91 $0.00 1.55% 25,093,150 $3.91 $3.92 $0.01 0.26% 728,459,602 $2,848,277,044
5/28/2020 $3.92 $0.00 0.26% 22,196,979 $3.92 $3.93 $0.01 0.25% 728,459,602 $2,855,561,640
5/29/2020 $3.95 $0.00 0.76% 21,067,361 $3.95 $3.96 $0.01 0.25% 728,459,602 $2,877,415,428
6/1/2020 $4.20 $0.00 6.14% 39,542,103 $4.20 $4.21 $0.01 0.24% 728,459,602 $3,059,530,328
6/2/2020 $4.31 $0.00 2.59% 36,621,473 $4.30 $4.31 $0.01 0.23% 728,459,602 $3,139,660,885
6/3/2020 $4.37 $0.00 1.38% 32,103,072 $4.36 $4.37 $0.01 0.23% 728,459,602 $3,183,368,461
6/4/2020 $4.28 $0.00 -2.08% 38,453,740 $4.28 $4.29 $0.01 0.23% 728,459,602 $3,117,807,097
6/5/2020 $4.46 $0.00 4.12% 33,115,866 $4.46 $4.47 $0.01 0.22% 728,459,602 $3,248,929,825
6/8/2020 $4.52 $0.00 1.34% 38,203,516 $4.52 $4.53 $0.01 0.22% 728,459,602 $3,292,637,401
6/9/2020 $4.42 $0.00 -2.24% 35,176,850 $4.42 $4.43 $0.01 0.23% 728,459,602 $3,219,791,441
6/10/2020 $4.45 $0.00 0.68% 34,982,306 $4.45 $4.46 $0.01 0.22% 728,459,602 $3,241,645,229
6/11/2020 $4.11 $0.00 -7.95% 49,802,321 $4.10 $4.11 $0.01 0.24% 728,459,602 $2,993,968,964
6/12/2020 $4.20 $0.00 2.17% 38,508,117 $4.19 $4.20 $0.01 0.24% 728,459,602 $3,059,530,328
6/15/2020 $4.28 $0.00 1.89% 39,958,260 $4.27 $4.28 $0.01 0.23% 728,459,602 $3,117,807,097
6/16/2020 $4.34 $0.00 1.39% 36,960,910 $4.34 $4.35 $0.01 0.23% 728,459,602 $3,161,514,673
6/17/2020 $4.41 $0.00 1.60% 31,784,537 $4.41 $4.42 $0.01 0.23% 728,459,602 $3,212,506,845
6/18/2020 $4.37 $0.00 -0.91% 26,224,120 $4.37 $4.38 $0.01 0.23% 728,459,602 $3,183,368,461
6/19/2020 $4.33 $0.00 -0.92% 21,062,224 $4.32 $4.33 $0.01 0.23% 728,459,602 $3,154,230,077
6/22/2020 $4.33 $0.00 0.00% 20,886,705 $4.32 $4.33 $0.01 0.23% 728,459,602 $3,154,230,077
6/23/2020 $4.33 $0.00 0.00% 20,228,602 $4.33 $4.34 $0.01 0.23% 728,459,602 $3,154,230,077
6/24/2020 $4.20 $0.00 -3.05% 36,423,147 $4.19 $4.20 $0.01 0.24% 728,459,602 $3,059,530,328
6/25/2020 $4.45 $0.00 5.78% 43,493,918 $4.44 $4.45 $0.01 0.22% 728,459,602 $3,241,645,229
6/26/2020 $4.34 $0.00 -2.50% 40,939,647 $4.34 $4.35 $0.01 0.23% 728,459,602 $3,161,514,673
6/29/2020 $4.35 $0.00 0.23% 30,304,159 $4.35 $4.36 $0.01 0.23% 728,459,602 $3,168,799,269
6/30/2020 $4.40 $0.00 1.14% 21,533,680 $4.39 $4.40 $0.01 0.23% 728,459,602 $3,205,222,249
7/1/2020 $4.35 $0.00 -1.14% 24,728,819 $4.35 $4.36 $0.01 0.23% 728,459,602 $3,168,799,269
7/2/2020 $4.44 $0.00 2.05% 26,431,196 $4.43 $4.44 $0.01 0.23% 728,459,602 $3,234,360,633
7/6/2020 $4.60 $0.00 3.54% 56,522,998 $4.59 $4.60 $0.01 0.22% 728,459,602 $3,350,914,169
7/7/2020 $4.31 $0.00 -6.51% 59,104,940 $4.30 $4.31 $0.01 0.23% 728,459,602 $3,139,660,885
7/8/2020 $4.15 $0.00 -3.78% 56,456,497 $4.15 $4.16 $0.01 0.24% 728,459,602 $3,023,107,348
7/9/2020 $4.17 $0.00 0.48% 37,914,519 $4.17 $4.18 $0.01 0.24% 728,459,602 $3,037,676,540
7/10/2020 $4.12 $0.00 -1.21% 25,485,082 $4.12 $4.13 $0.01 0.24% 728,459,602 $3,001,253,560
7/13/2020 $4.18 $0.00 1.45% 37,504,704 $4.18 $4.19 $0.01 0.24% 728,459,602 $3,044,961,136
7/14/2020 $4.32 $0.00 3.29% 38,866,960 $4.31 $4.32 $0.01 0.23% 728,459,602 $3,146,945,481
7/15/2020 $4.33 $0.00 0.23% 29,809,679 $4.32 $4.33 $0.01 0.23% 728,459,602 $3,154,230,077
91
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 96 of
206
Exhibit-3g
NOK Market Efficiency Statistics
January 28, 2020 through January 27, 2021
Closing Average
Log Closing Closing Bid/Ask Bid/Ask Outstanding Market
Date Closing Price Dividend Return Volume Bid Ask Spread Spread % Shares Capitalization
[a] [b] [b] [c] [d] [e] [f] [g]
7/16/2020 $4.24 $0.00 -2.10% 21,948,722 $4.23 $4.24 $0.01 0.24% 728,459,602 $3,088,668,712
7/17/2020 $4.39 $0.00 3.48% 50,122,214 $4.39 $4.40 $0.01 0.23% 728,459,602 $3,197,937,653
7/20/2020 $4.45 $0.00 1.36% 30,552,930 $4.44 $4.45 $0.01 0.22% 728,459,602 $3,241,645,229
7/21/2020 $4.43 $0.00 -0.45% 26,461,380 $4.43 $4.44 $0.01 0.23% 728,459,602 $3,227,076,037
7/22/2020 $4.50 $0.00 1.57% 23,368,030 $4.50 $4.51 $0.01 0.22% 728,459,602 $3,278,068,209
7/23/2020 $4.37 $0.00 -2.93% 35,977,321 $4.36 $4.37 $0.01 0.23% 728,459,602 $3,183,368,461
7/24/2020 $4.30 $0.00 -1.61% 22,774,410 $4.30 $4.31 $0.01 0.23% 728,459,602 $3,132,376,289
7/27/2020 $4.34 $0.00 0.93% 21,065,909 $4.34 $4.35 $0.01 0.23% 728,459,602 $3,161,514,673
7/28/2020 $4.28 $0.00 -1.39% 19,863,419 $4.28 $4.29 $0.01 0.23% 728,459,602 $3,117,807,097
7/29/2020 $4.34 $0.00 1.39% 15,453,397 $4.34 $4.35 $0.01 0.23% 728,459,602 $3,161,514,673
7/30/2020 $4.45 $0.00 2.50% 58,415,891 $4.44 $4.45 $0.01 0.22% 728,459,602 $3,241,645,229
7/31/2020 $4.78 $0.00 7.15% 117,959,817 $4.78 $4.79 $0.01 0.21% 728,459,602 $3,482,036,898
8/3/2020 $5.06 $0.00 5.69% 62,489,164 $5.05 $5.06 $0.01 0.20% 728,459,602 $3,686,005,586
8/4/2020 $5.10 $0.00 0.79% 42,735,128 $5.09 $5.10 $0.01 0.20% 728,459,602 $3,715,143,970
8/5/2020 $5.00 $0.00 -1.98% 36,336,472 $4.99 $5.00 $0.01 0.20% 728,459,602 $3,642,298,010
8/6/2020 $5.00 $0.00 0.00% 30,262,580 $4.99 $5.00 $0.01 0.20% 728,459,602 $3,642,298,010
8/7/2020 $4.98 $0.00 -0.40% 21,405,341 $4.97 $4.98 $0.01 0.20% 728,459,602 $3,627,728,818
8/10/2020 $4.91 $0.00 -1.42% 21,177,600 $4.91 $4.92 $0.01 0.20% 728,459,602 $3,576,736,646
8/11/2020 $4.96 $0.00 1.01% 40,259,299 $4.96 $4.97 $0.01 0.20% 728,459,602 $3,613,159,626
8/12/2020 $5.05 $0.00 1.80% 21,697,774 $5.05 $5.06 $0.01 0.20% 728,459,602 $3,678,720,990
8/13/2020 $5.06 $0.00 0.20% 21,989,476 $5.05 $5.06 $0.01 0.20% 728,459,602 $3,686,005,586
8/14/2020 $5.00 $0.00 -1.19% 18,991,855 $4.99 $5.00 $0.01 0.20% 728,459,602 $3,642,298,010
8/17/2020 $5.07 $0.00 1.39% 24,050,162 $5.06 $5.07 $0.01 0.20% 728,459,602 $3,693,290,182
8/18/2020 $5.09 $0.00 0.39% 18,338,065 $5.08 $5.09 $0.01 0.20% 728,459,602 $3,707,859,374
8/19/2020 $5.04 $0.00 -0.99% 20,351,206 $5.03 $5.04 $0.01 0.20% 728,459,602 $3,671,436,394
8/20/2020 $5.05 $0.00 0.20% 15,366,376 $5.04 $5.05 $0.01 0.20% 728,459,602 $3,678,720,990
8/21/2020 $4.97 $0.00 -1.60% 15,015,135 $4.97 $4.98 $0.01 0.20% 728,459,602 $3,620,444,222
8/24/2020 $5.03 $0.00 1.20% 12,604,414 $5.02 $5.03 $0.01 0.20% 728,459,602 $3,664,151,798
8/25/2020 $5.04 $0.00 0.20% 13,587,397 $5.03 $5.04 $0.01 0.20% 728,459,602 $3,671,436,394
8/26/2020 $5.05 $0.00 0.20% 19,752,385 $5.04 $5.05 $0.01 0.20% 728,459,602 $3,678,720,990
8/27/2020 $5.01 $0.00 -0.80% 25,348,574 $5.01 $5.02 $0.01 0.20% 728,459,602 $3,649,582,606
8/28/2020 $4.97 $0.00 -0.80% 20,820,157 $4.97 $4.98 $0.01 0.20% 728,459,602 $3,620,444,222
8/31/2020 $4.90 $0.00 -1.42% 22,437,841 $4.90 $4.91 $0.01 0.20% 728,459,602 $3,569,452,050
9/1/2020 $4.73 $0.00 -3.53% 49,278,975 $4.72 $4.73 $0.01 0.21% 728,459,602 $3,445,613,917
9/2/2020 $4.78 $0.00 1.05% 31,895,627 $4.78 $4.79 $0.01 0.21% 728,459,602 $3,482,036,898
9/3/2020 $4.53 $0.00 -5.37% 63,168,166 $4.52 $4.53 $0.01 0.22% 728,459,602 $3,299,921,997
9/4/2020 $4.48 $0.00 -1.11% 45,584,048 $4.47 $4.48 $0.01 0.22% 728,459,602 $3,263,499,017
9/8/2020 $4.10 $0.00 -8.86% 67,144,062 $4.10 $4.11 $0.01 0.24% 728,459,602 $2,986,684,368
9/9/2020 $4.14 $0.00 0.97% 47,162,653 $4.13 $4.14 $0.01 0.24% 728,459,602 $3,015,822,752
9/10/2020 $4.10 $0.00 -0.97% 35,018,315 $4.09 $4.10 $0.01 0.24% 728,459,602 $2,986,684,368
9/11/2020 $4.10 $0.00 0.00% 27,316,148 $4.09 $4.10 $0.01 0.24% 728,459,602 $2,986,684,368
9/14/2020 $4.09 $0.00 -0.24% 21,317,994 $4.08 $4.09 $0.01 0.24% 728,459,602 $2,979,399,772
9/15/2020 $4.16 $0.00 1.70% 24,076,236 $4.15 $4.16 $0.01 0.24% 728,459,602 $3,030,391,944
9/16/2020 $4.13 $0.00 -0.72% 30,884,964 $4.12 $4.13 $0.01 0.24% 728,459,602 $3,008,538,156
9/17/2020 $4.14 $0.00 0.24% 28,414,554 $4.13 $4.14 $0.01 0.24% 728,459,602 $3,015,822,752
9/18/2020 $4.09 $0.00 -1.22% 20,339,371 $4.08 $4.09 $0.01 0.24% 728,459,602 $2,979,399,772
9/21/2020 $3.96 $0.00 -3.23% 29,189,482 $3.95 $3.96 $0.01 0.25% 728,459,602 $2,884,700,024
9/22/2020 $3.98 $0.00 0.50% 15,175,316 $3.97 $3.98 $0.01 0.25% 728,459,602 $2,899,269,216
9/23/2020 $3.88 $0.00 -2.54% 19,322,558 $3.87 $3.88 $0.01 0.26% 728,459,602 $2,826,423,256
9/24/2020 $3.84 $0.00 -1.04% 19,266,868 $3.83 $3.84 $0.01 0.26% 728,459,602 $2,797,284,872
9/25/2020 $3.78 $0.00 -1.57% 32,637,615 $3.78 $3.79 $0.01 0.26% 728,459,602 $2,753,577,296
9/28/2020 $3.90 $0.00 3.13% 28,025,479 $3.89 $3.90 $0.01 0.26% 728,459,602 $2,840,992,448
9/29/2020 $3.95 $0.00 1.27% 25,068,342 $3.95 $3.96 $0.01 0.25% 728,459,602 $2,877,415,428
9/30/2020 $3.91 $0.00 -1.02% 24,780,794 $3.90 $3.91 $0.01 0.26% 728,459,602 $2,848,277,044
10/1/2020 $3.87 $0.00 -1.03% 17,027,990 $3.87 $3.88 $0.01 0.26% 728,459,602 $2,819,138,660
10/2/2020 $3.82 $0.00 -1.30% 19,307,665 $3.81 $3.82 $0.01 0.26% 728,459,602 $2,782,715,680
10/5/2020 $3.93 $0.00 2.84% 15,811,376 $3.93 $3.94 $0.01 0.25% 728,459,602 $2,862,846,236
10/6/2020 $3.91 $0.00 -0.51% 23,824,323 $3.90 $3.91 $0.01 0.26% 728,459,602 $2,848,277,044
10/7/2020 $3.90 $0.00 -0.26% 15,216,504 $3.90 $3.91 $0.01 0.26% 728,459,602 $2,840,992,448
92
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 97 of
206
Exhibit-3g
NOK Market Efficiency Statistics
January 28, 2020 through January 27, 2021
Closing Average
Log Closing Closing Bid/Ask Bid/Ask Outstanding Market
Date Closing Price Dividend Return Volume Bid Ask Spread Spread % Shares Capitalization
[a] [b] [b] [c] [d] [e] [f] [g]
10/8/2020 $3.95 $0.00 1.27% 19,386,159 $3.95 $3.96 $0.01 0.25% 728,459,602 $2,877,415,428
10/9/2020 $4.03 $0.00 2.01% 35,552,878 $4.03 $4.04 $0.01 0.25% 728,459,602 $2,935,692,196
10/12/2020 $4.03 $0.00 0.00% 18,341,227 $4.03 $4.04 $0.01 0.25% 728,459,602 $2,935,692,196
10/13/2020 $4.04 $0.00 0.25% 19,771,400 $4.03 $4.04 $0.01 0.25% 728,459,602 $2,942,976,792
10/14/2020 $4.08 $0.00 0.99% 20,988,920 $4.07 $4.08 $0.01 0.25% 728,459,602 $2,972,115,176
10/15/2020 $4.04 $0.00 -0.99% 15,456,560 $4.03 $4.04 $0.01 0.25% 728,459,602 $2,942,976,792
10/16/2020 $4.03 $0.00 -0.25% 13,354,960 $4.02 $4.03 $0.01 0.25% 728,459,602 $2,935,692,196
10/19/2020 $4.18 $0.00 3.65% 36,642,481 $4.17 $4.18 $0.01 0.24% 728,459,602 $3,044,961,136
10/20/2020 $4.20 $0.00 0.48% 39,536,930 $4.19 $4.20 $0.01 0.24% 728,459,602 $3,059,530,328
10/21/2020 $4.28 $0.00 1.89% 43,146,649 $4.28 $4.29 $0.01 0.23% 728,459,602 $3,117,807,097
10/22/2020 $4.27 $0.00 -0.23% 33,773,224 $4.26 $4.27 $0.01 0.23% 728,459,602 $3,110,522,501
10/23/2020 $4.30 $0.00 0.70% 15,898,786 $4.30 $4.31 $0.01 0.23% 728,459,602 $3,132,376,289
10/26/2020 $4.23 $0.00 -1.64% 34,590,512 $4.22 $4.23 $0.01 0.24% 728,459,602 $3,081,384,116
10/27/2020 $4.24 $0.00 0.24% 24,062,183 $4.23 $4.24 $0.01 0.24% 728,459,602 $3,088,668,712
10/28/2020 $4.05 $0.00 -4.58% 47,238,647 $4.05 $4.06 $0.01 0.25% 728,459,602 $2,950,261,388
10/29/2020 $3.35 $0.00 -18.98% 149,132,957 $3.33 $3.34 $0.01 0.30% 728,459,602 $2,440,339,667
10/30/2020 $3.37 $0.00 0.60% 65,899,431 $3.36 $3.37 $0.01 0.30% 728,459,602 $2,454,908,859
11/2/2020 $3.27 $0.00 -3.01% 41,682,324 $3.26 $3.27 $0.01 0.31% 728,459,602 $2,382,062,899
11/3/2020 $3.39 $0.00 3.60% 52,419,275 $3.40 $3.41 $0.01 0.29% 728,459,602 $2,469,478,051
11/4/2020 $3.40 $0.00 0.29% 38,149,457 $3.40 $3.41 $0.01 0.29% 728,459,602 $2,476,762,647
11/5/2020 $3.54 $0.00 4.04% 43,167,613 $3.55 $3.56 $0.01 0.28% 728,459,602 $2,578,746,991
11/6/2020 $3.52 $0.00 -0.57% 29,258,041 $3.51 $3.52 $0.01 0.28% 728,459,602 $2,564,177,799
11/9/2020 $3.65 $0.00 3.63% 49,820,925 $3.65 $3.66 $0.01 0.27% 728,459,602 $2,658,877,547
11/10/2020 $3.67 $0.00 0.55% 37,387,851 $3.67 $3.68 $0.01 0.27% 728,459,602 $2,673,446,739
11/11/2020 $3.75 $0.00 2.16% 40,456,023 $3.75 $3.76 $0.01 0.27% 728,459,602 $2,731,723,508
11/12/2020 $3.75 $0.00 0.00% 46,795,312 $3.74 $3.75 $0.01 0.27% 728,459,602 $2,731,723,508
11/13/2020 $3.81 $0.00 1.59% 46,308,247 $3.81 $3.82 $0.01 0.26% 728,459,602 $2,775,431,084
11/16/2020 $3.90 $0.00 2.33% 37,591,796 $3.90 $3.91 $0.01 0.26% 728,459,602 $2,840,992,448
11/17/2020 $3.93 $0.00 0.77% 27,364,148 $3.92 $3.93 $0.01 0.25% 728,459,602 $2,862,846,236
11/18/2020 $3.94 $0.00 0.25% 28,103,602 $3.94 $3.95 $0.01 0.25% 728,459,602 $2,870,130,832
11/19/2020 $3.89 $0.00 -1.28% 30,776,721 $3.88 $3.89 $0.01 0.26% 728,459,602 $2,833,707,852
11/20/2020 $3.95 $0.00 1.53% 29,376,690 $3.95 $3.96 $0.01 0.25% 728,459,602 $2,877,415,428
11/23/2020 $3.97 $0.00 0.51% 32,393,647 $3.97 $3.98 $0.01 0.25% 728,459,602 $2,891,984,620
11/24/2020 $4.07 $0.00 2.49% 25,395,293 $4.08 $4.09 $0.01 0.24% 728,459,602 $2,964,830,580
11/25/2020 $4.13 $0.00 1.46% 16,995,786 $4.12 $4.13 $0.01 0.24% 728,459,602 $3,008,538,156
11/27/2020 $4.13 $0.00 0.00% 8,288,343 $4.13 $4.14 $0.01 0.24% 728,459,602 $3,008,538,156
11/30/2020 $4.03 $0.00 -2.45% 20,845,221 $4.02 $4.03 $0.01 0.25% 728,459,602 $2,935,692,196
12/1/2020 $4.06 $0.00 0.74% 20,169,266 $4.06 $4.07 $0.01 0.25% 728,459,602 $2,957,545,984
12/2/2020 $4.06 $0.00 0.00% 23,692,288 $4.05 $4.06 $0.01 0.25% 728,459,602 $2,957,545,984
12/3/2020 $4.02 $0.00 -0.99% 18,883,638 $4.02 $4.03 $0.01 0.25% 728,459,602 $2,928,407,600
12/4/2020 $4.03 $0.00 0.25% 19,651,545 $4.02 $4.03 $0.01 0.25% 728,459,602 $2,935,692,196
12/7/2020 $4.06 $0.00 0.74% 21,546,521 $4.06 $4.07 $0.01 0.25% 728,459,602 $2,957,545,984
12/8/2020 $4.22 $0.00 3.87% 35,820,041 $4.21 $4.22 $0.01 0.24% 728,459,602 $3,074,099,520
12/9/2020 $4.19 $0.00 -0.71% 31,808,830 $4.20 $4.21 $0.01 0.24% 728,459,602 $3,052,245,732
12/10/2020 $4.20 $0.00 0.24% 27,951,048 $4.19 $4.20 $0.01 0.24% 728,459,602 $3,059,530,328
12/11/2020 $4.06 $0.00 -3.39% 34,215,647 $4.05 $4.06 $0.01 0.25% 728,459,602 $2,957,545,984
12/14/2020 $4.00 $0.00 -1.49% 21,093,175 $3.99 $4.00 $0.01 0.25% 728,459,602 $2,913,838,408
12/15/2020 $4.10 $0.00 2.47% 18,757,009 $4.10 $4.11 $0.01 0.24% 728,459,602 $2,986,684,368
12/16/2020 $3.99 $0.00 -2.72% 19,877,690 $3.99 $4.00 $0.01 0.25% 728,459,602 $2,906,553,812
12/17/2020 $4.06 $0.00 1.74% 26,082,195 $4.05 $4.06 $0.01 0.25% 728,459,602 $2,957,545,984
12/18/2020 $4.00 $0.00 -1.49% 20,259,706 $3.99 $4.00 $0.01 0.25% 728,459,602 $2,913,838,408
12/21/2020 $3.90 $0.00 -2.53% 26,116,616 $3.89 $3.90 $0.01 0.26% 728,459,602 $2,840,992,448
12/22/2020 $3.88 $0.00 -0.51% 25,180,444 $3.87 $3.88 $0.01 0.26% 728,459,602 $2,826,423,256
12/23/2020 $3.88 $0.00 0.00% 27,033,451 $3.87 $3.88 $0.01 0.26% 728,459,602 $2,826,423,256
12/24/2020 $3.89 $0.00 0.26% 7,298,750 $3.89 $3.90 $0.01 0.26% 728,459,602 $2,833,707,852
12/28/2020 $3.90 $0.00 0.26% 18,694,713 $3.89 $3.90 $0.01 0.26% 728,459,602 $2,840,992,448
12/29/2020 $3.93 $0.00 0.77% 19,875,440 $3.93 $3.94 $0.01 0.25% 728,459,602 $2,862,846,236
12/30/2020 $3.89 $0.00 -1.02% 17,464,606 $3.88 $3.89 $0.01 0.26% 728,459,602 $2,833,707,852
12/31/2020 $3.91 $0.00 0.51% 17,088,862 $3.90 $3.91 $0.01 0.26% 770,246,104 $3,011,662,267
93
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 98 of
206
Exhibit-3g
NOK Market Efficiency Statistics
January 28, 2020 through January 27, 2021
Closing Average
Log Closing Closing Bid/Ask Bid/Ask Outstanding Market
Date Closing Price Dividend Return Volume Bid Ask Spread Spread % Shares Capitalization
[a] [b] [b] [c] [d] [e] [f] [g]
1/4/2021 $3.89 $0.00 -0.51% 30,281,398 $3.88 $3.89 $0.01 0.26% 770,246,104 $2,996,257,345
1/5/2021 $4.04 $0.00 3.78% 38,446,227 $4.03 $4.04 $0.01 0.25% 770,246,104 $3,111,794,260
1/6/2021 $4.04 $0.00 0.00% 37,467,360 $4.04 $4.05 $0.01 0.25% 770,246,104 $3,111,794,260
1/7/2021 $3.99 $0.00 -1.25% 25,317,959 $3.99 $4.00 $0.01 0.25% 770,246,104 $3,073,281,955
1/8/2021 $3.93 $0.00 -1.52% 23,978,662 $3.93 $3.94 $0.01 0.25% 770,246,104 $3,027,067,189
1/11/2021 $3.87 $0.00 -1.54% 37,059,417 $3.87 $3.88 $0.01 0.26% 770,246,104 $2,980,852,422
1/12/2021 $4.01 $0.00 3.55% 26,064,982 $4.01 $4.02 $0.01 0.25% 770,246,104 $3,088,686,877
1/13/2021 $3.98 $0.00 -0.75% 33,763,393 $3.97 $3.98 $0.01 0.25% 770,246,104 $3,065,579,494
1/14/2021 $4.09 $0.00 2.73% 93,198,577 $4.08 $4.09 $0.01 0.24% 770,246,104 $3,150,306,565
1/15/2021 $4.08 $0.00 -0.24% 36,639,348 $4.09 $4.10 $0.01 0.24% 770,246,104 $3,142,604,104
1/19/2021 $4.13 $0.00 1.22% 40,539,361 $4.12 $4.13 $0.01 0.24% 770,246,104 $3,181,116,410
1/20/2021 $4.20 $0.00 1.68% 43,924,067 $4.20 $4.21 $0.01 0.24% 770,246,104 $3,235,033,637
1/21/2021 $4.22 $0.00 0.48% 22,054,873 $4.22 $4.23 $0.01 0.24% 770,246,104 $3,250,438,559
1/22/2021 $4.20 $0.00 -0.48% 29,126,724 $4.19 $4.20 $0.01 0.24% 770,246,104 $3,235,033,637
1/25/2021 $4.85 $0.00 14.39% 296,379,275 $4.84 $4.85 $0.01 0.21% 770,246,104 $3,735,693,604
1/26/2021 $4.73 $0.00 -2.51% 379,387,253 $4.72 $4.73 $0.01 0.21% 770,246,104 $3,643,264,072
1/27/2021 $6.55 $0.00 32.55% 1,144,059,000 $6.61 $6.63 $0.02 0.30% 770,246,104 $5,045,111,981
Average $4.00 $0.00 0.20% 38,965,239 $4.00 $4.01 $0.01 0.26% 731,432,555 $2,929.2 million
Median $4.03 $0.00 0.23% 27,448,427 $4.03 $4.04 $0.01 0.25% 728,459,602 $2,957.5 million
High $6.55 $0.00 32.55% 1,144,059,000 $6.61 $6.63 $0.02 0.41% 770,246,104 $5,045.1 million
Low $2.42 $0.00 -18.98% 7,298,750 $2.41 $2.42 $0.01 0.20% 728,459,602 $1,762.9 million
Source: CRSP & SEC Filings.
94
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 99 of
206
Exhibit-3h
TR Market Efficiency Statistics
January 28, 2020 through January 27, 2021
Closing Average
Log Closing Closing Bid/Ask Bid/Ask Outstanding Market
Date Closing Price Dividend Return Volume Bid Ask Spread Spread % Shares Capitalization
[a] [b] [b] [c] [d] [e] [f] [g]
1/28/2020 $34.12 $0.00 -1.48% 103,161 $34.11 $34.12 $0.01 0.03% 39,019,205 $1,331,335,275
1/29/2020 $33.73 $0.00 -1.15% 92,466 $33.71 $33.73 $0.02 0.06% 39,019,205 $1,316,117,785
1/30/2020 $34.06 $0.00 0.97% 96,409 $34.06 $34.10 $0.04 0.12% 39,019,205 $1,328,994,122
1/31/2020 $34.11 $0.00 0.15% 176,717 $34.10 $34.11 $0.01 0.03% 39,019,205 $1,330,945,083
2/3/2020 $34.43 $0.00 0.93% 139,636 $34.41 $34.42 $0.01 0.03% 39,019,205 $1,343,431,228
2/4/2020 $34.08 $0.00 -1.02% 77,987 $34.08 $34.09 $0.01 0.03% 39,019,205 $1,329,774,506
2/5/2020 $34.18 $0.00 0.29% 129,753 $34.19 $34.20 $0.01 0.03% 39,019,205 $1,333,676,427
2/6/2020 $33.64 $0.00 -1.59% 89,603 $33.64 $33.66 $0.02 0.06% 39,019,205 $1,312,606,056
2/7/2020 $33.06 $0.00 -1.74% 123,999 $33.06 $33.08 $0.02 0.06% 39,019,205 $1,289,974,917
2/10/2020 $33.69 $0.00 1.89% 86,037 $33.70 $33.71 $0.01 0.03% 39,019,205 $1,314,557,016
2/11/2020 $33.14 $0.00 -1.65% 79,297 $33.14 $33.15 $0.01 0.03% 39,019,205 $1,293,096,454
2/12/2020 $33.37 $0.00 0.69% 108,553 $33.35 $33.36 $0.01 0.03% 39,019,205 $1,302,070,871
2/13/2020 $33.91 $0.00 1.61% 89,126 $33.92 $33.96 $0.04 0.12% 39,019,205 $1,323,141,242
2/14/2020 $34.05 $0.00 0.41% 86,135 $34.00 $34.05 $0.05 0.15% 39,019,205 $1,328,603,930
2/18/2020 $34.48 $0.00 1.25% 112,140 $34.48 $34.50 $0.02 0.06% 39,019,205 $1,345,382,188
2/19/2020 $34.25 $0.00 -0.67% 94,741 $34.24 $34.25 $0.01 0.03% 39,019,205 $1,336,407,771
2/20/2020 $35.21 $0.00 2.76% 94,598 $35.20 $35.21 $0.01 0.03% 39,019,205 $1,373,866,208
2/21/2020 $35.02 $0.00 -0.54% 261,302 $35.01 $35.02 $0.01 0.03% 38,788,652 $1,358,378,593
2/24/2020 $34.65 $0.00 -1.06% 68,845 $34.65 $34.66 $0.01 0.03% 38,788,652 $1,344,026,792
2/25/2020 $34.49 $0.00 -0.46% 104,161 $34.46 $34.49 $0.03 0.09% 38,788,652 $1,337,820,607
2/26/2020 $34.18 $0.00 -0.90% 104,205 $34.18 $34.19 $0.01 0.03% 38,788,652 $1,325,796,125
2/27/2020 $33.90 $0.00 -0.82% 160,824 $33.89 $33.90 $0.01 0.03% 38,788,652 $1,314,935,303
2/28/2020 $32.08 $0.00 -5.52% 193,945 $32.09 $32.22 $0 13 0.40% 38,788,652 $1,244,339,956
3/2/2020 $32.57 $0.09 1.79% 128,795 $32.56 $32.60 $0.04 0.12% 38,788,652 $1,263,346,396
3/3/2020 $32.60 $0.00 0.09% 128,197 $32.58 $32.60 $0.02 0.06% 38,788,652 $1,264,510,055
3/4/2020 $34.05 $0.00 4.35% 156,205 $34.05 $34.06 $0.01 0.03% 38,788,652 $1,320,753,601
3/5/2020 $34.18 $0.00 0.38% 116,415 $34.18 $34.19 $0.01 0.03% 38,788,652 $1,325,796,125
3/6/2020 $33.45 $0.00 -2.16% 148,322 $33.41 $33.45 $0.04 0.12% 38,788,652 $1,297,480,409
3/9/2020 $32.99 $0.00 -1.38% 157,100 $32.95 $32.99 $0.04 0.12% 38,788,652 $1,279,637,629
3/10/2020 $34.70 $0.00 5.05% 263,478 $34.67 $34.68 $0.01 0.03% 38,788,652 $1,345,966,224
3/11/2020 $33.14 $0.00 -4.60% 274,459 $33.14 $33.15 $0.01 0.03% 38,788,652 $1,285,455,927
3/12/2020 $32.00 $0.00 -3.50% 460,664 $31.94 $32.00 $0.06 0.19% 38,788,652 $1,241,236,864
3/13/2020 $34.42 $0.00 7.29% 264,675 $34.42 $34.43 $0.01 0.03% 38,788,652 $1,335,105,402
3/16/2020 $33.42 $0.00 -2.95% 234,911 $33.41 $33.42 $0.01 0.03% 38,788,652 $1,296,316,750
3/17/2020 $35.49 $0.00 6.01% 344,255 $35.45 $35.51 $0.06 0.17% 38,788,652 $1,376,609,259
3/18/2020 $36.98 $0.00 4.11% 320,127 $36.97 $36.98 $0.01 0.03% 38,788,652 $1,434,404,351
3/19/2020 $35.55 $0.00 -3.94% 611,777 $35.50 $35.51 $0.01 0.03% 38,788,652 $1,378,936,579
3/20/2020 $35.00 $0.00 -1.56% 732,984 $34.49 $35.02 $0 53 1.52% 38,788,652 $1,357,602,820
3/23/2020 $35.62 $0.00 1.76% 295,106 $35.61 $35.62 $0.01 0.03% 38,788,652 $1,381,651,784
3/24/2020 $34.66 $0.00 -2.73% 296,310 $34.43 $34.44 $0.01 0.03% 38,788,652 $1,344,414,678
3/25/2020 $34.37 $0.00 -0.84% 254,965 $34.24 $34.25 $0.01 0.03% 38,788,652 $1,333,165,969
3/26/2020 $34.99 $0.00 1.79% 223,156 $34.90 $34.97 $0.07 0.20% 38,788,652 $1,357,214,933
3/27/2020 $36.33 $0.00 3.76% 227,083 $36.33 $36.34 $0.01 0.03% 38,788,652 $1,409,191,727
3/30/2020 $37.54 $0.00 3.28% 265,837 $37.52 $37.53 $0.01 0.03% 38,788,652 $1,456,125,996
3/31/2020 $35.96 $0.00 -4.30% 326,235 $35.93 $36.05 $0 12 0.33% 39,769,401 $1,430,107,660
4/1/2020 $35.90 $0.00 -0.17% 283,125 $35.81 $35.82 $0.01 0.03% 39,769,401 $1,427,721,496
4/2/2020 $36.59 $0.00 1.90% 181,052 $36.63 $36.66 $0.03 0.08% 39,769,401 $1,455,162,383
4/3/2020 $36.74 $0.00 0.41% 237,711 $36.68 $36.69 $0.01 0.03% 39,769,401 $1,461,127,793
4/6/2020 $37.85 $0.00 2.98% 248,210 $37.75 $37.76 $0.01 0.03% 39,769,401 $1,505,271,828
4/7/2020 $37.74 $0.00 -0.29% 179,138 $37.73 $37.79 $0.06 0.16% 39,769,401 $1,500,897,194
4/8/2020 $37.03 $0.00 -1.90% 152,052 $37.05 $37.06 $0.01 0.03% 39,769,401 $1,472,660,919
4/9/2020 $37.57 $0.00 1.45% 282,959 $37.55 $37.56 $0.01 0.03% 39,769,401 $1,494,136,396
4/13/2020 $37.00 $0.00 -1.53% 232,611 $37.05 $37.06 $0.01 0.03% 39,769,401 $1,471,467,837
4/14/2020 $37.00 $0.00 0.00% 195,873 $37.05 $37.06 $0.01 0.03% 39,769,401 $1,471,467,837
4/15/2020 $35.94 $0.00 -2.91% 208,780 $35.94 $35.96 $0.02 0.06% 39,769,401 $1,429,312,272
4/16/2020 $35.83 $0.00 -0.31% 184,810 $35.89 $35.90 $0.01 0.03% 39,769,401 $1,424,937,638
4/17/2020 $36.04 $0.00 0.58% 193,935 $36.04 $36.07 $0.03 0.08% 39,769,401 $1,433,289,212
4/20/2020 $35.29 $0.00 -2.10% 195,110 $35.28 $35.29 $0.01 0.03% 39,769,401 $1,403,462,161
4/21/2020 $35.78 $0.00 1.38% 184,099 $35.73 $35.74 $0.01 0.03% 39,769,401 $1,422,949,168
95
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 100 of
206
Exhibit-3h
TR Market Efficiency Statistics
January 28, 2020 through January 27, 2021
Closing Average
Log Closing Closing Bid/Ask Bid/Ask Outstanding Market
Date Closing Price Dividend Return Volume Bid Ask Spread Spread % Shares Capitalization
[a] [b] [b] [c] [d] [e] [f] [g]
4/22/2020 $36.24 $0.00 1.28% 159,987 $36.19 $36.20 $0.01 0.03% 39,769,401 $1,441,243,092
4/23/2020 $35.99 $0.00 -0.69% 203,451 $35.95 $35.96 $0.01 0.03% 39,769,401 $1,431,300,742
4/24/2020 $35.40 $0.00 -1.65% 174,457 $35.39 $35.40 $0.01 0.03% 39,769,401 $1,407,836,795
4/27/2020 $35.32 $0.00 -0.23% 194,337 $35.28 $35.29 $0.01 0.03% 39,769,401 $1,404,655,243
4/28/2020 $35.53 $0.00 0.59% 195,507 $35.53 $35.54 $0.01 0.03% 39,769,401 $1,413,006,818
4/29/2020 $35.09 $0.00 -1.25% 253,562 $35.08 $35.09 $0.01 0.03% 39,769,401 $1,395,508,281
4/30/2020 $35.13 $0.00 0.11% 505,592 $35.18 $35.19 $0.01 0.03% 39,769,401 $1,397,099,057
5/1/2020 $34.55 $0.00 -1.66% 272,282 $34.52 $34.53 $0.01 0.03% 39,769,401 $1,374,032,805
5/4/2020 $35.24 $0.00 1.98% 228,442 $35.22 $35.23 $0.01 0.03% 39,769,401 $1,401,473,691
5/5/2020 $36.00 $0.00 2.13% 273,510 $36.00 $36.01 $0.01 0.03% 39,769,401 $1,431,698,436
5/6/2020 $36.73 $0.00 2.01% 175,323 $36.74 $36.75 $0.01 0.03% 39,769,401 $1,460,730,099
5/7/2020 $35.35 $0.00 -3.83% 182,784 $35.35 $35.36 $0.01 0.03% 39,769,401 $1,405,848,325
5/8/2020 $36.42 $0.00 2.98% 171,747 $36.41 $36.42 $0.01 0.03% 39,769,401 $1,448,401,584
5/11/2020 $36.58 $0.00 0.44% 186,083 $36.58 $36.59 $0.01 0.03% 39,769,401 $1,454,764,689
5/12/2020 $36.31 $0.00 -0.74% 211,952 $36.32 $36.33 $0.01 0.03% 39,769,401 $1,444,026,950
5/13/2020 $35.53 $0.00 -2.17% 168,484 $35.55 $35.56 $0.01 0.03% 39,769,401 $1,413,006,818
5/14/2020 $34.03 $0.00 -4.31% 269,601 $34.02 $34.03 $0.01 0.03% 39,769,401 $1,353,352,716
5/15/2020 $33.43 $0.00 -1.78% 370,612 $33.46 $33.47 $0.01 0.03% 39,769,401 $1,329,491,075
5/18/2020 $34.31 $0.00 2.60% 244,214 $34.29 $34.30 $0.01 0.03% 39,769,401 $1,364,488,148
5/19/2020 $32.90 $0.00 -4.20% 187,282 $32.89 $32.90 $0.01 0.03% 39,769,401 $1,308,413,293
5/20/2020 $33.90 $0.00 2.99% 237,234 $33.90 $33.92 $0.02 0.06% 39,769,401 $1,348,182,694
5/21/2020 $34.23 $0.00 0.97% 231,798 $34.22 $34.23 $0.01 0.03% 39,769,401 $1,361,306,596
5/22/2020 $33.90 $0.00 -0.97% 147,279 $33.90 $33.91 $0.01 0.03% 39,769,401 $1,348,182,694
5/26/2020 $34.46 $0.00 1.64% 152,592 $34.45 $34.46 $0.01 0.03% 39,769,401 $1,370,453,558
5/27/2020 $35.09 $0.00 1.81% 355,339 $35.08 $35.09 $0.01 0.03% 39,769,401 $1,395,508,281
5/28/2020 $35.53 $0.00 1.25% 146,420 $35.52 $35.53 $0.01 0.03% 39,769,401 $1,413,006,818
5/29/2020 $35.62 $0.00 0.25% 160,815 $35.61 $35.62 $0.01 0.03% 39,769,401 $1,416,586,064
6/1/2020 $35.50 $0.00 -0.34% 186,509 $35.50 $35.51 $0.01 0.03% 39,769,401 $1,411,813,736
6/2/2020 $35.27 $0.00 -0.65% 168,680 $35.27 $35.28 $0.01 0.03% 39,769,401 $1,402,666,773
6/3/2020 $35.69 $0.00 1.18% 223,352 $35.67 $35.69 $0.02 0.06% 39,769,401 $1,419,369,922
6/4/2020 $35.46 $0.00 -0.65% 182,983 $35.46 $35.47 $0.01 0.03% 39,769,401 $1,410,222,959
6/5/2020 $35.77 $0.00 0.87% 234,910 $35.77 $35.78 $0.01 0.03% 39,769,401 $1,422,551,474
6/8/2020 $36.40 $0.00 1.75% 142,152 $36.39 $36.40 $0.01 0.03% 39,769,401 $1,447,606,196
6/9/2020 $36.55 $0.00 0.41% 164,636 $36.55 $36.58 $0.03 0.08% 39,769,401 $1,453,571,607
6/10/2020 $36.97 $0.00 1.14% 167,159 $36.94 $36.95 $0.01 0.03% 39,769,401 $1,470,274,755
6/11/2020 $35.69 $0.00 -3.52% 218,865 $35.67 $35.68 $0.01 0.03% 39,769,401 $1,419,369,922
6/12/2020 $34.23 $0.09 -3.91% 267,618 $34.23 $34.24 $0.01 0.03% 39,769,401 $1,361,306,596
6/15/2020 $35.03 $0.00 2.31% 229,227 $35.02 $35.04 $0.02 0.06% 39,769,401 $1,393,122,117
6/16/2020 $35.56 $0.00 1.50% 172,627 $35.56 $35.57 $0.01 0.03% 39,769,401 $1,414,199,900
6/17/2020 $35.60 $0.00 0.11% 207,221 $35.64 $35.65 $0.01 0.03% 39,769,401 $1,415,790,676
6/18/2020 $35.48 $0.00 -0.34% 175,503 $35.47 $35.48 $0.01 0.03% 39,769,401 $1,411,018,347
6/19/2020 $35.30 $0.00 -0.51% 288,168 $35.27 $35.28 $0.01 0.03% 39,769,401 $1,403,859,855
6/22/2020 $34.60 $0.00 -2.00% 171,640 $34.59 $34.60 $0.01 0.03% 39,769,401 $1,376,021,275
6/23/2020 $34.19 $0.00 -1.19% 188,169 $34.17 $34.19 $0.02 0.06% 39,769,401 $1,359,715,820
6/24/2020 $33.72 $0.00 -1.38% 245,957 $33.71 $33.72 $0.01 0.03% 39,769,401 $1,341,024,202
6/25/2020 $33.41 $0.00 -0.92% 218,362 $33.40 $33.41 $0.01 0.03% 39,769,401 $1,328,695,687
6/26/2020 $32.71 $0.00 -2.12% 649,107 $32.68 $32.69 $0.01 0.03% 39,769,401 $1,300,857,107
6/29/2020 $33.57 $0.00 2.60% 152,135 $33.56 $33.57 $0.01 0.03% 39,769,401 $1,335,058,792
6/30/2020 $34.27 $0.00 2.06% 300,714 $34.26 $34.27 $0.01 0.03% 39,663,934 $1,359,283,018
7/1/2020 $34.18 $0.00 -0.26% 153,795 $34.17 $34.18 $0.01 0.03% 39,663,934 $1,355,713,264
7/2/2020 $34.37 $0.00 0.55% 109,998 $34.40 $34.41 $0.01 0.03% 39,663,934 $1,363,249,412
7/6/2020 $34.07 $0.00 -0.88% 152,717 $34.07 $34.08 $0.01 0.03% 39,663,934 $1,351,350,231
7/7/2020 $33.86 $0.00 -0.62% 148,451 $33.86 $33.87 $0.01 0.03% 39,663,934 $1,343,020,805
7/8/2020 $33.47 $0.00 -1.16% 168,544 $33.46 $33.47 $0.01 0.03% 39,663,934 $1,327,551,871
7/9/2020 $32.86 $0.00 -1.84% 157,217 $32.86 $32.87 $0.01 0.03% 39,663,934 $1,303,356,871
7/10/2020 $33.81 $0.00 2.85% 599,553 $33.80 $33.81 $0.01 0.03% 39,663,934 $1,341,037,609
7/13/2020 $33.28 $0.00 -1.58% 504,721 $33.27 $33.28 $0.01 0.03% 39,663,934 $1,320,015,724
7/14/2020 $34.13 $0.00 2.52% 179,129 $34.12 $34.13 $0.01 0.03% 39,663,934 $1,353,730,067
7/15/2020 $34.26 $0.00 0.38% 163,400 $34.26 $34.27 $0.01 0.03% 39,663,934 $1,358,886,379
96
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 101 of
206
Exhibit-3h
TR Market Efficiency Statistics
January 28, 2020 through January 27, 2021
Closing Average
Log Closing Closing Bid/Ask Bid/Ask Outstanding Market
Date Closing Price Dividend Return Volume Bid Ask Spread Spread % Shares Capitalization
[a] [b] [b] [c] [d] [e] [f] [g]
7/16/2020 $33.99 $0.00 -0.79% 134,775 $33.99 $34.01 $0.02 0.06% 39,663,934 $1,348,177,117
7/17/2020 $33.83 $0.00 -0.47% 130,333 $33.83 $33.84 $0.01 0.03% 39,663,934 $1,341,830,887
7/20/2020 $33.44 $0.00 -1.16% 209,357 $33.45 $33.46 $0.01 0.03% 39,663,934 $1,326,361,953
7/21/2020 $33.04 $0.00 -1.20% 176,618 $33.04 $33.05 $0.01 0.03% 39,663,934 $1,310,496,379
7/22/2020 $32.31 $0.00 -2.23% 325,501 $32.31 $32.33 $0.02 0.06% 39,663,934 $1,281,541,708
7/23/2020 $32.38 $0.00 0.22% 328,260 $32.38 $32.40 $0.02 0.06% 39,663,934 $1,284,318,183
7/24/2020 $30.92 $0.00 -4.61% 503,889 $30.91 $30.92 $0.01 0.03% 39,663,934 $1,226,408,839
7/27/2020 $31.12 $0.00 0.64% 444,759 $31.12 $31.14 $0.02 0.06% 39,663,934 $1,234,341,626
7/28/2020 $31.29 $0.00 0.54% 353,329 $31.29 $31.30 $0.01 0.03% 39,663,934 $1,241,084,495
7/29/2020 $31.59 $0.00 0.95% 295,107 $31.59 $31.60 $0.01 0.03% 39,663,934 $1,252,983,675
7/30/2020 $31.30 $0.00 -0.92% 188,031 $31.29 $31.30 $0.01 0.03% 39,663,934 $1,241,481,134
7/31/2020 $31.70 $0.00 1.27% 409,948 $31.69 $31.70 $0.01 0.03% 39,663,934 $1,257,346,708
8/3/2020 $31.57 $0.00 -0.41% 409,070 $31.55 $31.56 $0.01 0.03% 39,663,934 $1,252,190,396
8/4/2020 $31.75 $0.00 0.57% 253,095 $31.74 $31.75 $0.01 0.03% 39,663,934 $1,259,329,905
8/5/2020 $31.05 $0.00 -2.23% 241,934 $31.03 $31.05 $0.02 0.06% 39,663,934 $1,231,565,151
8/6/2020 $30.85 $0.00 -0.65% 185,863 $30.84 $30.85 $0.01 0.03% 39,663,934 $1,223,632,364
8/7/2020 $31.54 $0.00 2.21% 282,443 $31.54 $31.56 $0.02 0.06% 39,663,934 $1,251,000,478
8/10/2020 $31.22 $0.00 -1.02% 253,371 $31.22 $31.23 $0.01 0.03% 39,663,934 $1,238,308,019
8/11/2020 $31.46 $0.00 0.77% 235,440 $31.46 $31.47 $0.01 0.03% 39,663,934 $1,247,827,364
8/12/2020 $32.23 $0.00 2.42% 270,880 $32.22 $32.23 $0.01 0.03% 39,663,934 $1,278,368,593
8/13/2020 $32.31 $0.00 0.25% 122,937 $32.31 $32.32 $0.01 0.03% 39,663,934 $1,281,541,708
8/14/2020 $32.29 $0.00 -0.06% 173,291 $32.29 $32.30 $0.01 0.03% 39,663,934 $1,280,748,429
8/17/2020 $32.70 $0.00 1.26% 149,266 $32.69 $32.70 $0.01 0.03% 39,663,934 $1,297,010,642
8/18/2020 $32.17 $0.00 -1.63% 187,978 $32.17 $32.18 $0.01 0.03% 39,663,934 $1,275,988,757
8/19/2020 $31.97 $0.00 -0.62% 134,067 $31.97 $31.98 $0.01 0.03% 39,663,934 $1,268,055,970
8/20/2020 $31.90 $0.00 -0.22% 205,403 $31.90 $31.91 $0.01 0.03% 39,663,934 $1,265,279,495
8/21/2020 $31.93 $0.00 0.09% 418,610 $31.93 $31.94 $0.01 0.03% 39,663,934 $1,266,469,413
8/24/2020 $32.39 $0.00 1.43% 137,697 $32.39 $32.40 $0.01 0.03% 39,663,934 $1,284,714,822
8/25/2020 $32.62 $0.00 0.71% 185,197 $32.62 $32.63 $0.01 0.03% 39,663,934 $1,293,837,527
8/26/2020 $32.63 $0.00 0.03% 148,059 $32.61 $32.63 $0.02 0.06% 39,663,934 $1,294,234,166
8/27/2020 $32.48 $0.00 -0.46% 141,690 $32.48 $32.49 $0.01 0.03% 39,663,934 $1,288,284,576
8/28/2020 $32.13 $0.00 -1.08% 121,135 $32.13 $32.14 $0.01 0.03% 39,663,934 $1,274,402,199
8/31/2020 $31.99 $0.00 -0.44% 206,840 $31.98 $31.99 $0.01 0.03% 39,663,934 $1,268,849,249
9/1/2020 $31.37 $0.00 -1.96% 210,316 $31.37 $31.38 $0.01 0.03% 39,663,934 $1,244,257,610
9/2/2020 $31.85 $0.00 1.52% 239,223 $31.84 $31.85 $0.01 0.03% 39,663,934 $1,263,296,298
9/3/2020 $31.64 $0.00 -0.66% 139,183 $31.63 $31.64 $0.01 0.03% 39,663,934 $1,254,966,872
9/4/2020 $31.85 $0.00 0.66% 164,538 $31.83 $31.85 $0.02 0.06% 39,663,934 $1,263,296,298
9/8/2020 $31.17 $0.00 -2.16% 152,780 $31.17 $31.18 $0.01 0.03% 39,663,934 $1,236,324,823
9/9/2020 $31.22 $0.00 0.16% 140,739 $31.22 $31.23 $0.01 0.03% 39,663,934 $1,238,308,019
9/10/2020 $30.61 $0.00 -1.97% 155,024 $30.61 $30.62 $0.01 0.03% 39,663,934 $1,214,113,020
9/11/2020 $30.47 $0.00 -0.46% 104,190 $30.46 $30.47 $0.01 0.03% 39,663,934 $1,208,560,069
9/14/2020 $30.85 $0.00 1.24% 138,451 $30.84 $30.85 $0.01 0.03% 39,663,934 $1,223,632,364
9/15/2020 $30.64 $0.00 -0.68% 104,004 $30.62 $30.64 $0.02 0.07% 39,663,934 $1,215,302,938
9/16/2020 $30.58 $0.00 -0.20% 131,492 $30.58 $30.59 $0.01 0.03% 39,663,934 $1,212,923,102
9/17/2020 $30.36 $0.00 -0.72% 187,332 $30.35 $30.36 $0.01 0.03% 39,663,934 $1,204,197,036
9/18/2020 $30.21 $0.00 -0.50% 357,130 $30.20 $30.21 $0.01 0.03% 39,663,934 $1,198,247,446
9/21/2020 $29.71 $0.00 -1.67% 251,579 $29.70 $29.71 $0.01 0.03% 39,663,934 $1,178,415,479
9/22/2020 $29.65 $0.00 -0.20% 232,658 $29.64 $29.65 $0.01 0.03% 39,663,934 $1,176,035,643
9/23/2020 $29.07 $0.00 -1.98% 147,669 $29.06 $29.07 $0.01 0.03% 39,663,934 $1,153,030,561
9/24/2020 $30.22 $0.00 3.88% 220,594 $30.21 $30.22 $0.01 0.03% 39,663,934 $1,198,644,085
9/25/2020 $30.48 $0.00 0.86% 124,094 $30.47 $30.48 $0.01 0.03% 39,663,934 $1,208,956,708
9/28/2020 $30.48 $0.00 0.00% 169,470 $30.47 $30.48 $0.01 0.03% 39,663,934 $1,208,956,708
9/29/2020 $30.63 $0.00 0.49% 133,841 $30.62 $30.63 $0.01 0.03% 39,663,934 $1,214,906,298
9/30/2020 $30.90 $0.00 0.88% 209,838 $30.87 $30.92 $0.05 0.16% 39,336,109 $1,215,485,768
10/1/2020 $31.13 $0.00 0.74% 178,415 $31.11 $31.13 $0.02 0.06% 39,336,109 $1,224,533,073
10/2/2020 $31.33 $0.09 0.93% 137,866 $31.32 $31.33 $0.01 0.03% 39,336,109 $1,232,400,295
10/5/2020 $31.32 $0.00 -0.03% 102,853 $31.32 $31.33 $0.01 0.03% 39,336,109 $1,232,006,934
10/6/2020 $31.23 $0.00 -0.29% 127,747 $31.23 $31.24 $0.01 0.03% 39,336,109 $1,228,466,684
10/7/2020 $31.46 $0.00 0.73% 143,833 $31.43 $31.46 $0.03 0.10% 39,336,109 $1,237,513,989
97
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 102 of
206
Exhibit-3h
TR Market Efficiency Statistics
January 28, 2020 through January 27, 2021
Closing Average
Log Closing Closing Bid/Ask Bid/Ask Outstanding Market
Date Closing Price Dividend Return Volume Bid Ask Spread Spread % Shares Capitalization
[a] [b] [b] [c] [d] [e] [f] [g]
10/8/2020 $31.64 $0.00 0.57% 214,293 $31.63 $31.64 $0.01 0.03% 39,336,109 $1,244,594,489
10/9/2020 $31.96 $0.00 1.01% 118,208 $31.96 $31.97 $0.01 0.03% 39,336,109 $1,257,182,044
10/12/2020 $32.15 $0.00 0.59% 139,703 $32.14 $32.15 $0.01 0.03% 39,336,109 $1,264,655,904
10/13/2020 $31.50 $0.00 -2.04% 171,595 $31.49 $31.50 $0.01 0.03% 39,336,109 $1,239,087,434
10/14/2020 $30.97 $0.00 -1.70% 126,547 $30.97 $30.99 $0.02 0.06% 39,336,109 $1,218,239,296
10/15/2020 $31.22 $0.00 0.80% 238,624 $31.21 $31.22 $0.01 0.03% 39,336,109 $1,228,073,323
10/16/2020 $30.94 $0.00 -0.90% 129,269 $30.94 $30.95 $0.01 0.03% 39,336,109 $1,217,059,212
10/19/2020 $31.06 $0.00 0.39% 191,276 $31.06 $31.07 $0.01 0.03% 39,336,109 $1,221,779,546
10/20/2020 $31.16 $0.00 0.32% 165,522 $31.15 $31.16 $0.01 0.03% 39,336,109 $1,225,713,156
10/21/2020 $30.36 $0.00 -2.60% 135,816 $30.37 $30.38 $0.01 0.03% 39,336,109 $1,194,244,269
10/22/2020 $30.43 $0.00 0.23% 154,580 $30.43 $30.44 $0.01 0.03% 39,336,109 $1,196,997,797
10/23/2020 $30.56 $0.00 0.43% 136,299 $30.53 $30.56 $0.03 0.10% 39,336,109 $1,202,111,491
10/26/2020 $30.32 $0.00 -0.79% 198,210 $30.32 $30.33 $0.01 0.03% 39,336,109 $1,192,670,825
10/27/2020 $30.13 $0.00 -0.63% 176,317 $30.13 $30.14 $0.01 0.03% 39,336,109 $1,185,196,964
10/28/2020 $29.88 $0.00 -0.83% 203,021 $29.87 $29.91 $0.04 0.13% 39,336,109 $1,175,362,937
10/29/2020 $30.14 $0.00 0.87% 241,108 $30.14 $30.15 $0.01 0.03% 39,336,109 $1,185,590,325
10/30/2020 $29.88 $0.00 -0.87% 186,917 $29.86 $29.87 $0.01 0.03% 39,336,109 $1,175,362,937
11/2/2020 $29.78 $0.00 -0.34% 170,419 $29.78 $29.79 $0.01 0.03% 39,336,109 $1,171,429,326
11/3/2020 $29.68 $0.00 -0.34% 128,330 $29.69 $29.70 $0.01 0.03% 39,336,109 $1,167,495,715
11/4/2020 $29.57 $0.00 -0.37% 160,507 $29.55 $29.57 $0.02 0.07% 39,336,109 $1,163,168,743
11/5/2020 $29.88 $0.00 1.04% 142,428 $29.86 $29.88 $0.02 0.07% 39,336,109 $1,175,362,937
11/6/2020 $30.49 $0.00 2.02% 109,632 $30.49 $30.52 $0.03 0.10% 39,336,109 $1,199,357,963
11/9/2020 $29.42 $0.00 -3.57% 225,716 $29.45 $29.46 $0.01 0.03% 39,336,109 $1,157,268,327
11/10/2020 $30.96 $0.00 5.10% 238,899 $30.97 $30.98 $0.01 0.03% 39,336,109 $1,217,845,935
11/11/2020 $31.39 $0.00 1.38% 179,003 $31.38 $31.39 $0.01 0.03% 39,336,109 $1,234,760,462
11/12/2020 $31.18 $0.00 -0.67% 146,574 $31.17 $31.18 $0.01 0.03% 39,336,109 $1,226,499,879
11/13/2020 $31.90 $0.00 2.28% 153,053 $31.90 $31.94 $0.04 0.13% 39,336,109 $1,254,821,877
11/16/2020 $32.47 $0.00 1.77% 172,539 $32.47 $32.50 $0.03 0.09% 39,336,109 $1,277,243,459
11/17/2020 $32.43 $0.00 -0.12% 189,360 $32.43 $32.45 $0.02 0.06% 39,336,109 $1,275,670,015
11/18/2020 $31.75 $0.00 -2.12% 206,061 $31.75 $31.77 $0.02 0.06% 39,336,109 $1,248,921,461
11/19/2020 $31.99 $0.00 0.75% 131,182 $31.99 $32.00 $0.01 0.03% 39,336,109 $1,258,362,127
11/20/2020 $31.49 $0.00 -1.58% 310,951 $31.53 $31.54 $0.01 0.03% 39,336,109 $1,238,694,072
11/23/2020 $31.55 $0.00 0.19% 140,719 $31.53 $31.56 $0.03 0.10% 39,336,109 $1,241,054,239
11/24/2020 $31.88 $0.00 1.04% 187,983 $31.88 $31.89 $0.01 0.03% 39,336,109 $1,254,035,155
11/25/2020 $31.55 $0.00 -1.04% 145,873 $31.55 $31.56 $0.01 0.03% 39,336,109 $1,241,054,239
11/27/2020 $31.43 $0.00 -0.38% 65,388 $31.43 $31.51 $0.08 0.25% 39,336,109 $1,236,333,906
11/30/2020 $30.97 $0.00 -1.47% 141,012 $31.00 $31.02 $0.02 0.06% 39,336,109 $1,218,239,296
12/1/2020 $31.04 $0.00 0.23% 162,556 $31.04 $31.05 $0.01 0.03% 39,336,109 $1,220,992,823
12/2/2020 $30.39 $0.00 -2.12% 140,782 $30.40 $30.41 $0.01 0.03% 39,336,109 $1,195,424,353
12/3/2020 $30.54 $0.00 0.49% 103,888 $30.54 $30.57 $0.03 0.10% 39,336,109 $1,201,324,769
12/4/2020 $30.42 $0.00 -0.39% 134,398 $30.45 $30.46 $0.01 0.03% 39,336,109 $1,196,604,436
12/7/2020 $30.18 $0.00 -0.79% 179,182 $30.19 $30.21 $0.02 0.07% 39,336,109 $1,187,163,770
12/8/2020 $30.47 $0.00 0.96% 767,015 $30.47 $30.48 $0.01 0.03% 39,336,109 $1,198,571,241
12/9/2020 $30.22 $0.00 -0.82% 250,615 $30.20 $30.22 $0.02 0.07% 39,336,109 $1,188,737,214
12/10/2020 $29.87 $0.00 -1.16% 229,349 $29.87 $29.89 $0.02 0.07% 39,336,109 $1,174,969,576
12/11/2020 $30.89 $0.00 3.36% 265,372 $30.93 $30.94 $0.01 0.03% 39,336,109 $1,215,092,407
12/14/2020 $30.72 $0.00 -0.55% 190,725 $30.72 $30.73 $0.01 0.03% 39,336,109 $1,208,405,268
12/15/2020 $30.10 $0.00 -2.04% 165,731 $30.10 $30.12 $0.02 0.07% 39,336,109 $1,184,016,881
12/16/2020 $29.83 $0.00 -0.90% 210,303 $29.83 $29.86 $0.03 0.10% 39,336,109 $1,173,396,131
12/17/2020 $29.98 $0.00 0.50% 155,330 $29.97 $29.98 $0.01 0.03% 39,336,109 $1,179,296,548
12/18/2020 $30.17 $0.09 0.93% 646,422 $30.17 $30.18 $0.01 0.03% 39,336,109 $1,186,770,409
12/21/2020 $30.28 $0.00 0.36% 138,823 $30.25 $30.28 $0.03 0.10% 39,336,109 $1,191,097,381
12/22/2020 $29.98 $0.00 -1.00% 178,013 $29.98 $30.00 $0.02 0.07% 39,336,109 $1,179,296,548
12/23/2020 $30.03 $0.00 0.17% 108,887 $30.03 $30.06 $0.03 0.10% 39,336,109 $1,181,263,353
12/24/2020 $30.40 $0.00 1.22% 77,129 $30.40 $30.42 $0.02 0.07% 39,336,109 $1,195,817,714
12/28/2020 $30.15 $0.00 -0.83% 199,524 $30.13 $30.15 $0.02 0.07% 39,336,109 $1,185,983,686
12/29/2020 $29.66 $0.00 -1.64% 178,296 $29.64 $29.66 $0.02 0.07% 39,336,109 $1,166,708,993
12/30/2020 $29.68 $0.00 0.07% 257,522 $29.68 $29.69 $0.01 0.03% 39,336,109 $1,167,495,715
12/31/2020 $29.70 $0.00 0.07% 207,745 $29.67 $29.70 $0.03 0.10% 39,336,109 $1,168,282,437
98
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 103 of
206
Exhibit-3h
TR Market Efficiency Statistics
January 28, 2020 through January 27, 2021
Closing Average
Log Closing Closing Bid/Ask Bid/Ask Outstanding Market
Date Closing Price Dividend Return Volume Bid Ask Spread Spread % Shares Capitalization
[a] [b] [b] [c] [d] [e] [f] [g]
1/4/2021 $29.86 $0.00 0.54% 207,208 $29.86 $29.87 $0.01 0.03% 39,336,109 $1,174,576,215
1/5/2021 $30.72 $0.00 2.84% 339,037 $30.71 $30.72 $0.01 0.03% 39,336,109 $1,208,405,268
1/6/2021 $31.28 $0.00 1.81% 183,588 $31.25 $31.26 $0.01 0.03% 39,336,109 $1,230,433,490
1/7/2021 $31.00 $0.00 -0.90% 197,043 $30.99 $31.00 $0.01 0.03% 39,336,109 $1,219,419,379
1/8/2021 $30.45 $0.00 -1.79% 200,159 $30.44 $30.45 $0.01 0.03% 39,336,109 $1,197,784,519
1/11/2021 $29.92 $0.00 -1.76% 108,474 $29.92 $29.93 $0.01 0.03% 39,336,109 $1,176,936,381
1/12/2021 $30.01 $0.00 0.30% 132,157 $30.00 $30.01 $0.01 0.03% 39,336,109 $1,180,476,631
1/13/2021 $29.91 $0.00 -0.33% 133,030 $29.91 $29.94 $0.03 0.10% 39,336,109 $1,176,543,020
1/14/2021 $30.00 $0.00 0.30% 127,551 $30.00 $30.01 $0.01 0.03% 39,336,109 $1,180,083,270
1/15/2021 $30.31 $0.00 1.03% 123,646 $30.30 $30.31 $0.01 0.03% 39,336,109 $1,192,277,464
1/19/2021 $29.99 $0.00 -1.06% 154,796 $29.98 $29.99 $0.01 0.03% 39,336,109 $1,179,689,909
1/20/2021 $29.77 $0.00 -0.74% 164,055 $29.77 $29.78 $0.01 0.03% 39,336,109 $1,171,035,965
1/21/2021 $29.65 $0.00 -0.40% 114,456 $29.64 $29.65 $0.01 0.03% 39,336,109 $1,166,315,632
1/22/2021 $30.14 $0.00 1.64% 256,158 $30.13 $30.14 $0.01 0.03% 39,336,109 $1,185,590,325
1/25/2021 $34.86 $0.00 14.55% 1,123,982 $34.86 $34.87 $0.01 0.03% 39,336,109 $1,371,256,760
1/26/2021 $38.45 $0.00 9.80% 988,248 $38.44 $38.45 $0.01 0.03% 39,336,109 $1,512,473,391
1/27/2021 $42.85 $0.00 10.83% 7,237,895 $42.85 $42.86 $0.01 0.02% 39,336,109 $1,685,552,271
Average $32.89 $0.00 0.09% 239,522 $32.88 $32.90 $0.02 0.05% 39,447,214 $1,297.4 million
Median $32.48 $0.00 -0.12% 179,182 $32.48 $32.50 $0.01 0.03% 39,663,934 $1,281.5 million
High $42.85 $0.09 14.55% 7,237,895 $42.85 $42.86 $0 53 1.52% 39,769,401 $1,685.6 million
Low $29.07 $0.00 -5.52% 65,388 $29.06 $29.07 $0.01 0.02% 38,788,652 $1,153.0 million
Source: CRSP & SEC Filings.
99
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 104 of
206
Exhibit-3i
TRVG Market Efficiency Statistics
January 28, 2020 through January 27, 2021
Closing Average
Log Closing Closing Bid/Ask Bid/Ask Outstanding Market
Date Closing Price Dividend Return Volume Bid Ask Spread Spread % Shares Capitalization
[a] [b] [b] [c] [d] [e] [f] [g]
1/28/2020 $2.66 $0.00 3.44% 157,339 $2.65 $2.67 $0.02 0.75% 50,816,706 $135,172,438
1/29/2020 $2.82 $0.00 5.84% 191,810 $2.83 $2.85 $0.02 0.70% 50,816,706 $143,303,111
1/30/2020 $2.72 $0.00 -3.61% 190,378 $2.71 $2.73 $0.02 0.74% 50,816,706 $138,221,440
1/31/2020 $2.63 $0.00 -3.36% 82,779 $2.62 $2.64 $0.02 0.76% 50,816,706 $133,647,937
2/3/2020 $2.64 $0.00 0.38% 70,909 $2.61 $2.64 $0.03 1.14% 50,816,706 $134,156,104
2/4/2020 $2.70 $0.00 2.25% 77,895 $2.69 $2.71 $0.02 0.74% 50,816,706 $137,205,106
2/5/2020 $2.81 $0.00 3.99% 125,479 $2.78 $2.81 $0.03 1.07% 50,816,706 $142,794,944
2/6/2020 $2.75 $0.00 -2.16% 109,957 $2.74 $2.75 $0.01 0.36% 50,816,706 $139,745,942
2/7/2020 $2.78 $0.00 1.09% 130,486 $2.78 $2.80 $0.02 0.72% 50,816,706 $141,270,443
2/10/2020 $2.85 $0.00 2.49% 198,180 $2.85 $2.86 $0.01 0.35% 50,816,706 $144,827,612
2/11/2020 $2.92 $0.00 2.43% 538,039 $2.90 $2.92 $0.02 0.69% 50,816,706 $148,384,782
2/12/2020 $2.62 $0.00 -10.84% 1,425,429 $2.61 $2.62 $0.01 0.38% 50,816,706 $133,139,770
2/13/2020 $2.52 $0.00 -3.89% 223,139 $2.51 $2.54 $0.03 1.19% 50,816,706 $128,058,099
2/14/2020 $2.61 $0.00 3.51% 289,805 $2.60 $2.61 $0.01 0.38% 50,816,706 $132,631,603
2/18/2020 $2.40 $0.00 -8.39% 519,329 $2.40 $2.43 $0.03 1.24% 50,816,706 $121,960,094
2/19/2020 $2.34 $0.00 -2.53% 347,773 $2.34 $2.35 $0.01 0.43% 50,816,706 $118,911,092
2/20/2020 $2.42 $0.00 3.36% 240,484 $2.40 $2.42 $0.02 0.83% 50,816,706 $122,976,429
2/21/2020 $2.32 $0.00 -4.22% 166,326 $2.32 $2.33 $0.01 0.43% 50,816,706 $117,894,758
2/24/2020 $2.13 $0.00 -8.54% 668,268 $2.12 $2.13 $0.01 0.47% 50,816,706 $108,239,584
2/25/2020 $2.10 $0.00 -1.42% 318,484 $2.10 $2.11 $0.01 0.48% 50,816,706 $106,715,083
2/26/2020 $1.92 $0.00 -8.96% 428,749 $1.92 $1.93 $0.01 0.52% 50,816,706 $97,568,076
2/27/2020 $1.88 $0.00 -2.11% 278,052 $1.88 $1.89 $0.01 0.53% 50,816,706 $95,535,407
2/28/2020 $1.82 $0.00 -3.24% 224,394 $1.82 $1.83 $0.01 0.55% 50,816,706 $92,486,405
3/2/2020 $1.82 $0.00 0.00% 149,675 $1.81 $1.82 $0.01 0.55% 50,816,706 $92,486,405
3/3/2020 $1.81 $0.00 -0.55% 296,931 $1.78 $1.81 $0.03 1.67% 50,816,706 $91,978,238
3/4/2020 $1.80 $0.00 -0.55% 250,903 $1.78 $1.80 $0.02 1.12% 50,816,706 $91,470,071
3/5/2020 $1.75 $0.00 -2.82% 362,278 $1.74 $1.75 $0.01 0.57% 50,816,706 $88,929,236
3/6/2020 $1.74 $0.00 -0.57% 422,615 $1.74 $1.76 $0.02 1.14% 50,816,706 $88,421,068
3/9/2020 $1.44 $0.00 -18.92% 715,429 $1.40 $1.43 $0.03 2.12% 50,816,706 $73,176,057
3/10/2020 $1.52 $0.00 5.41% 456,543 $1.52 $1.53 $0.01 0.66% 50,816,706 $77,241,393
3/11/2020 $1.56 $0.00 2.60% 493,709 $1.54 $1.56 $0.02 1.29% 50,816,706 $79,274,061
3/12/2020 $1.45 $0.00 -7.31% 2,504,780 $1.44 $1.45 $0.01 0.69% 50,816,706 $73,684,224
3/13/2020 $1.59 $0.00 9.22% 466,805 $1.58 $1.60 $0.02 1.26% 50,816,706 $80,798,563
3/16/2020 $1.54 $0.00 -3.12% 468,890 $1.54 $1.55 $0.01 0.65% 50,816,706 $78,318,707
3/17/2020 $1.59 $0.00 3.13% 296,358 $1.59 $1.60 $0.01 0.63% 50,816,706 $80,808,726
3/18/2020 $1.58 $0.00 -0.64% 533,145 $1.53 $1.60 $0.07 4.47% 50,816,706 $80,290,395
3/19/2020 $1.50 $0.00 -5.20% 258,167 $1.46 $1.50 $0.04 2.70% 50,816,706 $76,225,059
3/20/2020 $1.55 $0.00 3.28% 371,159 $1.54 $1.55 $0.01 0.65% 50,816,706 $78,765,894
3/23/2020 $1.48 $0.00 -4.62% 234,139 $1.47 $1.48 $0.01 0.68% 50,816,706 $75,208,725
3/24/2020 $1.60 $0.00 7.80% 361,884 $1.56 $1.59 $0.03 1.90% 50,816,706 $81,306,730
3/25/2020 $1.65 $0.00 3.08% 508,975 $1.60 $1.64 $0.04 2.47% 50,816,706 $83,847,565
3/26/2020 $1.62 $0.00 -1.83% 422,505 $1.61 $1.64 $0.03 1.85% 50,816,706 $82,323,064
3/27/2020 $1.51 $0.00 -7.03% 338,471 $1.50 $1.51 $0.01 0.66% 50,816,706 $76,733,226
3/30/2020 $1.42 $0.00 -6.15% 275,550 $1.42 $1.43 $0.01 0.70% 50,816,706 $72,159,723
3/31/2020 $1.46 $0.00 2.78% 265,483 $1.44 $1.46 $0.02 1.38% 51,325,206 $74,934,801
4/1/2020 $1.40 $0.00 -4.20% 243,654 $1.37 $1.39 $0.02 1.45% 51,325,206 $71,855,288
4/2/2020 $1.40 $0.00 0.00% 213,422 $1.38 $1.40 $0.02 1.44% 51,325,206 $71,855,288
4/3/2020 $1.39 $0.00 -0.72% 240,851 $1.36 $1.40 $0.04 2.90% 51,325,206 $71,342,036
4/6/2020 $1.43 $0.00 2.84% 261,412 $1.41 $1.43 $0.02 1.41% 51,325,206 $73,395,045
4/7/2020 $1.43 $0.00 0.00% 404,438 $1.41 $1.43 $0.02 1.41% 51,325,206 $73,395,045
4/8/2020 $1.60 $0.00 11.23% 703,352 $1.60 $1.63 $0.03 1.86% 51,325,206 $82,120,330
4/9/2020 $1.65 $0.00 3.08% 313,124 $1.63 $1.65 $0.02 1.22% 51,325,206 $84,686,590
4/13/2020 $1.64 $0.00 -0.61% 224,471 $1.61 $1.64 $0.03 1.85% 51,325,206 $84,173,338
4/14/2020 $1.79 $0.00 8.75% 422,070 $1.75 $1.78 $0.03 1.70% 51,325,206 $91,872,119
4/15/2020 $1.80 $0.00 0.56% 736,871 $1.75 $1.81 $0.06 3.37% 51,325,206 $92,385,371
4/16/2020 $1.71 $0.00 -5.13% 211,182 $1.69 $1.71 $0.02 1.18% 51,325,206 $87,766,102
4/17/2020 $1.69 $0.00 -1.18% 333,496 $1.67 $1.69 $0.02 1.19% 51,325,206 $86,739,598
4/20/2020 $1.64 $0.00 -3.00% 229,877 $1.61 $1.64 $0.03 1.85% 51,325,206 $84,173,338
4/21/2020 $1.60 $0.00 -2.47% 185,338 $1.58 $1.60 $0.02 1.26% 51,325,206 $82,120,330
100
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 105 of
206
Exhibit-3i
TRVG Market Efficiency Statistics
January 28, 2020 through January 27, 2021
Closing Average
Log Closing Closing Bid/Ask Bid/Ask Outstanding Market
Date Closing Price Dividend Return Volume Bid Ask Spread Spread % Shares Capitalization
[a] [b] [b] [c] [d] [e] [f] [g]
4/22/2020 $1.67 $0.00 4.28% 105,340 $1.65 $1.67 $0.02 1.20% 51,325,206 $85,713,094
4/23/2020 $1.68 $0.00 0.60% 287,885 $1.65 $1.68 $0.03 1.80% 51,325,206 $86,226,346
4/24/2020 $1.69 $0.00 0.59% 116,328 $1.66 $1.69 $0.03 1.79% 51,325,206 $86,739,598
4/27/2020 $1.73 $0.00 2.34% 152,314 $1.75 $1.78 $0.03 1.70% 51,325,206 $88,792,606
4/28/2020 $1.75 $0.00 1.15% 224,079 $1.73 $1.75 $0.02 1.15% 51,325,206 $89,819,111
4/29/2020 $1.80 $0.00 2.82% 351,904 $1.79 $1.82 $0.03 1.66% 51,325,206 $92,385,371
4/30/2020 $1.83 $0.00 1.65% 222,174 $1.81 $1.82 $0.01 0.55% 51,325,206 $93,925,127
5/1/2020 $1.69 $0.00 -7.96% 209,470 $1.69 $1.70 $0.01 0.59% 51,325,206 $86,739,598
5/4/2020 $1.73 $0.00 2.34% 108,984 $1.69 $1.74 $0.05 2.92% 51,325,206 $88,792,606
5/5/2020 $1.65 $0.00 -4.73% 149,509 $1.63 $1.67 $0.04 2.42% 51,325,206 $84,686,590
5/6/2020 $1.59 $0.00 -3.70% 187,715 $1.59 $1.61 $0.02 1.25% 51,325,206 $81,607,078
5/7/2020 $1.61 $0.00 1.25% 147,060 $1.59 $1.60 $0.01 0.63% 51,325,206 $82,633,582
5/8/2020 $1.72 $0.00 6.61% 288,127 $1.69 $1.73 $0.04 2.34% 51,325,206 $88,279,354
5/11/2020 $1.68 $0.00 -2.35% 296,233 $1.64 $1.66 $0.02 1.21% 51,325,206 $86,226,346
5/12/2020 $1.59 $0.00 -5.51% 409,119 $1.57 $1.59 $0.02 1.27% 51,325,206 $81,607,078
5/13/2020 $1.55 $0.00 -2.55% 521,470 $1.52 $1.54 $0.02 1.31% 51,325,206 $79,554,069
5/14/2020 $1.49 $0.00 -3.95% 245,099 $1.49 $1.52 $0.03 1.99% 51,325,206 $76,474,557
5/15/2020 $1.45 $0.00 -2.72% 309,872 $1.42 $1.43 $0.01 0.70% 51,325,206 $74,421,549
5/18/2020 $1.66 $0.00 13.53% 1,039,338 $1.65 $1.67 $0.02 1.20% 51,325,206 $85,199,842
5/19/2020 $1.66 $0.00 0.00% 537,195 $1.64 $1.67 $0.03 1.81% 51,325,206 $85,199,842
5/20/2020 $1.87 $0.00 11.91% 1,366,892 $1.87 $1.88 $0.01 0.53% 51,325,206 $95,978,135
5/21/2020 $1.85 $0.00 -1.08% 448,657 $1.85 $1.86 $0.01 0.54% 51,325,206 $94,951,631
5/22/2020 $1.85 $0.00 0.00% 301,722 $1.86 $1.88 $0.02 1.07% 51,325,206 $94,951,631
5/26/2020 $1.98 $0.00 6.79% 696,441 $1.98 $1.99 $0.01 0.50% 51,325,206 $101,623,908
5/27/2020 $2.07 $0.00 4.45% 757,300 $2.04 $2.07 $0.03 1.46% 51,325,206 $106,243,176
5/28/2020 $2.14 $0.00 3.33% 717,508 $2.10 $2.14 $0.04 1.89% 51,325,206 $109,835,941
5/29/2020 $2.10 $0.00 -1.89% 314,929 $2.08 $2.10 $0.02 0.96% 51,325,206 $107,782,933
6/1/2020 $2.11 $0.00 0.48% 522,665 $2.09 $2.11 $0.02 0.95% 51,325,206 $108,296,185
6/2/2020 $2.20 $0.00 4.18% 483,200 $2.18 $2.19 $0.01 0.46% 51,325,206 $112,915,453
6/3/2020 $2.28 $0.00 3.57% 667,055 $2.25 $2.28 $0.03 1.32% 51,325,206 $117,021,470
6/4/2020 $2.32 $0.00 1.74% 823,123 $2.29 $2.32 $0.03 1.30% 51,325,206 $119,074,478
6/5/2020 $2.51 $0.00 7.87% 1,288,441 $2.48 $2.52 $0.04 1.60% 51,325,206 $128,826,267
6/8/2020 $2.70 $0.00 7.30% 974,164 $2.67 $2.69 $0.02 0.75% 51,325,206 $138,578,056
6/9/2020 $2.56 $0.00 -5.32% 645,130 $2.55 $2.56 $0.01 0.39% 51,325,206 $131,392,527
6/10/2020 $2.37 $0.00 -7.71% 491,334 $2.37 $2.38 $0.01 0.42% 51,325,206 $121,640,738
6/11/2020 $1.92 $0.00 -21.06% 1,060,882 $1.92 $1.93 $0.01 0.52% 51,325,206 $98,544,396
6/12/2020 $2.11 $0.00 9.44% 564,171 $2.09 $2.10 $0.01 0.48% 51,325,206 $108,296,185
6/15/2020 $2.13 $0.00 0.94% 436,237 $2.12 $2.13 $0.01 0.47% 51,325,206 $109,322,689
6/16/2020 $2.19 $0.00 2.78% 436,506 $2.16 $2.20 $0.04 1.83% 51,325,206 $112,402,201
6/17/2020 $2.12 $0.00 -3.25% 306,609 $2.10 $2.11 $0.01 0.48% 51,325,206 $108,809,437
6/18/2020 $2.18 $0.00 2.79% 253,672 $2.18 $2.20 $0.02 0.91% 51,325,206 $111,888,949
6/19/2020 $2.10 $0.00 -3.74% 307,918 $2.10 $2.13 $0.03 1.42% 51,325,206 $107,782,933
6/22/2020 $2.06 $0.00 -1.92% 392,537 $2.05 $2.07 $0.02 0.97% 51,325,206 $105,729,924
6/23/2020 $2.08 $0.00 0.97% 249,503 $2.06 $2.08 $0.02 0.97% 51,325,206 $106,756,428
6/24/2020 $2.01 $0.00 -3.42% 294,298 $1.99 $2.01 $0.02 1.00% 51,325,206 $103,163,664
6/25/2020 $1.97 $0.00 -2.01% 319,208 $2.01 $2.02 $0.01 0.50% 51,325,206 $101,110,656
6/26/2020 $1.93 $0.00 -2.05% 398,466 $1.90 $1.92 $0.02 1.05% 51,325,206 $99,057,648
6/29/2020 $1.98 $0.00 2.56% 217,075 $1.98 $1.99 $0.01 0.50% 51,325,206 $101,623,908
6/30/2020 $1.97 $0.00 -0.51% 294,055 $1.96 $1.97 $0.01 0.51% 55,112,630 $108,571,881
7/1/2020 $1.94 $0.00 -1.53% 313,968 $1.92 $1.94 $0.02 1.04% 55,112,630 $106,918,502
7/2/2020 $1.94 $0.00 0.00% 251,549 $1.93 $1.94 $0.01 0.52% 55,112,630 $106,918,502
7/6/2020 $1.87 $0.00 -3.67% 500,852 $1.87 $1.88 $0.01 0.53% 55,112,630 $103,060,618
7/7/2020 $1.89 $0.00 1.06% 343,214 $1.86 $1.88 $0.02 1.07% 55,112,630 $104,162,871
7/8/2020 $1.89 $0.00 0.00% 269,534 $1.87 $1.89 $0.02 1.06% 55,112,630 $104,162,871
7/9/2020 $1.85 $0.00 -2.14% 156,175 $1.83 $1.85 $0.02 1.09% 55,112,630 $101,958,366
7/10/2020 $1.86 $0.00 0.54% 206,683 $1.86 $1.90 $0.04 2.13% 55,112,630 $102,509,492
7/13/2020 $1.78 $0.00 -4.40% 880,914 $1.78 $1.79 $0.01 0.56% 55,112,630 $98,100,481
7/14/2020 $1.74 $0.00 -2.27% 461,797 $1.72 $1.74 $0.02 1.16% 55,112,630 $95,895,976
7/15/2020 $1.83 $0.00 5.04% 415,276 $1.82 $1.83 $0.01 0.55% 55,112,630 $100,856,113
101
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 106 of
206
Exhibit-3i
TRVG Market Efficiency Statistics
January 28, 2020 through January 27, 2021
Closing Average
Log Closing Closing Bid/Ask Bid/Ask Outstanding Market
Date Closing Price Dividend Return Volume Bid Ask Spread Spread % Shares Capitalization
[a] [b] [b] [c] [d] [e] [f] [g]
7/16/2020 $1.80 $0.00 -1.65% 164,402 $1.78 $1.80 $0.02 1.12% 55,112,630 $99,202,734
7/17/2020 $1.78 $0.00 -1.12% 329,190 $1.76 $1.77 $0.01 0.57% 55,112,630 $98,100,481
7/20/2020 $1.77 $0.00 -0.56% 280,863 $1.74 $1.77 $0.03 1.71% 55,112,630 $97,549,355
7/21/2020 $1.73 $0.00 -2.29% 240,732 $1.72 $1.73 $0.01 0.58% 55,112,630 $95,344,850
7/22/2020 $1.70 $0.00 -1.75% 243,827 $1.67 $1.70 $0.03 1.78% 55,112,630 $93,691,471
7/23/2020 $1.68 $0.00 -1.18% 246,414 $1.68 $1.71 $0.03 1.77% 55,112,630 $92,589,218
7/24/2020 $1.67 $0.00 -0.60% 496,033 $1.66 $1.67 $0.01 0.60% 55,112,630 $92,038,092
7/27/2020 $1.64 $0.00 -1.81% 267,548 $1.62 $1.63 $0.01 0.62% 55,112,630 $90,384,713
7/28/2020 $1.65 $0.00 0.61% 161,565 $1.64 $1.66 $0.02 1.21% 55,112,630 $90,935,840
7/29/2020 $1.80 $0.00 8.70% 807,618 $1.79 $1.80 $0.01 0.56% 55,112,630 $99,202,734
7/30/2020 $1.85 $0.00 2.74% 375,114 $1.83 $1.85 $0.02 1.09% 55,112,630 $101,958,366
7/31/2020 $1.82 $0.00 -1.63% 250,140 $1.80 $1.82 $0.02 1.10% 55,112,630 $100,304,987
8/3/2020 $1.77 $0.00 -2.79% 317,568 $1.76 $1.77 $0.01 0.57% 55,112,630 $97,549,355
8/4/2020 $1.80 $0.00 1.68% 164,616 $1.77 $1.80 $0.03 1.68% 55,112,630 $99,202,734
8/5/2020 $1.86 $0.00 3.28% 184,774 $1.84 $1.85 $0.01 0.54% 55,112,630 $102,509,492
8/6/2020 $1.94 $0.00 4.21% 430,891 $1.88 $1.90 $0.02 1.06% 55,112,630 $106,918,502
8/7/2020 $1.83 $0.00 -5.84% 315,146 $1.83 $1.84 $0.01 0.54% 55,112,630 $100,856,113
8/10/2020 $1.87 $0.00 2.16% 132,876 $1.85 $1.86 $0.01 0.54% 55,112,630 $103,060,618
8/11/2020 $1.99 $0.00 6.22% 2,008,318 $1.96 $1.99 $0.03 1.52% 55,112,630 $109,674,134
8/12/2020 $2.01 $0.00 1.00% 554,803 $1.98 $2.00 $0.02 1.01% 55,112,630 $110,776,386
8/13/2020 $1.98 $0.00 -1.50% 259,441 $1.98 $2.00 $0.02 1.01% 55,112,630 $109,123,007
8/14/2020 $1.96 $0.00 -1.02% 166,039 $1.96 $1.97 $0.01 0.51% 55,112,630 $108,020,755
8/17/2020 $1.90 $0.00 -3.11% 226,070 $1.91 $1.94 $0.03 1.56% 55,112,630 $104,713,997
8/18/2020 $1.92 $0.00 1.05% 128,503 $1.91 $1.92 $0.01 0.52% 55,112,630 $105,816,250
8/19/2020 $1.75 $0.00 -9.27% 935,109 $1.75 $1.77 $0.02 1.14% 55,112,630 $96,447,103
8/20/2020 $1.84 $0.00 5.01% 242,722 $1.82 $1.83 $0.01 0.55% 55,112,630 $101,407,239
8/21/2020 $1.83 $0.00 -0.54% 119,348 $1.83 $1.85 $0.02 1.09% 55,112,630 $100,856,113
8/24/2020 $1.84 $0.00 0.54% 190,943 $1.86 $1.88 $0.02 1.07% 55,112,630 $101,407,239
8/25/2020 $1.88 $0.00 2.15% 111,809 $1.87 $1.88 $0.01 0.53% 55,112,630 $103,611,744
8/26/2020 $1.86 $0.00 -1.07% 136,241 $1.87 $1.88 $0.01 0.53% 55,112,630 $102,509,492
8/27/2020 $1.88 $0.00 1.07% 225,305 $1.87 $1.88 $0.01 0.53% 55,112,630 $103,611,744
8/28/2020 $1.88 $0.00 0.00% 165,173 $1.86 $1.88 $0.02 1.07% 55,112,630 $103,611,744
8/31/2020 $1.84 $0.00 -2.15% 197,342 $1.84 $1.87 $0.03 1.62% 55,112,630 $101,407,239
9/1/2020 $1.81 $0.00 -1.64% 248,196 $1.81 $1.86 $0.05 2.72% 55,112,630 $99,753,860
9/2/2020 $1.78 $0.00 -1.67% 225,961 $1.77 $1.79 $0.02 1.12% 55,112,630 $98,100,481
9/3/2020 $1.85 $0.00 3.86% 594,751 $1.83 $1.85 $0.02 1.09% 55,112,630 $101,958,366
9/4/2020 $1.84 $0.00 -0.54% 146,847 $1.82 $1.84 $0.02 1.09% 55,112,630 $101,407,239
9/8/2020 $1.77 $0.00 -3.88% 327,273 $1.76 $1.77 $0.01 0.57% 55,112,630 $97,549,355
9/9/2020 $1.78 $0.00 0.56% 237,947 $1.78 $1.80 $0.02 1.12% 55,112,630 $98,100,481
9/10/2020 $1.75 $0.00 -1.70% 363,654 $1.73 $1.75 $0.02 1.15% 55,112,630 $96,447,103
9/11/2020 $1.70 $0.00 -2.90% 134,185 $1.70 $1.72 $0.02 1.17% 55,112,630 $93,691,471
9/14/2020 $1.73 $0.00 1.75% 94,480 $1.71 $1.72 $0.01 0.58% 55,112,630 $95,344,850
9/15/2020 $1.70 $0.00 -1.75% 64,304 $1.70 $1.72 $0.02 1.17% 55,112,630 $93,691,471
9/16/2020 $1.75 $0.00 2.90% 185,065 $1.75 $1.77 $0.02 1.14% 55,112,630 $96,447,103
9/17/2020 $1.71 $0.00 -2.31% 156,850 $1.71 $1.72 $0.01 0.58% 55,112,630 $94,242,597
9/18/2020 $1.70 $0.00 -0.59% 233,682 $1.70 $1.71 $0.01 0.59% 55,112,630 $93,691,471
9/21/2020 $1.63 $0.00 -4.20% 252,333 $1.61 $1.62 $0.01 0.62% 55,112,630 $89,833,587
9/22/2020 $1.62 $0.00 -0.62% 140,363 $1.61 $1.64 $0.03 1.85% 55,112,630 $89,282,461
9/23/2020 $1.54 $0.00 -5.06% 208,288 $1.52 $1.53 $0.01 0.66% 55,112,630 $84,873,450
9/24/2020 $1.54 $0.00 0.00% 254,169 $1.52 $1.54 $0.02 1.31% 55,112,630 $84,873,450
9/25/2020 $1.54 $0.00 0.00% 276,307 $1.52 $1.55 $0.03 1.95% 55,112,630 $84,873,450
9/28/2020 $1.59 $0.00 3.20% 155,042 $1.57 $1.59 $0.02 1.27% 55,112,630 $87,629,082
9/29/2020 $1.57 $0.00 -1.27% 122,687 $1.56 $1.57 $0.01 0.64% 55,112,630 $86,526,829
9/30/2020 $1.55 $0.00 -1.28% 490,999 $1.53 $1.54 $0.01 0.65% 55,482,958 $85,998,585
10/1/2020 $1.48 $0.00 -4.62% 647,573 $1.46 $1.48 $0.02 1.36% 55,482,958 $82,114,778
10/2/2020 $1.42 $0.00 -4.14% 389,934 $1.41 $1.43 $0.02 1.41% 55,482,958 $78,785,800
10/5/2020 $1.41 $0.00 -0.71% 581,313 $1.39 $1.41 $0.02 1.43% 55,482,958 $78,230,971
10/6/2020 $1.40 $0.00 -0.71% 514,757 $1.37 $1.40 $0.03 2.17% 55,482,958 $77,676,141
10/7/2020 $1.41 $0.00 0.71% 240,809 $1.41 $1.44 $0.03 2.11% 55,482,958 $78,230,971
102
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 107 of
206
Exhibit-3i
TRVG Market Efficiency Statistics
January 28, 2020 through January 27, 2021
Closing Average
Log Closing Closing Bid/Ask Bid/Ask Outstanding Market
Date Closing Price Dividend Return Volume Bid Ask Spread Spread % Shares Capitalization
[a] [b] [b] [c] [d] [e] [f] [g]
10/8/2020 $1.47 $0.00 4.17% 212,720 $1.47 $1.48 $0.01 0.68% 55,482,958 $81,559,948
10/9/2020 $1.45 $0.00 -1.37% 216,801 $1.45 $1.47 $0.02 1.37% 55,482,958 $80,450,289
10/12/2020 $1.46 $0.00 0.69% 145,218 $1.46 $1.49 $0.03 2.03% 55,482,958 $81,005,119
10/13/2020 $1.47 $0.00 0.68% 165,092 $1.46 $1.47 $0.01 0.68% 55,482,958 $81,559,948
10/14/2020 $1.50 $0.00 2.02% 357,353 $1.50 $1.52 $0.02 1.32% 55,482,958 $83,224,437
10/15/2020 $1.43 $0.00 -4.78% 277,429 $1.43 $1.44 $0.01 0.70% 55,482,958 $79,340,630
10/16/2020 $1.43 $0.00 0.00% 203,348 $1.43 $1.47 $0.04 2.76% 55,482,958 $79,340,630
10/19/2020 $1.45 $0.00 1.39% 192,011 $1.43 $1.45 $0.02 1.39% 55,482,958 $80,450,289
10/20/2020 $1.44 $0.00 -0.69% 186,670 $1.44 $1.45 $0.01 0.69% 55,482,958 $79,895,460
10/21/2020 $1.46 $0.00 1.38% 336,396 $1.46 $1.49 $0.03 2.03% 55,482,958 $81,005,119
10/22/2020 $1.45 $0.00 -0.69% 288,787 $1.45 $1.46 $0.01 0.69% 55,482,958 $80,450,289
10/23/2020 $1.50 $0.00 3.39% 324,154 $1.48 $1.50 $0.02 1.34% 55,482,958 $83,224,437
10/26/2020 $1.37 $0.00 -9.07% 724,235 $1.37 $1.38 $0.01 0.73% 55,482,958 $76,011,652
10/27/2020 $1.41 $0.00 2.88% 264,135 $1.39 $1.41 $0.02 1.43% 55,482,958 $78,230,971
10/28/2020 $1.33 $0.00 -5.84% 412,061 $1.32 $1.33 $0.01 0.75% 55,482,958 $73,792,334
10/29/2020 $1.36 $0.00 2.23% 209,437 $1.36 $1.37 $0.01 0.73% 55,482,958 $75,456,823
10/30/2020 $1.35 $0.00 -0.74% 305,743 $1.35 $1.37 $0.02 1.47% 55,482,958 $74,901,993
11/2/2020 $1.27 $0.00 -6.11% 1,034,968 $1.27 $1.31 $0.04 3.10% 55,482,958 $70,463,357
11/3/2020 $1.28 $0.00 0.78% 2,022,919 $1.25 $1.27 $0.02 1.59% 55,482,958 $71,018,186
11/4/2020 $1.25 $0.00 -2.37% 1,036,433 $1.24 $1.25 $0.01 0.80% 55,482,958 $69,353,698
11/5/2020 $1.26 $0.00 0.80% 815,306 $1.26 $1.28 $0.02 1.57% 55,482,958 $69,908,527
11/6/2020 $1.30 $0.00 3.13% 590,269 $1.28 $1.30 $0.02 1.55% 55,482,958 $72,127,845
11/9/2020 $1.56 $0.00 18.23% 3,972,889 $1.55 $1.58 $0.03 1.92% 55,482,958 $86,553,414
11/10/2020 $1.50 $0.00 -3.92% 1,587,201 $1.47 $1.48 $0.01 0.68% 55,482,958 $83,224,437
11/11/2020 $1.42 $0.00 -5.48% 2,011,134 $1.40 $1.42 $0.02 1.42% 55,482,958 $78,785,800
11/12/2020 $1.37 $0.00 -3.58% 957,183 $1.35 $1.37 $0.02 1.47% 55,482,958 $76,011,652
11/13/2020 $1.40 $0.00 2.17% 1,367,745 $1.36 $1.41 $0.05 3.61% 55,482,958 $77,676,141
11/16/2020 $1.42 $0.00 1.42% 4,023,114 $1.42 $1.43 $0.01 0.70% 55,482,958 $78,785,800
11/17/2020 $1.46 $0.00 2.78% 1,265,270 $1.44 $1.46 $0.02 1.38% 55,482,958 $81,005,119
11/18/2020 $1.46 $0.00 0.00% 1,465,071 $1.43 $1.46 $0.03 2.08% 55,482,958 $81,005,119
11/19/2020 $1.50 $0.00 2.70% 916,153 $1.49 $1.50 $0.01 0.67% 55,482,958 $83,224,437
11/20/2020 $1.49 $0.00 -0.67% 835,430 $1.47 $1.48 $0.01 0.68% 55,482,958 $82,669,607
11/23/2020 $1.71 $0.00 13.77% 2,596,762 $1.70 $1.71 $0.01 0.59% 55,482,958 $94,875,858
11/24/2020 $2.15 $0.00 22.90% 7,355,941 $2.14 $2.15 $0.01 0.47% 55,482,958 $119,288,360
11/25/2020 $2.25 $0.00 4.55% 3,622,836 $2.22 $2.24 $0.02 0.90% 55,482,958 $124,836,656
11/27/2020 $2.42 $0.00 7.28% 2,141,080 $2.41 $2.42 $0.01 0.41% 55,482,958 $134,268,758
11/30/2020 $2.19 $0.00 -9.99% 2,625,576 $2.17 $2.18 $0.01 0.46% 55,482,958 $121,507,678
12/1/2020 $2.07 $0.00 -5.64% 2,064,603 $2.06 $2.07 $0.01 0.48% 55,482,958 $114,849,723
12/2/2020 $2.24 $0.00 7.89% 2,033,007 $2.20 $2.24 $0.04 1.80% 55,482,958 $124,281,826
12/3/2020 $2.17 $0.00 -3.17% 1,186,896 $2.14 $2.17 $0.03 1.39% 55,482,958 $120,398,019
12/4/2020 $2.23 $0.00 2.73% 1,376,284 $2.22 $2.23 $0.01 0.45% 55,482,958 $123,726,996
12/7/2020 $2.20 $0.00 -1.35% 887,291 $2.17 $2.20 $0.03 1.37% 55,482,958 $122,062,508
12/8/2020 $2.19 $0.00 -0.46% 1,228,848 $2.20 $2.21 $0.01 0.45% 55,482,958 $121,507,678
12/9/2020 $2.16 $0.00 -1.38% 1,686,237 $2.12 $2.16 $0.04 1.87% 55,482,958 $119,843,189
12/10/2020 $2.52 $0.00 15.42% 2,510,578 $2.51 $2.53 $0.02 0.79% 55,482,958 $139,817,054
12/11/2020 $2.35 $0.00 -6.98% 1,989,110 $2.35 $2.37 $0.02 0.85% 55,482,958 $130,384,951
12/14/2020 $2.40 $0.00 2.11% 1,099,673 $2.38 $2.40 $0.02 0.84% 55,482,958 $133,159,099
12/15/2020 $2.49 $0.00 3.68% 1,103,533 $2.47 $2.49 $0.02 0.81% 55,482,958 $138,152,565
12/16/2020 $2.34 $0.00 -6.21% 1,249,329 $2.32 $2.34 $0.02 0.86% 55,482,958 $129,830,122
12/17/2020 $2.20 $0.00 -6.17% 1,348,163 $2.21 $2.22 $0.01 0.45% 55,482,958 $122,062,508
12/18/2020 $2.21 $0.00 0.45% 883,812 $2.22 $2.24 $0.02 0.90% 55,482,958 $122,617,337
12/21/2020 $2.15 $0.00 -2.75% 1,421,799 $2.16 $2.17 $0.01 0.46% 55,482,958 $119,288,360
12/22/2020 $2.13 $0.00 -0.93% 1,023,597 $2.13 $2.16 $0.03 1.40% 55,482,958 $118,178,701
12/23/2020 $2.20 $0.00 3.23% 1,472,875 $2.20 $2.21 $0.01 0.45% 55,482,958 $122,062,508
12/24/2020 $2.20 $0.00 0.00% 285,252 $2.20 $2.23 $0.03 1.35% 55,482,958 $122,062,508
12/28/2020 $2.17 $0.00 -1.37% 856,188 $2.16 $2.17 $0.01 0.46% 55,482,958 $120,398,019
12/29/2020 $2.17 $0.00 0.00% 798,729 $2.16 $2.17 $0.01 0.46% 55,482,958 $120,398,019
12/30/2020 $2.25 $0.00 3.62% 894,980 $2.23 $2.25 $0.02 0.89% 55,482,958 $124,836,656
12/31/2020 $2.42 $0.00 7.28% 1,082,649 $2.42 $2.44 $0.02 0.82% 55,967,976 $135,442,502
103
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 108 of
206
Exhibit-3i
TRVG Market Efficiency Statistics
January 28, 2020 through January 27, 2021
Closing Average
Log Closing Closing Bid/Ask Bid/Ask Outstanding Market
Date Closing Price Dividend Return Volume Bid Ask Spread Spread % Shares Capitalization
[a] [b] [b] [c] [d] [e] [f] [g]
1/4/2021 $2.27 $0.00 -6.40% 1,575,836 $2.26 $2.27 $0.01 0.44% 55,967,976 $127,047,306
1/5/2021 $2.29 $0.00 0.88% 799,447 $2.28 $2.29 $0.01 0.44% 55,967,976 $128,166,665
1/6/2021 $2.20 $0.00 -4.01% 927,331 $2.21 $2.22 $0.01 0.45% 55,967,976 $123,129,547
1/7/2021 $2.24 $0.00 1.80% 628,257 $2.24 $2.26 $0.02 0.89% 55,967,976 $125,368,266
1/8/2021 $2.35 $0.00 4.79% 1,048,039 $2.34 $2.35 $0.01 0.43% 55,967,976 $131,524,744
1/11/2021 $2.32 $0.00 -1.28% 808,612 $2.30 $2.31 $0.01 0.43% 55,967,976 $129,845,704
1/12/2021 $2.30 $0.00 -0.87% 459,663 $2.30 $2.31 $0.01 0.43% 55,967,976 $128,726,345
1/13/2021 $2.26 $0.00 -1.75% 987,595 $2.24 $2.25 $0.01 0.45% 55,967,976 $126,487,626
1/14/2021 $2.23 $0.00 -1.34% 589,697 $2.23 $2.24 $0.01 0.45% 55,967,976 $124,808,586
1/15/2021 $2.16 $0.00 -3.19% 1,001,722 $2.16 $2.17 $0.01 0.46% 55,967,976 $120,890,828
1/19/2021 $2.15 $0.00 -0.46% 1,219,669 $2.14 $2.18 $0.04 1.85% 55,967,976 $120,331,148
1/20/2021 $2.11 $0.00 -1.88% 1,094,513 $2.11 $2.13 $0.02 0.94% 55,967,976 $118,092,429
1/21/2021 $2.18 $0.00 3.26% 689,571 $2.17 $2.18 $0.01 0.46% 55,967,976 $122,010,188
1/22/2021 $2.19 $0.00 0.46% 776,106 $2.18 $2.19 $0.01 0.46% 55,967,976 $122,569,867
1/25/2021 $2.18 $0.00 -0.46% 1,178,420 $2.18 $2.19 $0.01 0.46% 55,967,976 $122,010,188
1/26/2021 $2.10 $0.00 -3.74% 1,305,030 $2.10 $2.11 $0.01 0.48% 55,967,976 $117,532,750
1/27/2021 $3.19 $0.00 41.81% 43,930,881 $3.17 $3.19 $0.02 0.63% 55,967,976 $178,537,843
Average $1.88 $0.00 0.09% 793,886 $1.86 $1.88 $0.02 1.08% 53,576,934 $100.5 million
Median $1.82 $0.00 -0.51% 343,214 $1.81 $1.82 $0.02 0.96% 55,112,630 $98.1 million
High $3.19 $0.00 41.81% 43,930,881 $3.17 $3.19 $0.07 4.47% 55,967,976 $178.5 million
Low $1.25 $0.00 -21.06% 64,304 $1.24 $1.25 $0.01 0.35% 50,816,706 $69.4 million
Source: CRSP & SEC Filings.
104
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 109 of
206
Exhibit-4
Market Index Returns
January 28, 2020 through January 27, 2021
Date Market Index Return
1/28/2020 0.96%
1/29/2020 -0.12%
1/30/2020 0.28%
1/31/2020 -1.68%
2/3/2020 0.75%
2/4/2020 1.47%
2/5/2020 0.93%
2/6/2020 0.26%
2/7/2020 -0.55%
2/10/2020 0.67%
2/11/2020 0.34%
2/12/2020 0.64%
2/13/2020 -0.08%
2/14/2020 0.17%
2/18/2020 -0.19%
2/19/2020 0.52%
2/20/2020 -0.26%
2/21/2020 -0.98%
2/24/2020 -3.23%
2/25/2020 -2.99%
2/26/2020 -0.54%
2/27/2020 -4.19%
2/28/2020 -0.86%
3/2/2020 3.95%
3/3/2020 -2.49%
3/4/2020 3.69%
3/5/2020 -3.20%
3/6/2020 -1.79%
3/9/2020 -8.26%
3/10/2020 4.34%
3/11/2020 -5.12%
3/12/2020 -10.19%
3/13/2020 8.20%
3/16/2020 -12.58%
3/17/2020 5.17%
3/18/2020 -6.15%
3/19/2020 1.42%
105
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 110 of
206
Exhibit-4
Market Index Returns
January 28, 2020 through January 27, 2021
Date Market Index Return
3/20/2020 -3.79%
3/23/2020 -2.72%
3/24/2020 8.76%
3/25/2020 1.62%
3/26/2020 5.59%
3/27/2020 -3.36%
3/30/2020 2.86%
3/31/2020 -1.24%
4/1/2020 -4.61%
4/2/2020 1.93%
4/3/2020 -1.59%
4/6/2020 6.57%
4/7/2020 0.05%
4/8/2020 3.33%
4/9/2020 1.81%
4/13/2020 -1.02%
4/14/2020 2.78%
4/15/2020 -2.33%
4/16/2020 0.42%
4/17/2020 2.73%
4/20/2020 -1.57%
4/21/2020 -2.96%
4/22/2020 2.16%
4/23/2020 0.12%
4/24/2020 1.30%
4/27/2020 1.74%
4/28/2020 -0.23%
4/29/2020 2.85%
4/30/2020 -1.32%
5/1/2020 -2.84%
5/4/2020 0.48%
5/5/2020 0.87%
5/6/2020 -0.59%
5/7/2020 1.32%
5/8/2020 1.84%
5/11/2020 -0.04%
5/12/2020 -2.06%
106
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 111 of
206
Exhibit-4
Market Index Returns
January 28, 2020 through January 27, 2021
Date Market Index Return
5/13/2020 -1.92%
5/14/2020 1.02%
5/15/2020 0.52%
5/18/2020 3.28%
5/19/2020 -0.98%
5/20/2020 1.72%
5/21/2020 -0.67%
5/22/2020 0.27%
5/26/2020 1.41%
5/27/2020 1.49%
5/28/2020 -0.35%
5/29/2020 0.47%
6/1/2020 0.66%
6/2/2020 0.84%
6/3/2020 1.48%
6/4/2020 -0.30%
6/5/2020 2.47%
6/8/2020 1.41%
6/9/2020 -0.96%
6/10/2020 -0.67%
6/11/2020 -6.00%
6/12/2020 1.40%
6/15/2020 1.06%
6/16/2020 1.75%
6/17/2020 -0.41%
6/18/2020 0.12%
6/19/2020 -0.46%
6/22/2020 0.67%
6/23/2020 0.39%
6/24/2020 -2.61%
6/25/2020 1.12%
6/26/2020 -2.31%
6/29/2020 1.44%
6/30/2020 1.46%
7/1/2020 0.40%
7/2/2020 0.50%
7/6/2020 1.48%
107
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 112 of
206
Exhibit-4
Market Index Returns
January 28, 2020 through January 27, 2021
Date Market Index Return
7/7/2020 -1.03%
7/8/2020 0.84%
7/9/2020 -0.57%
7/10/2020 1.03%
7/13/2020 -1.13%
7/14/2020 1.32%
7/15/2020 1.17%
7/16/2020 -0.40%
7/17/2020 0.36%
7/20/2020 0.85%
7/21/2020 0.23%
7/22/2020 0.51%
7/23/2020 -1.10%
7/24/2020 -0.70%
7/27/2020 0.90%
7/28/2020 -0.69%
7/29/2020 1.33%
7/30/2020 -0.38%
7/31/2020 0.45%
8/3/2020 0.87%
8/4/2020 0.45%
8/5/2020 0.75%
8/6/2020 0.46%
8/7/2020 0.02%
8/10/2020 0.26%
8/11/2020 -0.80%
8/12/2020 1.29%
8/13/2020 -0.06%
8/14/2020 -0.07%
8/17/2020 0.50%
8/18/2020 0.14%
8/19/2020 -0.44%
8/20/2020 0.28%
8/21/2020 0.16%
8/24/2020 0.89%
8/25/2020 0.34%
8/26/2020 0.87%
108
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 113 of
206
Exhibit-4
Market Index Returns
January 28, 2020 through January 27, 2021
Date Market Index Return
8/27/2020 0.17%
8/28/2020 0.69%
8/31/2020 -0.16%
9/1/2020 0.85%
9/2/2020 1.20%
9/3/2020 -3.46%
9/4/2020 -0.81%
9/8/2020 -2.72%
9/9/2020 1.96%
9/10/2020 -1.57%
9/11/2020 -0.02%
9/14/2020 1.53%
9/15/2020 0.54%
9/16/2020 -0.32%
9/17/2020 -0.79%
9/18/2020 -0.89%
9/21/2020 -1.26%
9/22/2020 0.93%
9/23/2020 -2.43%
9/24/2020 0.20%
9/25/2020 1.56%
9/28/2020 1.64%
9/29/2020 -0.40%
9/30/2020 0.69%
10/1/2020 0.78%
10/2/2020 -0.78%
10/5/2020 1.81%
10/6/2020 -1.20%
10/7/2020 1.69%
10/8/2020 0.85%
10/9/2020 0.85%
10/12/2020 1.34%
10/13/2020 -0.50%
10/14/2020 -0.60%
10/15/2020 -0.08%
10/16/2020 -0.07%
10/19/2020 -1.43%
109
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 114 of
206
Exhibit-4
Market Index Returns
January 28, 2020 through January 27, 2021
Date Market Index Return
10/20/2020 0.38%
10/21/2020 -0.34%
10/22/2020 0.61%
10/23/2020 0.38%
10/26/2020 -1.83%
10/27/2020 -0.30%
10/28/2020 -3.34%
10/29/2020 1.04%
10/30/2020 -1.32%
11/2/2020 1.20%
11/3/2020 1.86%
11/4/2020 1.94%
11/5/2020 2.09%
11/6/2020 0.00%
11/9/2020 1.06%
11/10/2020 -0.06%
11/11/2020 0.80%
11/12/2020 -0.97%
11/13/2020 1.32%
11/16/2020 1.23%
11/17/2020 -0.15%
11/18/2020 -0.91%
11/19/2020 0.58%
11/20/2020 -0.43%
11/23/2020 0.79%
11/24/2020 1.50%
11/25/2020 0.02%
11/27/2020 0.40%
11/30/2020 -0.58%
12/1/2020 0.96%
12/2/2020 0.12%
12/3/2020 0.23%
12/4/2020 1.04%
12/7/2020 -0.02%
12/8/2020 0.43%
12/9/2020 -0.96%
12/10/2020 0.26%
110
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 115 of
206
Exhibit-4
Market Index Returns
January 28, 2020 through January 27, 2021
Date Market Index Return
12/11/2020 -0.23%
12/14/2020 -0.33%
12/15/2020 1.30%
12/16/2020 0.14%
12/17/2020 0.79%
12/18/2020 -0.21%
12/21/2020 -0.29%
12/22/2020 0.06%
12/23/2020 0.14%
12/24/2020 0.23%
12/28/2020 0.38%
12/29/2020 -0.37%
12/30/2020 0.33%
12/31/2020 0.36%
1/4/2021 -1.32%
1/5/2021 0.90%
1/6/2021 0.80%
1/7/2021 1.61%
1/8/2021 0.47%
1/11/2021 -0.57%
1/12/2021 0.42%
1/13/2021 0.09%
1/14/2021 0.00%
1/15/2021 -0.86%
1/19/2021 0.85%
1/20/2021 1.20%
1/21/2021 -0.09%
1/22/2021 -0.15%
1/25/2021 0.24%
1/26/2021 -0.29%
1/27/2021 -2.51%
Sources: CRSP.
Note: All returns are logarithmic returns.
111
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 116 of
206
Exhibit-5
Affected Companies' Peer Returns
January 28, 2020 through January 27, 2021
AMC BB BBBY EXPR GME KOSS NOK TR TRVG
S&P 500 S&P 500 S&P 500
Information S&P 500 Specialty Household Communications S&P 500
Technology Sector Retail Industry Dow Jones US Dow Jones US Durables Industry Equipment Dow Jones US Interactive Media
Custom Peer GICS Level 1 GICS Level 3 Apparel Retailers Specialty Retailers GICS Level 3 Industry GICS Food Producers & Services
Index Index Index Index Index Index Level 3 Index Index (Industry) Index
1/28/2020 1 97% 1 86% 0 84% 0 41% 0 88% 2 65% 0 28% -0 05% 1 33%
1/29/2020 -0 75% 0 21% -0 14% 0 24% -0 97% -1 53% -1 26% -0 46% 1 18%
1/30/2020 0 22% 0 89% -0 58% -0 64% 0 29% -0 33% 0 29% 2 60% -2 46%
1/31/2020 -3 22% -2 75% -2 28% -2 04% -1 93% -2 55% -2 56% -1 98% -2 29%
2/3/2020 -0 71% 1 31% 1 10% 1 49% 1 84% 0 20% 0 93% 0 47% 2 62%
2/4/2020 0 33% 2 57% 1 33% 1 78% 1 55% -0 39% 2 14% -0 24% -0 61%
2/5/2020 3 52% 0 60% 1 80% 2 04% 1 23% 2 03% 1 25% 0 95% 0 06%
2/6/2020 -0 93% 0 90% -0 29% -0 67% -0 87% 0 03% 0 52% -0 83% 1 63%
2/7/2020 -1 42% -0 91% -0 65% -0 98% -0 62% -0 29% -1 06% 0 49% 0 30%
2/10/2020 0 15% 1 34% 0 75% 0 31% 0 62% 1 00% 1 88% 0 65% 1 30%
2/11/2020 -0 13% -0 35% 0 73% 1 61% 0 55% 0 86% 0 44% 0 39% -0 97%
2/12/2020 0 36% 1 06% 0 68% 1 18% 1 27% -0 21% 1 34% 0 07% 1 03%
2/13/2020 -1 00% -0 29% 0 12% 0 06% 0 02% -0 11% -4 02% -0 05% 0 23%
2/14/2020 -0 35% 0 49% 0 49% 0 30% -0 46% 0 59% -0 96% 0 15% 0 40%
2/18/2020 1 40% -0 35% -0 19% -0 04% 1 63% -0 98% -0 56% -0 54% 0 65%
2/19/2020 1 00% 1 14% 0 06% 0 40% 0 19% 0 84% -0 39% -0 67% 0 24%
2/20/2020 1 46% -1 01% 1 23% 0 29% 0 65% 0 23% 1 07% -0 02% -0 80%
2/21/2020 -9 26% -2 28% -0 75% -0 75% -0 98% -1 00% -1 05% -0 57% -2 16%
2/24/2020 -1 64% -4 27% -2 25% -2 09% -2 82% -2 63% -4 52% -1 46% -4 50%
2/25/2020 -5 51% -3 23% -2 30% -3 23% -2 65% -3 84% -2 82% -2 25% -2 22%
2/26/2020 -5 19% 0 40% -0 32% 2 98% 1 65% -1 75% -1 18% -1 32% 0 24%
2/27/2020 -1 13% -5 47% -4 36% -5 06% -2 52% -2 41% -5 01% -3 66% -4 94%
2/28/2020 2 72% 0 79% -1 92% -1 11% -1 50% -2 67% -0 57% -2 12% 1 59%
3/2/2020 -3 77% 5 55% 4 06% 2 30% 2 98% 3 54% 3 10% 4 36% 3 10%
3/3/2020 -2 10% -3 87% -1 73% -2 24% -2 85% -0 54% -2 23% -1 29% -4 21%
3/4/2020 0 42% 4 21% 4 25% 1 78% 3 23% 3 99% 3 58% 4 20% 3 21%
3/5/2020 -3 48% -3 26% -3 75% -4 85% -3 13% -3 75% -3 89% -1 82% -4 41%
3/6/2020 1 96% -2 05% -1 70% -0 98% -0 46% -2 64% -0 29% -1 56% -1 82%
3/9/2020 -9 58% -7 86% -6 68% -4 65% -4 10% -8 37% -4 72% -4 51% -6 46%
3/10/2020 4 90% 6 39% 5 93% 2 65% 4 52% 4 21% 5 25% 2 12% 5 00%
3/11/2020 -10 05% -4 82% -4 91% -4 61% -5 01% -8 49% -7 59% -4 54% -5 06%
3/12/2020 -28 74% -10 34% -10 80% -10 08% -11 92% -13 18% -10 97% -10 00% -9 13%
3/13/2020 0 74% 11 30% 5 93% 3 46% 5 53% 2 89% 11 51% 6 40% 9 21%
3/16/2020 -31 82% -14 98% -21 68% -22 09% -13 64% -18 17% -10 39% -7 66% -13 37%
3/17/2020 -33 17% 6 55% 3 45% 0 36% 6 69% 0 41% 4 54% 8 38% 3 16%
3/18/2020 -3 41% -4 70% -10 18% -7 28% -6 40% -9 56% 3 46% -5 57% -2 20%
3/19/2020 51 92% 1 10% 4 05% 5 65% 3 42% 3 25% 1 57% -1 33% 2 71%
3/20/2020 -2 54% -4 50% -6 35% -6 00% -2 16% -3 97% -5 96% -3 71% -3 29%
3/23/2020 5 53% -0 99% 2 76% -3 15% 3 98% -7 48% -3 47% -4 24% -1 21%
3/24/2020 -4 22% 9 81% 12 24% 11 86% 4 47% 16 66% 10 24% 7 43% 7 45%
3/25/2020 -1 43% -0 28% 3 14% 7 24% -0 24% 7 59% -1 55% 0 10% -2 76%
3/26/2020 6 33% 6 16% 6 03% 5 53% 4 64% 4 23% 7 71% 4 88% 4 96%
3/27/2020 -5 66% -4 71% -2 52% -3 50% -2 07% -3 88% -4 94% -1 18% -4 40%
3/30/2020 -15 77% 4 15% 1 96% 1 43% 2 31% -0 01% 3 21% 4 82% 4 05%
3/31/2020 2 46% -1 91% -3 09% 0 33% -0 61% -4 79% -2 36% -1 30% 0 97%
4/1/2020 -18 41% -4 83% -5 37% -6 77% -3 57% -6 87% -2 85% -2 37% -4 89%
4/2/2020 4 72% 2 28% 0 92% -1 69% 1 27% -1 14% 4 21% 2 17% 0 50%
4/3/2020 1 96% -1 67% -2 30% -4 88% -1 62% -1 68% -1 69% 1 40% -2 25%
4/6/2020 8 65% 8 41% 8 95% 11 90% 7 92% 11 90% 6 39% 2 50% 7 61%
4/7/2020 10 98% -1 07% 0 95% 1 21% -0 12% 1 52% -1 16% -0 53% 0 71%
4/8/2020 3 52% 2 72% 2 86% 4 67% 1 51% 7 06% 2 78% 0 86% 2 55%
4/9/2020 7 96% 0 02% 1 91% 0 56% 0 81% 2 86% -0 70% 2 17% 0 20%
4/13/2020 -11 49% 0 20% -0 90% -2 72% 3 39% -5 22% -0 75% -0 98% 0 13%
4/14/2020 4 40% 4 08% 3 83% 4 10% 3 77% 3 60% 3 65% 2 78% 3 42%
4/15/2020 -0 57% -2 20% -3 99% -3 59% -0 25% -5 97% -2 86% -1 82% -0 64%
4/16/2020 0 76% 1 23% -0 05% -2 26% 2 44% 0 30% 0 36% 1 42% -0 18%
4/17/2020 12 99% 1 37% 4 66% 5 62% -0 09% 4 96% 2 42% 1 14% 1 63%
4/20/2020 2 38% -1 80% -2 07% -4 28% 1 06% -4 04% 0 02% -0 21% -1 02%
4/21/2020 -0 67% -4 19% -2 68% -3 24% -1 26% -1 38% -4 94% -2 93% -4 11%
4/22/2020 -7 09% 3 80% 1 63% -0 31% -0 71% 1 24% 3 24% 1 01% 4 85%
4/23/2020 1 94% -0 69% -0 44% -0 93% 0 82% 0 71% -0 15% -0 92% 1 16%
4/24/2020 -4 58% 2 09% 3 70% 1 23% 1 46% 3 17% 1 88% 0 67% 1 22%
4/27/2020 6 96% 0 91% 2 82% 4 73% 1 14% 4 47% 1 27% 1 08% -0 64%
4/28/2020 7 29% -1 42% 0 84% 2 59% -1 75% 6 54% -1 39% 0 80% -2 96%
4/29/2020 6 79% 4 13% 2 49% 4 15% 1 69% 3 78% 1 80% 0 40% 7 54%
4/30/2020 -7 73% -0 46% -2 23% -5 25% -0 40% -4 45% -2 47% -1 14% 2 06%
5/1/2020 -3 58% -2 94% -1 22% -1 93% -1 98% -2 60% -3 44% -1 98% -1 81%
5/4/2020 1 49% 1 41% 1 31% -0 77% 2 47% -0 35% 1 03% -0 91% 0 84%
5/5/2020 -2 95% 1 41% 1 48% 0 24% 0 49% 0 89% 0 52% 0 48% 1 47%
5/6/2020 -3 07% 0 73% -0 43% -0 75% 1 29% -1 63% -1 09% -0 74% 0 07%
5/7/2020 5 50% 1 53% 1 54% 1 51% 0 25% -0 25% 0 64% 0 19% 1 66%
5/8/2020 3 47% 1 44% 2 25% 1 23% 1 72% 5 26% 3 05% 2 68% 0 94%
5/11/2020 -2 81% 0 69% 0 11% -0 91% 0 80% -2 27% 0 67% -0 38% 0 88%
5/12/2020 -3 44% -2 16% -2 20% -4 36% -2 09% -3 44% -0 45% 0 01% -1 80%
5/13/2020 -5 33% -1 69% -1 72% -3 48% -0 42% -3 47% -2 89% -0 96% -2 15%
5/14/2020 -1 46% 1 25% 1 41% 1 27% 0 90% 1 24% 3 23% -0 14% 0 68%
5/15/2020 -0 99% 0 42% 2 41% 3 15% 2 00% 1 39% 1 04% 0 36% 1 49%
5/18/2020 9 42% 2 53% 3 13% 5 38% 1 21% 9 57% 2 10% 1 77% 0 95%
5/19/2020 -2 41% -0 40% -1 34% -0 08% -0 37% 0 33% -0 68% -2 05% 0 20%
5/20/2020 6 43% 2 16% 0 07% 0 65% -0 61% 0 19% 1 76% 0 50% 3 85%
5/21/2020 2 36% -1 40% 2 13% 6 41% -0 93% 1 51% -1 66% -1 49% 0 12%
5/22/2020 -1 10% 0 42% 0 13% -1 81% -0 44% 0 93% 0 16% 0 64% 0 90%
112
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 117 of
206
Exhibit-5
Affected Companies' Peer Returns
January 28, 2020 through January 27, 2021
AMC BB BBBY EXPR GME KOSS NOK TR TRVG
S&P 500 S&P 500 S&P 500
Information S&P 500 Specialty Household Communications S&P 500
Technology Sector Retail Industry Dow Jones US Dow Jones US Durables Industry Equipment Dow Jones US Interactive Media
Custom Peer GICS Level 1 GICS Level 3 Apparel Retailers Specialty Retailers GICS Level 3 Industry GICS Food Producers & Services
Index Index Index Index Index Index Level 3 Index Index (Industry) Index
5/26/2020 6 72% -0 12% 1 10% 2 98% -0 58% 3 92% 0 23% 1 05% -0 07%
5/27/2020 9 19% 0 54% 2 46% 1 74% 2 47% 4 60% 2 06% 2 54% -0 57%
5/28/2020 -10 89% -0 19% -0 91% -1 24% -0 86% -4 47% -0 69% 0 48% -0 77%
5/29/2020 -0 26% 1 18% 0 68% -2 09% 1 63% -0 77% 4 12% 1 01% 0 48%
6/1/2020 3 32% 0 02% -0 19% 1 05% 0 39% 0 31% -2 26% 0 62% 1 29%
6/2/2020 1 86% 0 93% 1 58% 0 98% 1 20% 1 54% 0 96% 0 26% 0 46%
6/3/2020 2 24% 0 83% 0 73% 2 22% -0 14% 4 36% 0 68% -0 71% -0 41%
6/4/2020 1 98% -0 84% -1 34% -0 52% -1 68% -1 70% -0 15% -0 35% -1 74%
6/5/2020 4 77% 2 65% 2 56% 4 26% 1 40% 3 77% 2 27% 1 87% 1 90%
6/8/2020 8 14% 0 45% 0 47% 0 83% 0 13% 1 02% 0 68% 2 46% 0 54%
6/9/2020 -5 93% 0 49% -0 71% -2 00% 0 84% -1 56% -0 69% -1 52% 1 44%
6/10/2020 -5 54% 1 68% -1 15% -2 74% -0 09% -0 82% -1 17% -0 96% 0 09%
6/11/2020 -11 11% -5 98% -5 07% -4 99% -2 87% -8 71% -8 06% -4 82% -4 77%
6/12/2020 3 46% 1 34% 0 82% -0 25% -0 59% 2 70% 3 09% 0 70% 1 16%
6/15/2020 -0 59% 0 87% 0 36% -0 12% 1 92% 3 20% 0 31% 1 38% 1 00%
6/16/2020 -1 22% 2 14% 3 57% 5 22% 2 33% 2 71% 2 45% 2 19% 1 56%
6/17/2020 -3 89% 0 03% 0 45% -1 64% 1 21% -0 03% -0 81% -0 17% 0 26%
6/18/2020 3 08% 0 48% -0 95% -2 10% 0 24% -1 75% -0 71% 0 35% -0 64%
6/19/2020 -7 42% -0 75% -1 02% -1 18% -0 26% -0 96% -1 21% -0 77% 0 15%
6/22/2020 -0 15% 1 91% 0 88% -0 22% 2 28% 0 10% -0 16% -0 25% 1 02%
6/23/2020 -0 73% 0 70% 0 19% 0 85% -0 41% 1 06% 0 44% -0 49% 0 98%
6/24/2020 -7 30% -2 32% -2 25% -3 74% -1 97% -3 51% -1 61% -1 77% -2 72%
6/25/2020 -3 10% 1 29% -0 45% -1 49% 1 07% 0 05% 0 95% 0 61% 0 62%
6/26/2020 -6 62% -2 03% -1 53% -2 14% -2 76% -1 61% 1 86% -2 07% -6 90%
6/29/2020 3 28% 1 10% 2 30% 2 62% 1 30% 2 99% -0 42% 1 86% 2 34%
6/30/2020 -0 35% 1 90% 1 05% -0 16% 0 84% 1 57% 1 14% 1 17% 1 97%
7/1/2020 7 17% 0 10% -0 05% 0 88% 3 39% -2 31% -1 39% -0 69% 2 82%
7/2/2020 -4 92% 0 53% 0 35% 0 84% -0 79% 0 50% -0 13% 0 59% 0 44%
7/6/2020 4 40% 1 79% 0 51% 1 58% 1 52% 2 92% 1 61% 0 51% 2 42%
7/7/2020 -2 93% -1 06% -1 39% -3 60% -0 41% -0 58% -2 00% -0 08% -0 28%
7/8/2020 5 25% 1 59% 0 45% 0 49% 1 00% 2 35% 0 43% -0 52% 1 05%
7/9/2020 -0 70% 0 38% -0 80% -1 96% 0 27% -3 79% 1 88% -1 57% 0 75%
7/10/2020 2 12% -0 03% 1 10% 1 78% 3 87% 1 74% -0 37% 2 43% 1 07%
7/13/2020 -3 47% -2 14% -0 56% -1 55% -2 71% -1 62% -1 25% 0 01% -2 16%
7/14/2020 -2 34% 1 20% 1 97% -1 91% 1 15% 3 08% 0 94% 2 29% 0 50%
7/15/2020 14 03% 0 54% 1 41% 5 06% 0 76% 2 24% 0 45% 0 31% -0 06%
7/16/2020 -0 68% -1 23% 0 53% 1 56% 0 51% 1 84% -1 05% 0 51% 0 13%
7/17/2020 -1 15% 0 48% 0 51% -0 46% -3 25% 0 03% 2 09% 0 80% 0 20%
7/20/2020 -3 43% 2 55% -0 29% -1 96% 1 41% -0 15% 0 45% -1 29% 2 48%
7/21/2020 -1 31% -1 07% 1 19% 2 42% -0 72% -0 23% 0 39% 1 16% -0 87%
7/22/2020 -1 27% 0 82% 1 57% 0 69% 1 33% 3 88% 0 18% 0 61% 0 07%
7/23/2020 -0 60% -2 66% -0 61% -0 14% -1 53% 0 53% 1 17% 1 12% -3 06%
7/24/2020 -2 78% -1 19% 0 05% -1 31% 0 25% 0 00% -1 97% -0 55% -0 60%
7/27/2020 -0 38% 1 60% 0 49% -1 02% 1 54% 3 74% 1 59% 0 76% 1 20%
7/28/2020 1 46% -1 23% -0 61% 0 01% -0 96% -2 27% -2 42% -0 15% -1 67%
7/29/2020 -8 78% 1 49% 0 88% 3 12% 0 57% 2 25% 1 17% 0 85% 1 37%
7/30/2020 3 39% 0 54% 0 53% -1 26% 0 79% -0 30% -0 53% -1 03% 0 65%
7/31/2020 -1 22% 2 48% -0 24% 0 38% -0 04% -0 86% 1 45% -0 33% 1 10%
8/3/2020 0 29% 2 46% 0 25% -0 62% 1 61% 1 10% 0 03% 0 65% -0 54%
8/4/2020 2 90% 0 22% 0 62% 1 49% 1 49% -0 44% 0 99% 0 90% -0 71%
8/5/2020 -3 32% 0 35% 0 07% 0 69% -0 35% 1 54% -1 10% -0 71% 0 19%
8/6/2020 -7 18% 1 46% 0 27% -0 99% 1 08% -0 09% 1 17% 0 38% 3 59%
8/7/2020 4 51% -1 51% 1 08% 2 87% -1 38% 0 26% -0 66% 0 57% 0 23%
8/10/2020 0 09% -0 33% 1 17% 2 41% -0 88% 1 88% 0 18% 0 33% -0 82%
8/11/2020 6 74% -1 80% 0 15% 1 44% -1 60% -0 61% -1 02% -0 66% -1 70%
8/12/2020 -3 67% 2 29% 1 77% 0 54% 1 78% 1 64% 1 58% 1 24% 1 61%
8/13/2020 3 23% 0 05% -0 20% -1 06% 0 60% 0 14% -9 33% -0 11% 0 64%
8/14/2020 5 19% -0 10% 0 03% 1 03% 0 55% -0 07% -0 57% 0 11% -0 44%
8/17/2020 0 86% 0 67% 2 41% 2 75% 0 68% 2 03% -0 65% 0 47% 0 41%
8/18/2020 -9 56% 0 39% -1 07% -3 09% 0 80% 0 00% 0 02% 0 38% 1 69%
8/19/2020 1 53% -0 22% -1 03% -3 57% -0 53% -0 10% -0 14% -0 65% -0 33%
8/20/2020 6 88% 1 43% -1 12% -3 29% 0 62% -0 14% 0 88% -0 11% 2 19%
8/21/2020 -0 45% 1 21% 0 91% -0 04% 0 12% 1 53% -0 04% -0 05% -0 32%
8/24/2020 9 61% 0 87% 1 69% 2 72% 0 23% 0 46% -0 01% 0 96% 1 03%
8/25/2020 0 22% 0 52% -0 24% 0 37% -0 18% -0 89% -0 39% 0 08% 2 12%
8/26/2020 -2 03% 2 03% 1 29% -0 04% 5 25% -0 75% 0 52% 0 31% 4 73%
8/27/2020 6 98% 0 03% -0 92% 0 98% -2 67% -0 90% -0 20% 0 28% -2 10%
8/28/2020 5 15% 0 96% -0 01% 2 12% -0 42% 0 02% 0 03% -0 09% 0 46%
8/31/2020 -3 41% 0 36% -0 46% -1 31% 0 36% -1 12% 0 37% 0 06% -0 44%
9/1/2020 -0 25% 1 84% 0 94% 1 05% 2 84% 1 90% -0 50% -0 73% 1 24%
9/2/2020 7 54% 0 93% 1 40% 2 52% 0 28% 0 72% 1 14% 1 51% 3 28%
9/3/2020 -2 00% -6 00% -3 77% -1 57% -4 07% -3 80% -3 60% -1 85% -4 63%
9/4/2020 1 25% -1 35% -1 62% -0 08% -1 56% -1 62% -0 43% 0 15% -3 04%
9/8/2020 -8 44% -4 69% -0 60% 0 17% -1 50% -0 41% -1 90% -3 21% -3 92%
9/9/2020 -3 34% 3 29% 2 04% -1 19% 0 49% 2 45% 0 55% 1 33% 1 34%
9/10/2020 -6 33% -2 29% -1 45% -1 83% -2 21% -0 36% -1 61% -0 94% -1 73%
9/11/2020 -5 82% -0 75% 1 01% -0 25% 0 22% 1 99% 0 85% 0 30% -0 63%
9/14/2020 0 00% 2 05% 1 75% 2 83% 0 14% 1 78% 1 23% 0 87% -0 24%
9/15/2020 2 19% 0 99% 1 49% 1 28% 1 87% -1 64% 0 51% 0 18% 1 87%
9/16/2020 0 62% -1 57% -0 81% 1 61% -1 32% 2 51% -0 26% -0 22% -2 14%
9/17/2020 -3 42% -0 85% -1 09% -1 95% -1 58% -0 96% -0 09% -0 94% -2 34%
9/18/2020 -1 89% -1 67% -1 34% -0 50% 0 17% -1 00% -1 23% -1 14% -1 72%
113
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Exhibit-5
Affected Companies' Peer Returns
January 28, 2020 through January 27, 2021
AMC BB BBBY EXPR GME KOSS NOK TR TRVG
S&P 500 S&P 500 S&P 500
Information S&P 500 Specialty Household Communications S&P 500
Technology Sector Retail Industry Dow Jones US Dow Jones US Durables Industry Equipment Dow Jones US Interactive Media
Custom Peer GICS Level 1 GICS Level 3 Apparel Retailers Specialty Retailers GICS Level 3 Industry GICS Food Producers & Services
Index Index Index Index Index Index Level 3 Index Index (Industry) Index
9/21/2020 -4 35% 0 77% -1 30% -2 71% 0 70% -2 01% -2 13% -1 14% -1 71%
9/22/2020 1 25% 1 63% 0 55% -0 02% 1 51% 2 67% 1 04% 0 13% 2 48%
9/23/2020 -7 12% -3 26% -2 10% -2 30% -2 87% -3 83% -2 69% -2 36% -2 78%
9/24/2020 -4 23% 0 62% -0 68% -0 64% -0 55% 0 65% -0 93% 1 30% 0 50%
9/25/2020 4 35% 2 37% 0 84% 0 91% 1 35% -0 05% 1 50% 1 48% 1 54%
9/28/2020 -0 94% 1 84% 2 18% 3 91% 1 94% 3 45% 1 84% 1 09% 1 10%
9/29/2020 -3 51% -0 30% -0 55% -2 05% -0 06% -1 22% 0 08% -0 51% 1 05%
9/30/2020 0 97% 0 90% 1 95% 2 22% 0 96% 1 86% 0 40% 1 55% 0 01%
10/1/2020 -0 72% 0 97% 0 73% 2 20% 3 46% 1 50% -0 46% 0 71% 1 67%
10/2/2020 -0 89% -2 58% 0 27% 1 38% -2 37% 0 73% -1 13% -0 09% -2 30%
10/5/2020 -12 62% 2 24% 1 02% 0 50% 2 29% 0 35% 0 87% 0 95% 1 86%
10/6/2020 3 23% -1 61% -2 23% -1 97% -2 69% -1 77% -0 06% -0 90% -2 26%
10/7/2020 -1 41% 1 88% 2 07% 2 86% 3 29% 1 29% 2 14% 0 87% 0 22%
10/8/2020 3 24% 0 45% 0 85% 0 25% 0 43% 2 81% 1 25% 0 61% 1 85%
10/9/2020 -2 36% 1 54% 0 38% -0 02% 0 63% 0 22% 0 53% 0 75% 1 17%
10/12/2020 2 05% 2 68% 0 23% -0 37% 0 19% 0 27% 1 11% 1 52% 3 82%
10/13/2020 -7 02% -0 63% 0 89% -0 91% 1 97% -0 82% -1 35% 0 02% 0 09%
10/14/2020 0 29% -0 55% -0 80% -0 32% -1 55% 0 28% 0 35% -0 30% -0 82%
10/15/2020 -0 78% -0 45% 0 67% 0 63% 0 88% 0 88% 0 54% 0 52% -1 07%
10/16/2020 -0 19% -0 28% -0 04% -1 13% -1 14% -0 87% 0 29% -0 41% 0 35%
10/19/2020 3 86% -1 89% -1 53% -2 79% -0 56% -2 25% -1 83% -1 11% -2 10%
10/20/2020 1 88% 0 38% 0 65% 0 18% -0 67% 1 21% -0 38% -0 40% 1 75%
10/21/2020 0 25% -0 13% -0 67% -0 17% -3 65% -2 97% -0 40% -0 17% 3 16%
10/22/2020 5 81% -0 47% -0 80% 2 06% -1 05% -2 29% -0 50% 0 56% 0 68%
10/23/2020 -0 03% -0 12% 0 90% 2 08% 0 75% 2 29% 0 45% 0 29% 1 88%
10/26/2020 -4 73% -2 19% -2 71% -3 41% -1 31% -3 26% -2 70% -2 04% -2 93%
10/27/2020 -0 94% 0 52% -0 58% -0 50% -0 22% -1 82% -1 24% -0 69% 1 51%
10/28/2020 -1 20% -4 43% -2 77% -4 71% -1 07% -1 18% -3 43% -2 93% -5 65%
10/29/2020 0 21% 1 89% 0 14% 1 16% 1 29% -0 01% -0 35% 0 09% 3 93%
10/30/2020 -1 49% -2 46% -1 12% -1 64% -3 02% 0 23% 0 17% -1 03% -1 08%
11/2/2020 -0 43% 0 34% 1 71% 1 99% 1 57% 4 22% 0 58% 2 30% -0 11%
11/3/2020 4 02% 1 79% 2 66% 3 28% 1 96% 1 45% 2 86% 0 85% 1 51%
11/4/2020 -1 53% 3 76% 1 07% -0 69% 1 09% 3 40% -0 61% -0 27% 6 63%
11/5/2020 5 70% 3 09% 1 15% 2 38% 2 32% 0 34% 1 69% 1 16% 1 55%
11/6/2020 -1 07% 0 34% -0 51% -1 31% 0 33% -2 18% 1 14% 0 08% -0 27%
11/9/2020 29 75% -0 71% -2 09% 11 08% -5 60% -4 94% 2 13% 0 01% -1 94%
11/10/2020 2 46% -1 96% 1 73% 1 48% 1 40% 3 99% 0 71% 1 51% -1 70%
11/11/2020 -0 78% 2 39% 0 08% -3 66% 1 48% 1 07% 1 61% 0 97% 0 99%
11/12/2020 -5 41% -0 94% -0 71% -0 87% -1 02% -2 08% -1 46% -0 67% -0 35%
11/13/2020 7 27% 0 85% 0 80% 1 55% 0 05% 2 65% 5 55% 1 11% 1 25%
11/16/2020 4 28% 0 97% 1 36% 2 59% 0 16% 1 29% 2 40% 1 42% 0 34%
11/17/2020 3 28% -0 55% -1 55% 0 17% -0 36% -0 15% -1 41% -0 67% -0 93%
11/18/2020 0 86% -1 06% -1 79% 0 97% -0 12% 0 29% -1 51% -1 15% -1 16%
11/19/2020 -2 57% 0 84% 0 61% 0 25% 0 86% -0 07% 0 01% 0 25% 0 75%
11/20/2020 0 74% -1 05% -0 50% -1 08% 0 34% -0 23% -0 62% -0 84% -1 16%
11/23/2020 5 13% -0 03% 1 11% 0 93% -0 15% 2 14% 1 42% 0 31% -0 45%
11/24/2020 5 69% 1 38% 1 07% 3 09% 1 10% -0 65% 2 10% 1 21% 2 41%
11/25/2020 -2 22% 0 22% -0 60% -2 55% 0 23% 0 48% -0 25% -0 48% -0 08%
11/27/2020 1 19% 0 51% 0 32% -0 01% 0 75% 0 02% 0 51% 0 16% 1 06%
11/30/2020 -6 99% 0 66% 0 11% -0 59% -0 57% -1 98% 0 30% -0 08% -1 22%
12/1/2020 4 16% 1 40% 0 41% 2 51% 1 99% -1 08% 0 92% 0 93% 2 62%
12/2/2020 3 75% -0 21% -1 06% 0 41% -1 10% -2 65% 0 58% -1 13% 1 14%
12/3/2020 -19 40% -0 10% -0 15% 1 15% -0 41% 3 51% 0 30% 1 13% -0 80%
12/4/2020 6 71% 1 01% -0 65% 1 28% 0 22% -0 63% 0 55% 0 96% -0 24%
12/7/2020 -3 60% 0 26% -0 28% -0 71% 1 32% 1 72% 0 15% -1 01% 0 54%
12/8/2020 6 63% 0 35% -0 65% -0 04% -0 80% -2 68% 0 33% 0 63% -0 42%
12/9/2020 1 26% -1 90% 2 17% 1 21% -1 35% -0 48% 0 47% -0 36% -1 88%
12/10/2020 -0 05% 0 08% -0 26% -0 57% 0 26% -0 33% -0 69% -0 53% -0 25%
12/11/2020 5 07% -0 22% -0 51% -0 96% 0 03% 0 14% -0 20% 0 31% -0 25%
12/14/2020 -3 92% 0 42% 0 13% -1 37% 1 68% 0 17% -0 33% -0 45% -0 64%
12/15/2020 3 75% 1 60% 1 44% 2 18% 0 84% 0 71% 1 18% 0 22% 0 51%
12/16/2020 -1 88% 0 74% 0 47% -0 28% 1 19% -0 03% 0 01% -0 39% -0 08%
12/17/2020 3 89% 0 75% 0 99% 1 80% 1 02% 3 33% 0 38% 1 12% -0 68%
12/18/2020 -1 14% -0 33% -0 59% -0 06% -0 48% 0 51% 1 20% 0 02% -0 20%
12/21/2020 -0 23% 0 07% 0 26% -0 50% -0 05% -0 96% -1 33% -0 75% -0 28%
12/22/2020 -2 13% 0 86% -0 38% -0 19% -0 23% 0 50% -0 07% -0 74% -1 31%
12/23/2020 6 20% -0 85% -0 07% 1 10% -1 71% -0 83% -0 55% 0 95% 0 41%
12/24/2020 -0 10% 0 74% 0 17% -0 52% 0 09% 1 43% 0 32% 0 30% 0 10%
12/28/2020 3 17% 1 16% 0 05% 2 39% -0 16% -1 34% 0 79% 0 33% 2 67%
12/29/2020 2 01% -0 52% -0 96% -0 68% 0 70% -0 81% -0 79% -0 30% -0 60%
12/30/2020 2 47% -0 02% 0 11% 0 69% -0 45% 0 47% -0 22% -0 07% -1 37%
12/31/2020 -2 19% 0 30% 0 01% -0 09% 1 14% -1 29% 0 74% 0 66% 0 66%
1/4/2021 -5 69% -1 79% -0 83% -2 49% -1 66% -1 69% -1 05% -0 83% -1 43%
1/5/2021 2 82% 0 70% 0 43% 0 22% 0 20% -0 55% 0 17% 0 31% 0 71%
1/6/2021 2 92% -1 82% 2 18% 4 43% 0 48% 0 37% 1 05% 1 01% -1 51%
1/7/2021 -1 01% 2 62% 0 25% 0 43% 1 71% 2 40% 1 25% -0 61% 2 50%
1/8/2021 1 67% 0 75% 0 88% 0 41% 0 41% -1 58% 0 88% -0 22% 0 53%
1/11/2021 -2 76% -0 94% 0 34% -1 30% -0 57% 1 26% 0 35% -1 27% -3 06%
1/12/2021 3 55% -0 43% 1 57% 0 51% 1 18% 1 22% 1 08% -0 57% -1 56%
1/13/2021 -0 22% 0 65% -0 77% -1 15% 0 89% 0 17% -0 92% 0 47% 0 40%
1/14/2021 6 11% -0 95% -0 99% -0 74% -0 40% -0 04% -0 18% 0 63% -1 48%
1/15/2021 -0 58% -0 98% 1 20% 0 16% -1 20% 0 45% 0 62% -0 01% 0 68%
114
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Exhibit-5
Affected Companies' Peer Returns
January 28, 2020 through January 27, 2021
AMC BB BBBY EXPR GME KOSS NOK TR TRVG
S&P 500 S&P 500 S&P 500
Information S&P 500 Specialty Household Communications S&P 500
Technology Sector Retail Industry Dow Jones US Dow Jones US Durables Industry Equipment Dow Jones US Interactive Media
Custom Peer GICS Level 1 GICS Level 3 Apparel Retailers Specialty Retailers GICS Level 3 Industry GICS Food Producers & Services
Index Index Index Index Index Index Level 3 Index Index (Industry) Index
1/19/2021 1 68% 1 30% -0 69% -1 64% -0 15% 2 00% -0 44% -0 07% 3 36%
1/20/2021 -0 73% 2 00% 0 75% 1 17% 6 89% 3 10% 0 37% 0 32% 4 17%
1/21/2021 -2 95% 1 31% 0 84% 0 12% -0 15% 1 21% -0 40% -0 73% 0 84%
1/22/2021 3 81% -0 32% 0 19% -1 41% -1 32% 0 96% -0 42% 0 34% 0 55%
1/25/2021 6 10% 0 87% -0 14% -1 13% -1 09% 1 13% 0 47% 1 61% 0 46%
1/26/2021 -0 69% 0 01% -0 61% -1 58% 0 28% -0 67% 0 40% 1 28% 1 11%
1/27/2021 4 22% -1 94% -3 23% -2 93% -4 93% -1 91% 0 65% -1 13% -4 24%
Sources: CRSP & Bloomberg
Note: All returns are logarithmic returns
115
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Exhibit-6a
AMC Regression Results
Estimation Period: January 28, 2020 through January 27, 2021
Regression Statistics
R Squared 0.719
Adjusted R Squared 0.711
Standard Error 6.69%
Observations 253
Coefficients Standard Error t- statistic
Intercept -0.19% 0.43% -0.45
Market Index 0.77 0.215 3.58
Custom Peer Index 0.71 0.066 10.86
2/28/2020 1.67% 6.72% 0.25
6/10/2020 9.54% 6.72% 1.42
8/7/2020 10.70% 6.72% 1.59
11/3/2020 4.36% 6.72% 0.65
1/27/2021 138.05% 6.75% 20.46
116
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Exhibit-6b
BB Regression Results
Estimation Period: January 28, 2020 through January 27, 2021
Regression Statistics
R Squared 0.400
Adjusted R Squared 0.382
Standard Error 4.30%
Observations 253
Coefficients Standard Error t- statistic
Intercept 0.48% 0.27% 1.74
Market Index 0.68 0.385 1.76
S&P 500 Information Technology Sector GICS Level 1 Index 0.40 0.319 1.25
4/1/2020 -16.07% 4.35% -3.69
6/25/2020 -3.18% 4.31% -0.74
9/24/2020 -1.91% 4.31% -0.44
12/18/2020 -17.47% 4.31% -4.06
1/27/2021 30.26% 4.33% 6.99
117
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Exhibit-6c
BBBY Regression Results
Estimation Period: January 28, 2020 through January 27, 2021
Regression Statistics
R Squared 0.432
Adjusted R Squared 0.416
Standard Error 5.57%
Observations 253
Coefficients Standard Error t- statistic
Intercept 0.24% 0.35% 0.67
Market Index 0.46 0.379 1.21
S&P 500 Specialty Retail Industry GICS Level 3 Index 0.92 0.306 3.00
4/16/2020 16.19% 5.59% 2.90
7/9/2020 -27.34% 5.59% -4.89
10/1/2020 21.15% 5.59% 3.79
1/7/2021 -12.79% 5.61% -2.28
1/27/2021 39.96% 5.60% 7.13
118
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Exhibit-6d
EXPR Regression Results
Estimation Period: January 28, 2020 through January 27, 2021
Regression Statistics
R Squared 0.485
Adjusted R Squared 0.470
Standard Error 8.93%
Observations 253
Coefficients Standard Error t- statistic
Intercept -0.02% 0.57% -0.03
Market Index 0.00 0.430 0.00
Dow Jones US Apparel Retailers Index 1.34 0.297 4.52
3/11/2020 -1.32% 9.07% -0.15
6/3/2020 -11.17% 8.96% -1.25
8/26/2020 -4.46% 8.96% -0.50
12/3/2020 -31.57% 8.96% -3.52
1/27/2021 118.43% 8.98% 13.19
119
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Exhibit-6e
GME Regression Results
Estimation Period: January 28, 2020 through January 27, 2021
Regression Statistics
R Squared 0.327
Adjusted R Squared 0.308
Standard Error 8.84%
Observations 253
Coefficients Standard Error t- statistic
Intercept 1.46% 0.56% 2.60
Market Index 1.09 0.422 2.59
Dow Jones US Specialty Retailers Index 0.02 0.402 0.06
3/27/2020 -2.14% 8.91% -0.24
6/10/2020 1.46% 8.86% 0.17
9/10/2020 -16.23% 8.88% -1.83
12/9/2020 -21.90% 8.87% -2.47
1/27/2021 86.77% 8.97% 9.68
120
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Exhibit-6f
KOSS Regression Results
Estimation Period: January 28, 2020 through January 27, 2021
Regression Statistics
R Squared 0.654
Adjusted R Squared 0.644
Standard Error 8.20%
Observations 253
Coefficients Standard Error t- statistic
Intercept 0.84% 0.52% 1.61
Market Index 0.46 0.428 1.06
S&P 500 Household Durables Industry GICS Level 3 Index -0.03 0.282 -0.11
1/31/2020 -8.63% 8.23% -1.05
5/8/2020 -10.89% 8.27% -1.32
8/21/2020 -14.54% 8.23% -1.77
10/30/2020 1.69% 8.24% 0.21
1/27/2021 176.03% 8.25% 21.33
121
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Exhibit-6g
NOK Regression Results
Estimation Period: January 28, 2020 through January 27, 2021
Regression Statistics
R Squared 0.692
Adjusted R Squared 0.683
Standard Error 2.18%
Observations 253
Coefficients Standard Error t- statistic
Intercept 0.01% 0.14% 0.10
Market Index 0.95 0.115 8.28
S&P 500 Communications Equipment Industry GICS Level 3 Index 0.04 0.100 0.44
2/6/2020 3.85% 2.19% 1.76
4/30/2020 3.32% 2.19% 1.52
7/31/2020 6.65% 2.19% 3.03
10/29/2020 -19.97% 2.19% -9.10
1/27/2021 34.91% 2.22% 15.74
122
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Exhibit-6h
TR Regression Results
Estimation Period: January 28, 2020 through January 27, 2021
Regression Statistics
R Squared 0.335
Adjusted R Squared 0.316
Standard Error 1.85%
Observations 253
Coefficients Standard Error t- statistic
Intercept 0.06% 0.12% 0.53
Market Index -0.39 0.113 -3.45
Dow Jones US Food Producers Index 0.93 0.132 7.06
2/13/2020 1.56% 1.85% 0.84
4/23/2020 0.15% 1.86% 0.08
7/24/2020 -4.44% 1.85% -2.40
11/12/2020 -0.49% 1.85% -0.26
1/27/2021 10.85% 1.86% 5.84
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Exhibit-6i
TRVG Regression Results
Estimation Period: January 28, 2020 through January 27, 2021
Regression Statistics
R Squared 0.401
Adjusted R Squared 0.384
Standard Error 4.34%
Observations 253
Coefficients Standard Error t- statistic
Intercept -0.15% 0.28% -0.53
Market Index 1.22 0.232 5.25
S&P 500 Interactive Media & Services (Industry) Index -0.23 0.198 -1.19
2/12/2020 -11.23% 4.35% -2.58
5/19/2020 1.38% 4.36% 0.32
7/29/2020 7.54% 4.35% 1.73
11/3/2020 -0.99% 4.35% -0.23
1/27/2021 44.02% 4.37% 10.06
124
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Exhibit-7a
AMC Event Study Results
January 28, 2020 through January 27, 2021
AMC AMC
AMC LN Explained Residual
Date Return Return Return t -statistic[1]
1/28/2020 6.54% 1.95% 4.59% 0.69
1/29/2020 -0.29% -0.81% 0.52% 0.08
1/30/2020 1.03% 0.18% 0.85% 0.13
1/31/2020 -4.79% -3.77% -1.02% -0.15
2/3/2020 -1.08% -0.11% -0.96% -0.14
2/4/2020 3.05% 1.18% 1.88% 0.28
2/5/2020 5.13% 3.03% 2.10% 0.31
2/6/2020 -3.64% -0.65% -2.98% -0.45
2/7/2020 -3.01% -1.63% -1.38% -0.21
2/10/2020 3.60% 0.43% 3.17% 0.47
2/11/2020 2.19% -0.02% 2.20% 0.33
2/12/2020 -1.16% 0.56% -1.72% -0.26
2/13/2020 2.02% -0.96% 2.98% 0.45
2/14/2020 1.42% -0.31% 1.73% 0.26
2/18/2020 -0.85% 0.65% -1.50% -0.22
2/19/2020 3.76% 0.92% 2.84% 0.42
2/20/2020 5.97% 0.65% 5.33% 0.80
2/21/2020 -3.94% -7.54% 3.60% 0.54
2/24/2020 -5.65% -3.84% -1.81% -0.27
2/25/2020 -7.36% -6.42% -0.94% -0.14
2/26/2020 -9.94% -4.30% -5.65% -0.84
2/27/2020 2.66% -4.22% 6.88% 1.03
2/28/2020 2.75% 1.09% 1.67% 0.25
3/2/2020 -2.43% 0.17% -2.59% -0.39
3/3/2020 -5.03% -3.61% -1.43% -0.21
3/4/2020 0.17% 2.94% -2.77% -0.41
3/5/2020 -16.80% -5.14% -11.66% -1.74
3/6/2020 -7.60% -0.18% -7.42% -1.11
3/9/2020 -16.26% -13.37% -2.89% -0.43
3/10/2020 8.70% 6.64% 2.06% 0.31
3/11/2020 -14.31% -11.29% -3.02% -0.45
3/12/2020 -22.38% -28.49% 6.10% 0.91
3/13/2020 10.12% 6.65% 3.47% 0.52
3/16/2020 -21.39% -32.52% 11.13% 1.66
3/17/2020 -4.73% -19.82% 15.09% 2.25 *
3/18/2020 -0.40% -7.35% 6.94% 1.04
125
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Exhibit-7a
AMC Event Study Results
January 28, 2020 through January 27, 2021
AMC AMC
AMC LN Explained Residual
Date Return Return Return t -statistic[1]
3/19/2020 31.07% 37.86% -6.80% -1.01
3/20/2020 -5.49% -4.91% -0.58% -0.09
3/23/2020 -1.26% 1.65% -2.91% -0.43
3/24/2020 12.24% 3.55% 8.69% 1.30
3/25/2020 -2.85% 0.05% -2.89% -0.43
3/26/2020 6.71% 8.62% -1.91% -0.29
3/27/2020 -2.74% -6.80% 4.06% 0.61
3/30/2020 -16.91% -9.21% -7.70% -1.15
3/31/2020 3.87% 0.61% 3.26% 0.49
4/1/2020 -18.74% -16.84% -1.90% -0.28
4/2/2020 -15.67% 4.65% -20.32% -3.04 *
4/3/2020 1.33% -0.02% 1.35% 0.20
4/6/2020 23.80% 11.02% 12.78% 1.91
4/7/2020 8.64% 7.66% 0.98% 0.15
4/8/2020 4.97% 4.87% 0.10% 0.01
4/9/2020 -23.84% 6.87% -30.71% -4.59 *
4/13/2020 -22.31% -9.16% -13.16% -1.97 *
4/14/2020 4.70% 5.08% -0.38% -0.06
4/15/2020 10.03% -2.39% 12.42% 1.86
4/16/2020 1.24% 0.67% 0.57% 0.08
4/17/2020 27.12% 11.16% 15.95% 2.38 *
4/20/2020 -0.63% 0.30% -0.93% -0.14
4/21/2020 2.18% -2.95% 5.13% 0.77
4/22/2020 -2.18% -3.57% 1.39% 0.21
4/23/2020 -2.23% 1.29% -3.51% -0.52
4/24/2020 -1.95% -2.46% 0.51% 0.08
4/27/2020 9.68% 6.10% 3.58% 0.54
4/28/2020 20.88% 4.82% 16.05% 2.40 *
4/29/2020 22.60% 6.83% 15.77% 2.36 *
4/30/2020 -5.34% -6.70% 1.36% 0.20
5/1/2020 -7.38% -4.93% -2.45% -0.37
5/4/2020 -6.09% 1.24% -7.33% -1.09
5/5/2020 -10.02% -1.62% -8.40% -1.25
5/6/2020 0.77% -2.82% 3.59% 0.54
5/7/2020 1.77% 4.75% -2.98% -0.44
5/8/2020 2.72% 3.70% -0.98% -0.15
126
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Exhibit-7a
AMC Event Study Results
January 28, 2020 through January 27, 2021
AMC AMC
AMC LN Explained Residual
Date Return Return Return t -statistic[1]
5/11/2020 26.05% -2.22% 28.27% 4.22 *
5/12/2020 -3.83% -4.23% 0.39% 0.06
5/13/2020 -10.71% -5.46% -5.25% -0.78
5/14/2020 -1.09% -0.44% -0.66% -0.10
5/15/2020 -0.66% -0.49% -0.17% -0.03
5/18/2020 4.33% 9.04% -4.71% -0.70
5/19/2020 -3.45% -2.66% -0.79% -0.12
5/20/2020 2.17% 5.71% -3.54% -0.53
5/21/2020 -0.65% 0.98% -1.62% -0.24
5/22/2020 -1.09% -0.77% -0.32% -0.05
5/26/2020 10.95% 5.68% 5.27% 0.79
5/27/2020 9.16% 7.50% 1.66% 0.25
5/28/2020 -9.94% -8.21% -1.73% -0.26
5/29/2020 1.18% -0.01% 1.19% 0.18
6/1/2020 3.45% 2.68% 0.77% 0.11
6/2/2020 5.14% 1.78% 3.36% 0.50
6/3/2020 -2.54% 2.54% -5.08% -0.76
6/4/2020 -1.29% 0.99% -2.28% -0.34
6/5/2020 9.40% 5.11% 4.29% 0.64
6/8/2020 8.74% 6.69% 2.05% 0.31
6/9/2020 -7.40% -5.14% -2.25% -0.34
6/10/2020 4.89% -4.65% 9.54% 1.42
6/11/2020 -19.61% -12.71% -6.90% -1.03
6/12/2020 13.04% 3.35% 9.69% 1.45
6/15/2020 -1.54% 0.21% -1.75% -0.26
6/16/2020 -4.23% 0.29% -4.52% -0.67
6/17/2020 -2.55% -3.28% 0.73% 0.11
6/18/2020 3.80% 2.09% 1.71% 0.26
6/19/2020 -1.97% -5.83% 3.85% 0.58
6/22/2020 -3.50% 0.22% -3.72% -0.56
6/23/2020 -4.41% -0.41% -4.00% -0.60
6/24/2020 -6.27% -7.39% 1.12% 0.17
6/25/2020 -11.49% -1.53% -9.96% -1.49
6/26/2020 -2.13% -6.68% 4.55% 0.68
6/29/2020 5.58% 3.25% 2.33% 0.35
6/30/2020 -2.99% 0.68% -3.67% -0.55
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Exhibit-7a
AMC Event Study Results
January 28, 2020 through January 27, 2021
AMC AMC
AMC LN Explained Residual
Date Return Return Return t -statistic[1]
7/1/2020 6.32% 5.22% 1.10% 0.16
7/2/2020 -0.88% -3.31% 2.43% 0.36
7/6/2020 -5.68% 4.08% -9.76% -1.46
7/7/2020 -3.57% -3.07% -0.50% -0.07
7/8/2020 7.01% 4.19% 2.82% 0.42
7/9/2020 3.11% -1.13% 4.24% 0.63
7/10/2020 0.65% 2.12% -1.46% -0.22
7/13/2020 -7.68% -3.53% -4.15% -0.62
7/14/2020 -0.94% -0.84% -0.10% -0.02
7/15/2020 6.42% 10.70% -4.28% -0.64
7/16/2020 -2.70% -0.98% -1.72% -0.26
7/17/2020 -2.54% -0.73% -1.81% -0.27
7/20/2020 -2.85% -1.98% -0.87% -0.13
7/21/2020 0.00% -0.95% 0.95% 0.14
7/22/2020 -2.93% -0.70% -2.23% -0.33
7/23/2020 0.74% -1.46% 2.21% 0.33
7/24/2020 -1.49% -2.71% 1.22% 0.18
7/27/2020 -3.30% 0.23% -3.53% -0.53
7/28/2020 6.99% 0.31% 6.67% 1.00
7/29/2020 0.24% -5.42% 5.66% 0.84
7/30/2020 -0.97% 1.93% -2.90% -0.43
7/31/2020 -1.96% -0.71% -1.25% -0.19
8/3/2020 1.72% 0.68% 1.04% 0.16
8/4/2020 -0.24% 2.22% -2.46% -0.37
8/5/2020 1.21% -1.98% 3.19% 0.48
8/6/2020 -0.24% -4.95% 4.71% 0.70
8/7/2020 13.74% 3.04% 10.70% 1.60
8/10/2020 -6.08% 0.08% -6.15% -0.92
8/11/2020 1.99% 3.99% -2.00% -0.30
8/12/2020 1.74% -1.81% 3.55% 0.53
8/13/2020 13.49% 2.06% 11.43% 1.71
8/14/2020 4.24% 3.45% 0.79% 0.12
8/17/2020 1.08% 0.81% 0.27% 0.04
8/18/2020 -4.57% -6.89% 2.32% 0.35
8/19/2020 0.74% 0.56% 0.18% 0.03
8/20/2020 5.42% 4.92% 0.49% 0.07
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Exhibit-7a
AMC Event Study Results
January 28, 2020 through January 27, 2021
AMC AMC
AMC LN Explained Residual
Date Return Return Return t -statistic[1]
8/21/2020 -9.20% -0.39% -8.81% -1.32
8/24/2020 4.15% 7.33% -3.18% -0.48
8/25/2020 2.37% 0.23% 2.15% 0.32
8/26/2020 1.08% -0.97% 2.04% 0.31
8/27/2020 15.21% 4.91% 10.30% 1.54
8/28/2020 -3.43% 4.01% -7.44% -1.11
8/31/2020 -6.90% -2.74% -4.16% -0.62
9/1/2020 3.18% 0.28% 2.90% 0.43
9/2/2020 14.82% 6.10% 8.72% 1.30
9/3/2020 -6.45% -4.27% -2.18% -0.33
9/4/2020 6.17% 0.07% 6.10% 0.91
9/8/2020 -8.93% -8.29% -0.65% -0.10
9/9/2020 -2.52% -1.06% -1.47% -0.22
9/10/2020 -5.25% -5.90% 0.66% 0.10
9/11/2020 -2.56% -4.35% 1.79% 0.27
9/14/2020 -4.41% 0.99% -5.40% -0.81
9/15/2020 -0.36% 1.78% -2.14% -0.32
9/16/2020 4.26% 0.01% 4.24% 0.63
9/17/2020 -0.70% -3.24% 2.54% 0.38
9/18/2020 -0.88% -2.22% 1.34% 0.20
9/21/2020 -6.37% -4.26% -2.11% -0.32
9/22/2020 -2.09% 1.41% -3.50% -0.52
9/23/2020 -8.61% -7.13% -1.48% -0.22
9/24/2020 -3.62% -3.05% -0.57% -0.09
9/25/2020 5.69% 4.11% 1.59% 0.24
9/28/2020 0.61% 0.41% 0.21% 0.03
9/29/2020 -1.02% -3.00% 1.97% 0.29
9/30/2020 -3.14% 1.03% -4.17% -0.62
10/1/2020 -1.28% -0.10% -1.18% -0.18
10/2/2020 0.00% -1.42% 1.42% 0.21
10/5/2020 -11.86% -7.78% -4.08% -0.61
10/6/2020 -1.71% 1.19% -2.90% -0.43
10/7/2020 -0.49% 0.11% -0.60% -0.09
10/8/2020 2.45% 2.77% -0.32% -0.05
10/9/2020 -2.20% -1.21% -0.98% -0.15
10/12/2020 0.74% 2.30% -1.56% -0.23
129
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Exhibit-7a
AMC Event Study Results
January 28, 2020 through January 27, 2021
AMC AMC
AMC LN Explained Residual
Date Return Return Return t -statistic[1]
10/13/2020 -14.20% -5.57% -8.63% -1.29
10/14/2020 -17.89% -0.44% -17.45% -2.61 *
10/15/2020 -6.27% -0.80% -5.47% -0.82
10/16/2020 8.94% -0.38% 9.32% 1.39
10/19/2020 15.23% 1.46% 13.77% 2.06 *
10/20/2020 -13.60% 1.44% -15.03% -2.25 *
10/21/2020 -2.96% -0.28% -2.68% -0.40
10/22/2020 3.92% 4.42% -0.49% -0.07
10/23/2020 -4.93% 0.08% -5.01% -0.75
10/26/2020 -7.70% -4.96% -2.73% -0.41
10/27/2020 1.44% -1.09% 2.54% 0.38
10/28/2020 -6.67% -3.61% -3.06% -0.46
10/29/2020 -3.51% 0.76% -4.27% -0.64
10/30/2020 -6.56% -2.27% -4.29% -0.64
11/2/2020 -9.32% 0.43% -9.75% -1.46
11/3/2020 8.47% 4.11% 4.36% 0.65
11/4/2020 -1.29% 0.21% -1.50% -0.22
11/5/2020 6.29% 5.47% 0.82% 0.12
11/6/2020 1.21% -0.95% 2.17% 0.32
11/9/2020 41.48% 21.80% 19.68% 2.94 *
11/10/2020 -7.15% 1.52% -8.66% -1.29
11/11/2020 -11.46% -0.13% -11.33% -1.69
11/12/2020 -6.26% -4.79% -1.48% -0.22
11/13/2020 1.02% 6.00% -4.99% -0.74
11/16/2020 4.61% 3.80% 0.81% 0.12
11/17/2020 -4.27% 2.03% -6.30% -0.94
11/18/2020 8.98% -0.27% 9.25% 1.38
11/19/2020 -2.17% -1.57% -0.60% -0.09
11/20/2020 4.89% 0.01% 4.89% 0.73
11/23/2020 12.87% 4.07% 8.79% 1.31
11/24/2020 18.41% 5.01% 13.39% 2.00 *
11/25/2020 -1.98% -1.76% -0.22% -0.03
11/27/2020 -0.89% 0.96% -1.86% -0.28
11/30/2020 -4.13% -5.61% 1.48% 0.22
12/1/2020 -2.85% 3.51% -6.36% -0.95
12/2/2020 4.01% 2.57% 1.44% 0.22
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Exhibit-7a
AMC Event Study Results
January 28, 2020 through January 27, 2021
AMC AMC
AMC LN Explained Residual
Date Return Return Return t -statistic[1]
12/3/2020 -17.40% -13.82% -3.58% -0.53
12/4/2020 -3.36% 5.39% -8.75% -1.31
12/7/2020 1.41% -2.77% 4.18% 0.62
12/8/2020 11.15% 4.86% 6.30% 0.94
12/9/2020 -3.06% -0.03% -3.03% -0.45
12/10/2020 5.79% -0.02% 5.81% 0.87
12/11/2020 -4.25% 3.24% -7.49% -1.12
12/14/2020 -20.61% -3.23% -17.37% -2.60 *
12/15/2020 -10.92% 3.48% -14.40% -2.15 *
12/16/2020 -2.84% -1.42% -1.42% -0.21
12/17/2020 2.49% 3.19% -0.70% -0.10
12/18/2020 -1.77% -1.16% -0.61% -0.09
12/21/2020 -4.38% -0.58% -3.80% -0.57
12/22/2020 -3.42% -1.66% -1.76% -0.26
12/23/2020 -1.17% 4.33% -5.50% -0.82
12/24/2020 -1.97% -0.08% -1.89% -0.28
12/28/2020 -4.90% 2.36% -7.26% -1.08
12/29/2020 -4.27% 0.96% -5.24% -0.78
12/30/2020 -5.84% 1.82% -7.67% -1.15
12/31/2020 -1.87% -1.48% -0.39% -0.06
1/4/2021 -5.33% -5.25% -0.08% -0.01
1/5/2021 -1.50% 2.51% -4.01% -0.60
1/6/2021 1.50% 2.50% -1.00% -0.15
1/7/2021 1.97% 0.34% 1.63% 0.24
1/8/2021 4.30% 1.36% 2.94% 0.44
1/11/2021 2.77% -2.59% 5.36% 0.80
1/12/2021 4.01% 2.66% 1.35% 0.20
1/13/2021 -4.92% -0.28% -4.64% -0.69
1/14/2021 0.00% 4.15% -4.15% -0.62
1/15/2021 6.65% -1.26% 7.92% 1.18
1/19/2021 27.25% 1.66% 25.59% 3.82 *
1/20/2021 -2.99% 0.21% -3.19% -0.48
1/21/2021 0.34% -2.36% 2.70% 0.40
1/22/2021 16.37% 2.41% 13.96% 2.09 *
1/25/2021 23.05% 4.34% 18.71% 2.80 *
1/26/2021 11.53% -0.91% 12.43% 1.86
131
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Exhibit-7a
AMC Event Study Results
January 28, 2020 through January 27, 2021
AMC AMC
AMC LN Explained Residual
Date Return Return Return t -statistic[1]
1/27/2021 138.93% 0.88% 138.05% 20.62 *
Note:
[1] t -statistics marked with a "*" are significant at the 95% confidence level.
[2] All returns are logarithmic returns.
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Exhibit-7b
BB Event Study Results
January 28, 2020 through January 27, 2021
BB
BB LN Explained BB Residual
Date Return Return Return t -statistic[1]
1/28/2020 2.37% 1.86% 0.50% 0.12
1/29/2020 -1.10% 0.48% -1.58% -0.37
1/30/2020 -1.59% 1.02% -2.61% -0.61
1/31/2020 -2.27% -1.75% -0.52% -0.12
2/3/2020 1.79% 1.51% 0.28% 0.06
2/4/2020 -0.97% 2.50% -3.47% -0.81
2/5/2020 0.81% 1.35% -0.54% -0.12
2/6/2020 -1.14% 1.01% -2.15% -0.50
2/7/2020 -1.81% -0.26% -1.55% -0.36
2/10/2020 0.50% 1.47% -0.97% -0.23
2/11/2020 2.29% 0.57% 1.72% 0.40
2/12/2020 -1.96% 1.33% -3.29% -0.76
2/13/2020 -1.16% 0.31% -1.47% -0.34
2/14/2020 -2.87% 0.79% -3.66% -0.85
2/18/2020 4.36% 0.21% 4.16% 0.97
2/19/2020 0.98% 1.28% -0.30% -0.07
2/20/2020 0.16% -0.10% 0.26% 0.06
2/21/2020 -2.47% -1.09% -1.37% -0.32
2/24/2020 -4.25% -3.41% -0.84% -0.20
2/25/2020 -4.62% -2.83% -1.78% -0.42
2/26/2020 -0.55% 0.27% -0.82% -0.19
2/27/2020 -6.22% -4.53% -1.69% -0.39
2/28/2020 0.58% 0.21% 0.37% 0.09
3/2/2020 -1.76% 5.36% -7.12% -1.65
3/3/2020 -3.00% -2.75% -0.25% -0.06
3/4/2020 -0.20% 4.65% -4.85% -1.13
3/5/2020 -5.21% -2.99% -2.23% -0.52
3/6/2020 -5.05% -1.55% -3.50% -0.81
3/9/2020 -14.26% -8.24% -6.02% -1.40
3/10/2020 8.70% 5.96% 2.74% 0.64
3/11/2020 -0.96% -4.91% 3.95% 0.92
3/12/2020 -11.72% -10.53% -1.19% -0.28
3/13/2020 16.87% 10.53% 6.34% 1.48
3/16/2020 -25.62% -14.00% -11.63% -2.70 *
3/17/2020 -15.61% 6.59% -22.20% -5.16 *
3/18/2020 9.22% -5.55% 14.77% 3.43 *
133
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 138 of
206
Exhibit-7b
BB Event Study Results
January 28, 2020 through January 27, 2021
BB
BB LN Explained BB Residual
Date Return Return Return t -statistic[1]
3/19/2020 2.48% 1.88% 0.61% 0.14
3/20/2020 3.61% -3.87% 7.49% 1.74
3/23/2020 1.76% -1.76% 3.52% 0.82
3/24/2020 5.10% 10.31% -5.21% -1.21
3/25/2020 3.79% 1.46% 2.33% 0.54
3/26/2020 4.42% 6.71% -2.29% -0.53
3/27/2020 -3.10% -3.67% 0.57% 0.13
3/30/2020 2.59% 4.07% -1.47% -0.34
3/31/2020 5.47% -1.12% 6.59% 1.53
4/1/2020 -20.63% -4.56% -16.07% -3.74 *
4/2/2020 -3.95% 2.69% -6.64% -1.54
4/3/2020 -0.31% -1.26% 0.95% 0.22
4/6/2020 7.77% 8.27% -0.51% -0.12
4/7/2020 3.67% 0.08% 3.58% 0.83
4/8/2020 6.18% 3.81% 2.36% 0.55
4/9/2020 -2.11% 1.71% -3.81% -0.89
4/13/2020 2.62% -0.13% 2.76% 0.64
4/14/2020 3.56% 3.98% -0.42% -0.10
4/15/2020 -7.80% -1.98% -5.82% -1.35
4/16/2020 8.05% 1.25% 6.79% 1.58
4/17/2020 6.28% 2.87% 3.41% 0.79
4/20/2020 -4.31% -1.30% -3.01% -0.70
4/21/2020 -4.25% -3.20% -1.05% -0.24
4/22/2020 -0.51% 3.45% -3.96% -0.92
4/23/2020 2.78% 0.29% 2.49% 0.58
4/24/2020 0.75% 2.18% -1.44% -0.33
4/27/2020 5.30% 2.01% 3.29% 0.77
4/28/2020 -1.18% -0.24% -0.94% -0.22
4/29/2020 3.73% 4.05% -0.32% -0.07
4/30/2020 -2.08% -0.60% -1.49% -0.35
5/1/2020 -5.03% -2.62% -2.41% -0.56
5/4/2020 4.56% 1.36% 3.20% 0.74
5/5/2020 0.23% 1.63% -1.39% -0.32
5/6/2020 5.02% 0.37% 4.65% 1.08
5/7/2020 2.42% 1.98% 0.44% 0.10
5/8/2020 2.36% 2.30% 0.06% 0.02
134
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 139 of
206
Exhibit-7b
BB Event Study Results
January 28, 2020 through January 27, 2021
BB
BB LN Explained BB Residual
Date Return Return Return t -statistic[1]
5/11/2020 -2.80% 0.72% -3.52% -0.82
5/12/2020 -1.76% -1.77% 0.01% 0.00
5/13/2020 -0.89% -1.50% 0.60% 0.14
5/14/2020 0.00% 1.67% -1.67% -0.39
5/15/2020 -0.90% 1.00% -1.90% -0.44
5/18/2020 1.57% 3.71% -2.13% -0.50
5/19/2020 0.00% -0.34% 0.34% 0.08
5/20/2020 3.50% 2.50% 1.00% 0.23
5/21/2020 -2.39% -0.53% -1.86% -0.43
5/22/2020 0.00% 0.82% -0.82% -0.19
5/26/2020 2.18% 1.38% 0.79% 0.18
5/27/2020 0.43% 1.70% -1.27% -0.29
5/28/2020 -1.73% 0.16% -1.90% -0.44
5/29/2020 1.30% 1.26% 0.04% 0.01
6/1/2020 5.86% 0.93% 4.93% 1.15
6/2/2020 8.57% 1.42% 7.15% 1.66
6/3/2020 -2.84% 1.81% -4.65% -1.08
6/4/2020 0.38% -0.06% 0.45% 0.10
6/5/2020 4.49% 3.20% 1.28% 0.30
6/8/2020 5.69% 1.61% 4.07% 0.95
6/9/2020 -3.16% 0.02% -3.18% -0.74
6/10/2020 -0.72% 0.69% -1.41% -0.33
6/11/2020 -10.20% -5.96% -4.24% -0.99
6/12/2020 4.28% 1.96% 2.33% 0.54
6/15/2020 -5.08% 1.54% -6.62% -1.54
6/16/2020 4.51% 2.51% 1.99% 0.46
6/17/2020 -2.33% 0.21% -2.54% -0.59
6/18/2020 -0.39% 0.75% -1.14% -0.27
6/19/2020 -0.39% -0.13% -0.26% -0.06
6/22/2020 1.18% 1.69% -0.51% -0.12
6/23/2020 -0.39% 1.02% -1.41% -0.33
6/24/2020 -3.59% -2.21% -1.38% -0.32
6/25/2020 -1.43% 1.75% -3.18% -0.74
6/26/2020 -2.72% -1.90% -0.82% -0.19
6/29/2020 1.68% 1.89% -0.21% -0.05
6/30/2020 1.86% 2.22% -0.36% -0.08
135
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 140 of
206
Exhibit-7b
BB Event Study Results
January 28, 2020 through January 27, 2021
BB
BB LN Explained BB Residual
Date Return Return Return t -statistic[1]
7/1/2020 -2.28% 0.79% -3.07% -0.71
7/2/2020 1.45% 1.03% 0.43% 0.10
7/6/2020 3.45% 2.19% 1.26% 0.29
7/7/2020 -4.48% -0.64% -3.84% -0.89
7/8/2020 0.83% 1.68% -0.85% -0.20
7/9/2020 -0.62% 0.24% -0.86% -0.20
7/10/2020 -1.68% 1.17% -2.84% -0.66
7/13/2020 -3.22% -1.14% -2.08% -0.48
7/14/2020 0.00% 1.85% -1.85% -0.43
7/15/2020 2.80% 1.48% 1.31% 0.31
7/16/2020 -1.28% -0.28% -1.00% -0.23
7/17/2020 3.17% 0.91% 2.26% 0.53
7/20/2020 3.88% 2.07% 1.81% 0.42
7/21/2020 -2.85% 0.21% -3.05% -0.71
7/22/2020 -1.24% 1.15% -2.40% -0.56
7/23/2020 -1.05% -1.33% 0.28% 0.06
7/24/2020 -1.92% -0.47% -1.45% -0.34
7/27/2020 0.86% 1.72% -0.86% -0.20
7/28/2020 -0.64% -0.48% -0.16% -0.04
7/29/2020 4.41% 1.97% 2.44% 0.57
7/30/2020 -2.71% 0.44% -3.14% -0.73
7/31/2020 0.00% 1.77% -1.77% -0.41
8/3/2020 0.00% 2.04% -2.04% -0.47
8/4/2020 0.21% 0.87% -0.66% -0.15
8/5/2020 1.88% 1.12% 0.75% 0.18
8/6/2020 2.45% 1.37% 1.07% 0.25
8/7/2020 -2.45% -0.11% -2.34% -0.54
8/10/2020 0.00% 0.53% -0.53% -0.12
8/11/2020 -1.04% -0.78% -0.26% -0.06
8/12/2020 0.62% 2.26% -1.64% -0.38
8/13/2020 1.44% 0.46% 0.99% 0.23
8/14/2020 -1.86% 0.39% -2.25% -0.52
8/17/2020 0.21% 1.08% -0.87% -0.20
8/18/2020 -0.42% 0.73% -1.15% -0.27
8/19/2020 -0.21% 0.09% -0.30% -0.07
8/20/2020 1.04% 1.24% -0.20% -0.05
136
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 141 of
206
Exhibit-7b
BB Event Study Results
January 28, 2020 through January 27, 2021
BB
BB LN Explained BB Residual
Date Return Return Return t -statistic[1]
8/21/2020 -1.67% 1.07% -2.74% -0.64
8/24/2020 0.84% 1.42% -0.59% -0.14
8/25/2020 -0.21% 0.91% -1.12% -0.26
8/26/2020 6.09% 1.87% 4.21% 0.98
8/27/2020 -0.99% 0.60% -1.59% -0.37
8/28/2020 3.90% 1.32% 2.57% 0.60
8/31/2020 -0.19% 0.51% -0.71% -0.16
9/1/2020 6.67% 1.78% 4.89% 1.14
9/2/2020 -1.08% 1.66% -2.74% -0.64
9/3/2020 -6.36% -4.25% -2.10% -0.49
9/4/2020 -1.36% -0.61% -0.75% -0.17
9/8/2020 -3.59% -3.23% -0.36% -0.08
9/9/2020 -0.20% 3.12% -3.32% -0.77
9/10/2020 -2.47% -1.50% -0.97% -0.23
9/11/2020 -1.05% 0.17% -1.21% -0.28
9/14/2020 1.46% 2.33% -0.87% -0.20
9/15/2020 -0.21% 1.24% -1.45% -0.34
9/16/2020 -1.68% -0.36% -1.32% -0.31
9/17/2020 0.00% -0.39% 0.39% 0.09
9/18/2020 2.71% -0.79% 3.50% 0.81
9/21/2020 -2.08% -0.07% -2.01% -0.47
9/22/2020 3.71% 1.76% 1.96% 0.45
9/23/2020 -2.87% -2.47% -0.41% -0.09
9/24/2020 -1.05% 0.86% -1.91% -0.44
9/25/2020 0.42% 2.47% -2.05% -0.48
9/28/2020 -3.41% 2.32% -5.73% -1.33
9/29/2020 0.43% 0.09% 0.35% 0.08
9/30/2020 -0.87% 1.30% -2.17% -0.50
10/1/2020 -0.22% 1.40% -1.61% -0.38
10/2/2020 -3.10% -1.08% -2.03% -0.47
10/5/2020 1.34% 2.60% -1.25% -0.29
10/6/2020 1.10% -0.97% 2.08% 0.48
10/7/2020 0.44% 2.37% -1.93% -0.45
10/8/2020 0.65% 1.23% -0.58% -0.13
10/9/2020 2.79% 1.67% 1.12% 0.26
10/12/2020 0.42% 2.45% -2.03% -0.47
137
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 142 of
206
Exhibit-7b
BB Event Study Results
January 28, 2020 through January 27, 2021
BB
BB LN Explained BB Residual
Date Return Return Return t -statistic[1]
10/13/2020 7.89% -0.11% 8.00% 1.86
10/14/2020 -1.17% -0.15% -1.02% -0.24
10/15/2020 1.56% 0.25% 1.31% 0.31
10/16/2020 -3.55% 0.32% -3.87% -0.90
10/19/2020 4.13% -1.24% 5.37% 1.25
10/20/2020 -2.14% 0.89% -3.03% -0.70
10/21/2020 0.39% 0.19% 0.20% 0.05
10/22/2020 0.59% 0.70% -0.12% -0.03
10/23/2020 -0.20% 0.69% -0.88% -0.21
10/26/2020 -4.80% -1.63% -3.17% -0.74
10/27/2020 -0.62% 0.48% -1.10% -0.25
10/28/2020 -5.95% -3.54% -2.40% -0.56
10/29/2020 0.87% 1.93% -1.06% -0.25
10/30/2020 -2.64% -1.40% -1.24% -0.29
11/2/2020 -0.22% 1.43% -1.65% -0.38
11/3/2020 4.15% 2.45% 1.70% 0.40
11/4/2020 0.21% 3.29% -3.07% -0.71
11/5/2020 3.77% 3.12% 0.65% 0.15
11/6/2020 -0.62% 0.61% -1.23% -0.29
11/9/2020 2.05% 0.91% 1.14% 0.27
11/10/2020 1.81% -0.34% 2.15% 0.50
11/11/2020 3.33% 1.97% 1.36% 0.32
11/12/2020 -3.93% -0.55% -3.38% -0.79
11/13/2020 2.38% 1.71% 0.67% 0.15
11/16/2020 1.55% 1.69% -0.14% -0.03
11/17/2020 1.91% 0.15% 1.75% 0.41
11/18/2020 2.80% -0.56% 3.36% 0.78
11/19/2020 -1.48% 1.20% -2.69% -0.62
11/20/2020 7.20% -0.23% 7.43% 1.73
11/23/2020 -1.75% 1.00% -2.75% -0.64
11/24/2020 0.70% 2.04% -1.34% -0.31
11/25/2020 3.62% 0.58% 3.04% 0.71
11/27/2020 3.98% 0.95% 3.03% 0.70
11/30/2020 -4.66% 0.35% -5.01% -1.16
12/1/2020 17.61% 1.68% 15.92% 3.70 *
12/2/2020 6.23% 0.48% 5.76% 1.34
138
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 143 of
206
Exhibit-7b
BB Event Study Results
January 28, 2020 through January 27, 2021
BB
BB LN Explained BB Residual
Date Return Return Return t -statistic[1]
12/3/2020 0.13% 0.59% -0.46% -0.11
12/4/2020 13.29% 1.59% 11.70% 2.72 *
12/7/2020 -3.22% 0.57% -3.79% -0.88
12/8/2020 3.22% 0.91% 2.31% 0.54
12/9/2020 -2.50% -0.93% -1.57% -0.36
12/10/2020 0.72% 0.69% 0.03% 0.01
12/11/2020 -2.54% 0.24% -2.78% -0.65
12/14/2020 1.10% 0.42% 0.68% 0.16
12/15/2020 0.60% 1.99% -1.39% -0.32
12/16/2020 -0.73% 0.87% -1.59% -0.37
12/17/2020 0.24% 1.31% -1.07% -0.25
12/18/2020 -17.27% 0.20% -17.47% -4.06 *
12/21/2020 2.28% 0.31% 1.97% 0.46
12/22/2020 1.12% 0.86% 0.26% 0.06
12/23/2020 -1.40% 0.24% -1.64% -0.38
12/24/2020 -0.42% 0.93% -1.35% -0.32
12/28/2020 -2.58% 1.20% -3.78% -0.88
12/29/2020 -1.61% 0.02% -1.63% -0.38
12/30/2020 -1.49% 0.69% -2.18% -0.51
12/31/2020 -0.60% 0.84% -1.44% -0.33
1/4/2021 -0.76% -1.13% 0.37% 0.09
1/5/2021 2.85% 1.36% 1.48% 0.35
1/6/2021 -0.89% 0.30% -1.19% -0.28
1/7/2021 5.08% 2.61% 2.47% 0.58
1/8/2021 6.84% 1.09% 5.75% 1.34
1/11/2021 1.18% -0.28% 1.47% 0.34
1/12/2021 -0.26% 0.59% -0.85% -0.20
1/13/2021 -2.52% 0.80% -3.32% -0.77
1/14/2021 20.25% 0.10% 20.15% 4.69 *
1/15/2021 7.71% -0.49% 8.20% 1.91
1/19/2021 22.72% 1.57% 21.15% 4.92 *
1/20/2021 3.50% 2.08% 1.42% 0.33
1/21/2021 0.47% 0.94% -0.47% -0.11
1/22/2021 8.86% 0.25% 8.60% 2.00 *
1/25/2021 25.01% 0.99% 24.02% 5.59 *
1/26/2021 4.82% 0.28% 4.54% 1.05
139
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 144 of
206
Exhibit-7b
BB Event Study Results
January 28, 2020 through January 27, 2021
BB
BB LN Explained BB Residual
Date Return Return Return t -statistic[1]
1/27/2021 28.26% -1.99% 30.26% 7.04 *
Note:
[1] t -statistics marked with a "*" are significant at the 95% confidence level.
[2] All returns are logarithmic returns.
140
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 145 of
206
Exhibit-7c
BBBY Event Study Results
January 28, 2020 through January 27, 2021
BBBY BBBY
BBBY LN Explained Residual
Date Return Return Return t -statistic[1]
1/28/2020 1.25% 1.45% -0.20% -0.04
1/29/2020 0.56% 0.06% 0.50% 0.09
1/30/2020 -8.09% -0.17% -7.92% -1.42
1/31/2020 -4.80% -2.63% -2.16% -0.39
2/3/2020 4.36% 1.60% 2.76% 0.50
2/4/2020 3.01% 2.14% 0.87% 0.16
2/5/2020 2.64% 2.32% 0.32% 0.06
2/6/2020 -0.83% 0.09% -0.92% -0.17
2/7/2020 -2.00% -0.61% -1.39% -0.25
2/10/2020 -6.89% 1.24% -8.13% -1.46
2/11/2020 3.84% 1.06% 2.78% 0.50
2/12/2020 -23.07% 1.16% -24.24% -4.35 *
2/13/2020 0.17% 0.31% -0.14% -0.03
2/14/2020 -5.48% 0.76% -6.24% -1.12
2/18/2020 5.23% -0.02% 5.25% 0.94
2/19/2020 6.81% 0.53% 6.28% 1.13
2/20/2020 0.47% 1.25% -0.78% -0.14
2/21/2020 -1.75% -0.90% -0.85% -0.15
2/24/2020 -6.90% -3.31% -3.59% -0.64
2/25/2020 -5.57% -3.25% -2.33% -0.42
2/26/2020 -3.61% -0.30% -3.31% -0.59
2/27/2020 -3.07% -5.69% 2.63% 0.47
2/28/2020 5.03% -1.92% 6.95% 1.25
3/2/2020 -4.54% 5.78% -10.33% -1.85
3/3/2020 -4.15% -2.50% -1.65% -0.30
3/4/2020 0.60% 5.83% -5.23% -0.94
3/5/2020 -4.93% -4.68% -0.25% -0.05
3/6/2020 3.11% -2.14% 5.25% 0.94
3/9/2020 -8.30% -9.69% 1.39% 0.25
3/10/2020 -3.04% 7.68% -10.73% -1.92
3/11/2020 -13.32% -6.62% -6.70% -1.20
3/12/2020 -16.91% -14.36% -2.54% -0.46
3/13/2020 14.75% 9.45% 5.31% 0.95
3/16/2020 -17.99% -25.46% 7.48% 1.34
3/17/2020 -11.29% 5.78% -17.07% -3.06 *
3/18/2020 -16.34% -11.94% -4.39% -0.79
141
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206
Exhibit-7c
BBBY Event Study Results
January 28, 2020 through January 27, 2021
BBBY BBBY
BBBY LN Explained Residual
Date Return Return Return t -statistic[1]
3/19/2020 15.97% 4.61% 11.36% 2.04 *
3/20/2020 -8.07% -7.34% -0.73% -0.13
3/23/2020 -11.43% 1.53% -12.96% -2.32 *
3/24/2020 24.88% 15.51% 9.37% 1.68
3/25/2020 -5.94% 3.87% -9.81% -1.76
3/26/2020 -9.74% 8.35% -18.08% -3.24 *
3/27/2020 -5.03% -3.62% -1.41% -0.25
3/30/2020 -10.18% 3.35% -13.53% -2.43 *
3/31/2020 0.24% -3.17% 3.41% 0.61
4/1/2020 -10.51% -6.81% -3.70% -0.66
4/2/2020 -6.26% 1.97% -8.23% -1.48
4/3/2020 10.14% -2.61% 12.75% 2.29 *
4/6/2020 11.27% 11.48% -0.21% -0.04
4/7/2020 6.58% 1.14% 5.44% 0.98
4/8/2020 19.08% 4.39% 14.69% 2.63 *
4/9/2020 -2.13% 2.82% -4.95% -0.89
4/13/2020 -5.72% -1.06% -4.66% -0.84
4/14/2020 1.88% 5.04% -3.16% -0.57
4/15/2020 -19.02% -4.50% -14.52% -2.60 *
4/16/2020 16.57% 0.38% 16.19% 2.90 *
4/17/2020 -8.98% 5.78% -14.76% -2.65 *
4/20/2020 -5.14% -2.38% -2.76% -0.50
4/21/2020 -0.44% -3.58% 3.14% 0.56
4/22/2020 1.53% 2.72% -1.19% -0.21
4/23/2020 6.52% -0.11% 6.63% 1.19
4/24/2020 6.31% 4.24% 2.07% 0.37
4/27/2020 20.34% 3.62% 16.72% 3.00 *
4/28/2020 3.68% 0.90% 2.77% 0.50
4/29/2020 -0.91% 3.83% -4.73% -0.85
4/30/2020 -6.26% -2.41% -3.85% -0.69
5/1/2020 -9.39% -2.19% -7.20% -1.29
5/4/2020 4.76% 1.67% 3.10% 0.56
5/5/2020 -5.75% 1.99% -7.74% -1.39
5/6/2020 1.07% -0.42% 1.49% 0.27
5/7/2020 2.45% 2.26% 0.19% 0.03
5/8/2020 11.12% 3.15% 7.97% 1.43
142
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 147 of
206
Exhibit-7c
BBBY Event Study Results
January 28, 2020 through January 27, 2021
BBBY BBBY
BBBY LN Explained Residual
Date Return Return Return t -statistic[1]
5/11/2020 -4.11% 0.32% -4.43% -0.79
5/12/2020 -5.64% -2.72% -2.92% -0.52
5/13/2020 -7.25% -2.23% -5.03% -0.90
5/14/2020 -1.85% 2.01% -3.86% -0.69
5/15/2020 7.90% 2.70% 5.21% 0.93
5/18/2020 8.12% 4.62% 3.50% 0.63
5/19/2020 -5.40% -1.44% -3.96% -0.71
5/20/2020 0.00% 1.09% -1.09% -0.20
5/21/2020 13.35% 1.89% 11.46% 2.06 *
5/22/2020 -1.48% 0.48% -1.96% -0.35
5/26/2020 11.15% 1.89% 9.25% 1.66
5/27/2020 2.64% 3.18% -0.55% -0.10
5/28/2020 -2.90% -0.76% -2.15% -0.38
5/29/2020 -2.71% 1.08% -3.79% -0.68
6/1/2020 3.11% 0.37% 2.74% 0.49
6/2/2020 0.66% 2.08% -1.41% -0.25
6/3/2020 6.78% 1.58% 5.20% 0.93
6/4/2020 7.74% -1.14% 8.87% 1.59
6/5/2020 6.54% 3.73% 2.81% 0.50
6/8/2020 5.63% 1.32% 4.31% 0.77
6/9/2020 -8.13% -0.85% -7.28% -1.31
6/10/2020 -9.58% -1.12% -8.45% -1.52
6/11/2020 -10.19% -7.17% -3.02% -0.54
6/12/2020 8.23% 1.64% 6.60% 1.18
6/15/2020 3.28% 1.06% 2.22% 0.40
6/16/2020 14.13% 4.33% 9.80% 1.76
6/17/2020 0.83% 0.47% 0.36% 0.06
6/18/2020 3.83% -0.59% 4.42% 0.79
6/19/2020 -2.61% -0.91% -1.70% -0.30
6/22/2020 1.31% 1.35% -0.04% -0.01
6/23/2020 2.67% 0.59% 2.08% 0.37
6/24/2020 -9.09% -3.02% -6.07% -1.09
6/25/2020 1.33% 0.34% 0.99% 0.18
6/26/2020 5.89% -2.23% 8.12% 1.46
6/29/2020 7.38% 3.01% 4.37% 0.78
6/30/2020 -2.05% 1.87% -3.92% -0.70
143
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 148 of
206
Exhibit-7c
BBBY Event Study Results
January 28, 2020 through January 27, 2021
BBBY BBBY
BBBY LN Explained Residual
Date Return Return Return t -statistic[1]
7/1/2020 0.38% 0.38% -0.00% -0.00
7/2/2020 1.59% 0.79% 0.79% 0.14
7/6/2020 -0.46% 1.38% -1.85% -0.33
7/7/2020 -4.95% -1.51% -3.44% -0.62
7/8/2020 1.65% 1.03% 0.61% 0.11
7/9/2020 -28.10% -0.76% -27.34% -4.90 *
7/10/2020 4.17% 1.73% 2.45% 0.44
7/13/2020 -5.91% -0.79% -5.12% -0.92
7/14/2020 8.26% 2.66% 5.60% 1.01
7/15/2020 5.68% 2.07% 3.60% 0.65
7/16/2020 6.38% 0.54% 5.84% 1.05
7/17/2020 -2.62% 0.87% -3.50% -0.63
7/20/2020 -3.64% 0.36% -4.01% -0.72
7/21/2020 5.90% 1.44% 4.46% 0.80
7/22/2020 5.87% 1.92% 3.95% 0.71
7/23/2020 1.64% -0.83% 2.47% 0.44
7/24/2020 -0.25% -0.04% -0.21% -0.04
7/27/2020 3.77% 1.10% 2.68% 0.48
7/28/2020 -1.72% -0.64% -1.09% -0.19
7/29/2020 4.72% 1.66% 3.06% 0.55
7/30/2020 1.01% 0.55% 0.46% 0.08
7/31/2020 -1.29% 0.22% -1.51% -0.27
8/3/2020 2.10% 0.87% 1.24% 0.22
8/4/2020 3.38% 1.02% 2.36% 0.42
8/5/2020 2.93% 0.65% 2.28% 0.41
8/6/2020 1.94% 0.70% 1.23% 0.22
8/7/2020 0.91% 1.25% -0.33% -0.06
8/10/2020 4.44% 1.44% 3.00% 0.54
8/11/2020 -5.94% 0.01% -5.95% -1.07
8/12/2020 1.58% 2.46% -0.88% -0.16
8/13/2020 1.80% 0.02% 1.78% 0.32
8/14/2020 0.08% 0.23% -0.15% -0.03
8/17/2020 4.12% 2.68% 1.44% 0.26
8/18/2020 -5.35% -0.68% -4.67% -0.84
8/19/2020 0.00% -0.91% 0.91% 0.16
8/20/2020 -6.17% -0.66% -5.51% -0.99
144
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 149 of
206
Exhibit-7c
BBBY Event Study Results
January 28, 2020 through January 27, 2021
BBBY BBBY
BBBY LN Explained Residual
Date Return Return Return t -statistic[1]
8/21/2020 1.73% 1.15% 0.58% 0.10
8/24/2020 4.97% 2.20% 2.77% 0.50
8/25/2020 0.45% 0.17% 0.28% 0.05
8/26/2020 -1.14% 1.82% -2.97% -0.53
8/27/2020 -2.24% -0.53% -1.71% -0.31
8/28/2020 1.46% 0.55% 0.91% 0.16
8/31/2020 0.78% -0.26% 1.04% 0.19
9/1/2020 6.82% 1.49% 5.33% 0.96
9/2/2020 -4.75% 2.08% -6.83% -1.23
9/3/2020 -4.99% -4.81% -0.18% -0.03
9/4/2020 -0.68% -1.62% 0.94% 0.17
9/8/2020 -3.73% -1.55% -2.18% -0.39
9/9/2020 0.88% 3.01% -2.13% -0.38
9/10/2020 4.79% -1.81% 6.60% 1.18
9/11/2020 0.46% 1.16% -0.70% -0.13
9/14/2020 5.30% 2.55% 2.75% 0.49
9/15/2020 -1.11% 1.86% -2.97% -0.53
9/16/2020 2.21% -0.65% 2.86% 0.51
9/17/2020 -0.78% -1.13% 0.35% 0.06
9/18/2020 -1.34% -1.40% 0.05% 0.01
9/21/2020 -1.48% -1.54% 0.05% 0.01
9/22/2020 11.66% 1.17% 10.49% 1.88
9/23/2020 -4.04% -2.80% -1.23% -0.22
9/24/2020 4.22% -0.29% 4.51% 0.81
9/25/2020 4.22% 1.73% 2.49% 0.45
9/28/2020 2.38% 2.99% -0.61% -0.11
9/29/2020 -2.52% -0.45% -2.07% -0.37
9/30/2020 3.19% 2.35% 0.84% 0.15
10/1/2020 22.42% 1.27% 21.15% 3.79 *
10/2/2020 9.44% 0.13% 9.31% 1.67
10/5/2020 -0.54% 2.00% -2.54% -0.46
10/6/2020 -2.57% -2.36% -0.21% -0.04
10/7/2020 4.31% 2.91% 1.40% 0.25
10/8/2020 4.27% 1.40% 2.87% 0.51
10/9/2020 -1.39% 0.97% -2.36% -0.42
10/12/2020 0.42% 1.06% -0.64% -0.12
145
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 150 of
206
Exhibit-7c
BBBY Event Study Results
January 28, 2020 through January 27, 2021
BBBY BBBY
BBBY LN Explained Residual
Date Return Return Return t -statistic[1]
10/13/2020 2.72% 0.83% 1.90% 0.34
10/14/2020 7.81% -0.78% 8.59% 1.54
10/15/2020 4.15% 0.82% 3.33% 0.60
10/16/2020 -0.50% 0.17% -0.67% -0.12
10/19/2020 0.22% -1.83% 2.05% 0.37
10/20/2020 0.40% 1.01% -0.61% -0.11
10/21/2020 -2.23% -0.53% -1.69% -0.30
10/22/2020 2.94% -0.22% 3.16% 0.57
10/23/2020 0.75% 1.25% -0.49% -0.09
10/26/2020 -2.52% -3.09% 0.58% 0.10
10/27/2020 -2.95% -0.43% -2.52% -0.45
10/28/2020 -12.92% -3.84% -9.08% -1.63
10/29/2020 -2.74% 0.84% -3.58% -0.64
10/30/2020 -3.62% -1.40% -2.22% -0.40
11/2/2020 2.00% 2.36% -0.36% -0.07
11/3/2020 2.30% 3.53% -1.23% -0.22
11/4/2020 1.68% 2.11% -0.44% -0.08
11/5/2020 2.26% 2.25% 0.00% 0.00
11/6/2020 -0.28% -0.24% -0.04% -0.01
11/9/2020 -13.99% -1.20% -12.80% -2.30 *
11/10/2020 1.65% 1.81% -0.16% -0.03
11/11/2020 4.39% 0.68% 3.71% 0.67
11/12/2020 -0.35% -0.86% 0.50% 0.09
11/13/2020 2.50% 1.58% 0.92% 0.17
11/16/2020 1.52% 2.05% -0.53% -0.09
11/17/2020 -2.07% -1.26% -0.81% -0.14
11/18/2020 -1.28% -1.83% 0.55% 0.10
11/19/2020 2.80% 1.07% 1.74% 0.31
11/20/2020 -0.93% -0.41% -0.52% -0.09
11/23/2020 2.68% 1.62% 1.06% 0.19
11/24/2020 5.52% 1.91% 3.61% 0.65
11/25/2020 -1.14% -0.31% -0.84% -0.15
11/27/2020 0.37% 0.72% -0.35% -0.06
11/30/2020 -3.93% 0.08% -4.00% -0.72
12/1/2020 -2.81% 1.05% -3.86% -0.69
12/2/2020 -0.29% -0.68% 0.39% 0.07
146
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 151 of
206
Exhibit-7c
BBBY Event Study Results
January 28, 2020 through January 27, 2021
BBBY BBBY
BBBY LN Explained Residual
Date Return Return Return t -statistic[1]
12/3/2020 -3.76% 0.20% -3.96% -0.71
12/4/2020 0.66% 0.12% 0.54% 0.10
12/7/2020 -2.73% -0.03% -2.70% -0.48
12/8/2020 -3.07% -0.16% -2.91% -0.52
12/9/2020 -0.43% 1.79% -2.22% -0.40
12/10/2020 2.40% 0.12% 2.28% 0.41
12/11/2020 1.10% -0.33% 1.43% 0.26
12/14/2020 -1.58% 0.21% -1.78% -0.32
12/15/2020 3.44% 2.16% 1.28% 0.23
12/16/2020 1.42% 0.73% 0.69% 0.12
12/17/2020 -0.05% 1.52% -1.57% -0.28
12/18/2020 -5.61% -0.40% -5.21% -0.93
12/21/2020 2.84% 0.34% 2.50% 0.45
12/22/2020 -1.41% -0.08% -1.33% -0.24
12/23/2020 -0.58% 0.24% -0.82% -0.15
12/24/2020 -1.49% 0.50% -1.99% -0.36
12/28/2020 0.91% 0.46% 0.45% 0.08
12/29/2020 0.32% -0.82% 1.13% 0.20
12/30/2020 -0.96% 0.49% -1.45% -0.26
12/31/2020 -4.89% 0.41% -5.30% -0.95
1/4/2021 1.51% -1.13% 2.64% 0.47
1/5/2021 9.16% 1.04% 8.12% 1.46
1/6/2021 6.23% 2.61% 3.61% 0.65
1/7/2021 -11.58% 1.20% -12.79% -2.29 *
1/8/2021 1.11% 1.27% -0.15% -0.03
1/11/2021 7.87% 0.30% 7.57% 1.36
1/12/2021 4.93% 1.87% 3.05% 0.55
1/13/2021 6.71% -0.43% 7.14% 1.28
1/14/2021 17.20% -0.67% 17.87% 3.21 *
1/15/2021 -6.60% 0.95% -7.55% -1.35
1/19/2021 -2.23% -0.00% -2.23% -0.40
1/20/2021 -0.24% 1.48% -1.72% -0.31
1/21/2021 7.33% 0.97% 6.36% 1.14
1/22/2021 11.72% 0.34% 11.37% 2.04 *
1/25/2021 1.54% 0.22% 1.32% 0.24
1/26/2021 18.38% -0.46% 18.84% 3.38 *
147
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 152 of
206
Exhibit-7c
BBBY Event Study Results
January 28, 2020 through January 27, 2021
BBBY BBBY
BBBY LN Explained Residual
Date Return Return Return t -statistic[1]
1/27/2021 36.08% -3.88% 39.96% 7.17 *
Note:
[1] t -statistics marked with a "*" are significant at the 95% confidence level.
[2] All returns are logarithmic returns.
148
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 153 of
206
Exhibit-7d
EXPR Event Study Results
January 28, 2020 through January 27, 2021
EXPR EXPR
EXPR LN Explained Residual
Date Return Return Return t -statistic[1]
1/28/2020 -4.27% 0.53% -4.80% -0.54
1/29/2020 -5.84% 0.30% -6.14% -0.69
1/30/2020 -3.29% -0.88% -2.41% -0.27
1/31/2020 -4.15% -2.76% -1.39% -0.16
2/3/2020 3.43% 1.99% 1.44% 0.16
2/4/2020 5.62% 2.38% 3.25% 0.36
2/5/2020 2.92% 2.72% 0.20% 0.02
2/6/2020 0.44% -0.91% 1.36% 0.15
2/7/2020 -7.07% -1.33% -5.74% -0.64
2/10/2020 0.24% 0.40% -0.16% -0.02
2/11/2020 2.10% 2.14% -0.04% -0.00
2/12/2020 3.18% 1.56% 1.62% 0.18
2/13/2020 -3.18% 0.06% -3.25% -0.36
2/14/2020 0.92% 0.38% 0.54% 0.06
2/18/2020 -1.15% -0.07% -1.08% -0.12
2/19/2020 0.92% 0.51% 0.41% 0.05
2/20/2020 4.92% 0.37% 4.55% 0.51
2/21/2020 -2.66% -1.02% -1.63% -0.18
2/24/2020 -8.66% -2.83% -5.83% -0.65
2/25/2020 -4.76% -4.36% -0.40% -0.04
2/26/2020 -3.13% 3.98% -7.11% -0.80
2/27/2020 0.53% -6.82% 7.35% 0.82
2/28/2020 -2.67% -1.50% -1.16% -0.13
3/2/2020 -5.84% 3.07% -8.91% -1.00
3/3/2020 -11.21% -3.03% -8.18% -0.91
3/4/2020 1.27% 2.37% -1.10% -0.12
3/5/2020 -6.20% -6.54% 0.34% 0.04
3/6/2020 1.01% -1.33% 2.34% 0.26
3/9/2020 -13.93% -6.26% -7.66% -0.86
3/10/2020 -5.11% 3.54% -8.65% -0.97
3/11/2020 -7.53% -6.21% -1.32% -0.15
3/12/2020 -4.90% -13.56% 8.66% 0.97
3/13/2020 -1.38% 4.62% -6.00% -0.67
3/16/2020 -30.01% -29.70% -0.31% -0.04
3/17/2020 4.88% 0.47% 4.41% 0.49
3/18/2020 -6.77% -9.81% 3.03% 0.34
149
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206
Exhibit-7d
EXPR Event Study Results
January 28, 2020 through January 27, 2021
EXPR EXPR
EXPR LN Explained Residual
Date Return Return Return t -statistic[1]
3/19/2020 15.32% 7.57% 7.76% 0.87
3/20/2020 -6.20% -8.08% 1.88% 0.21
3/23/2020 -1.76% -4.25% 2.49% 0.28
3/24/2020 -1.19% 15.92% -17.11% -1.92
3/25/2020 5.82% 9.71% -3.89% -0.44
3/26/2020 12.72% 7.42% 5.30% 0.59
3/27/2020 -4.58% -4.72% 0.14% 0.02
3/30/2020 -15.76% 1.91% -17.67% -1.98 *
3/31/2020 -9.59% 0.42% -10.01% -1.12
4/1/2020 -9.13% -9.12% -0.01% -0.00
4/2/2020 2.18% -2.28% 4.46% 0.50
4/3/2020 -5.17% -6.57% 1.40% 0.16
4/6/2020 10.08% 15.97% -5.89% -0.66
4/7/2020 12.84% 1.60% 11.24% 1.26
4/8/2020 24.46% 6.25% 18.21% 2.04 *
4/9/2020 19.64% 0.73% 18.90% 2.12 *
4/13/2020 -23.48% -3.68% -19.81% -2.22 *
4/14/2020 16.25% 5.49% 10.76% 1.20
4/15/2020 -18.23% -4.84% -13.39% -1.50
4/16/2020 -1.01% -3.05% 2.05% 0.23
4/17/2020 1.50% 7.53% -6.03% -0.67
4/20/2020 -4.58% -5.77% 1.19% 0.13
4/21/2020 -4.80% -4.37% -0.43% -0.05
4/22/2020 -7.96% -0.44% -7.52% -0.84
4/23/2020 -3.61% -1.26% -2.35% -0.26
4/24/2020 1.22% 1.64% -0.42% -0.05
4/27/2020 7.58% 6.34% 1.25% 0.14
4/28/2020 15.09% 3.46% 11.63% 1.30
4/29/2020 -1.46% 5.56% -7.02% -0.79
4/30/2020 1.46% -7.07% 8.53% 0.95
5/1/2020 -7.52% -2.61% -4.91% -0.55
5/4/2020 -5.90% -1.05% -4.85% -0.54
5/5/2020 -5.10% 0.30% -5.40% -0.60
5/6/2020 -7.23% -1.03% -6.20% -0.69
5/7/2020 6.06% 2.01% 4.05% 0.45
5/8/2020 5.72% 1.63% 4.08% 0.46
150
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206
Exhibit-7d
EXPR Event Study Results
January 28, 2020 through January 27, 2021
EXPR EXPR
EXPR LN Explained Residual
Date Return Return Return t -statistic[1]
5/11/2020 -2.82% -1.24% -1.58% -0.18
5/12/2020 -6.49% -5.87% -0.62% -0.07
5/13/2020 -3.10% -4.69% 1.59% 0.18
5/14/2020 0.63% 1.69% -1.06% -0.12
5/15/2020 4.28% 4.22% 0.06% 0.01
5/18/2020 8.05% 7.21% 0.84% 0.09
5/19/2020 -3.37% -0.12% -3.25% -0.36
5/20/2020 1.14% 0.85% 0.28% 0.03
5/21/2020 7.61% 8.60% -0.98% -0.11
5/22/2020 -2.12% -2.45% 0.33% 0.04
5/26/2020 4.19% 3.99% 0.20% 0.02
5/27/2020 6.45% 2.32% 4.13% 0.46
5/28/2020 -2.93% -1.68% -1.25% -0.14
5/29/2020 -3.02% -2.83% -0.18% -0.02
6/1/2020 -5.24% 1.39% -6.62% -0.74
6/2/2020 8.75% 1.30% 7.45% 0.83
6/3/2020 -8.21% 2.96% -11.17% -1.25
6/4/2020 1.06% -0.72% 1.78% 0.20
6/5/2020 8.13% 5.71% 2.42% 0.27
6/8/2020 21.83% 1.10% 20.72% 2.32 *
6/9/2020 -2.38% -2.71% 0.33% 0.04
6/10/2020 -12.38% -3.70% -8.68% -0.97
6/11/2020 -15.72% -6.73% -8.99% -1.01
6/12/2020 3.66% -0.36% 4.02% 0.45
6/15/2020 -4.73% -0.18% -4.55% -0.51
6/16/2020 3.17% 7.00% -3.82% -0.43
6/17/2020 -2.11% -2.22% 0.11% 0.01
6/18/2020 -1.61% -2.84% 1.24% 0.14
6/19/2020 1.08% -1.61% 2.68% 0.30
6/22/2020 -2.71% -0.31% -2.40% -0.27
6/23/2020 -5.65% 1.12% -6.77% -0.76
6/24/2020 -9.76% -5.04% -4.72% -0.53
6/25/2020 -1.94% -2.03% 0.08% 0.01
6/26/2020 -7.46% -2.90% -4.56% -0.51
6/29/2020 6.15% 3.50% 2.64% 0.30
6/30/2020 1.97% -0.23% 2.20% 0.25
151
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206
Exhibit-7d
EXPR Event Study Results
January 28, 2020 through January 27, 2021
EXPR EXPR
EXPR LN Explained Residual
Date Return Return Return t -statistic[1]
7/1/2020 -6.71% 1.17% -7.88% -0.88
7/2/2020 -1.40% 1.10% -2.50% -0.28
7/6/2020 -2.86% 2.10% -4.95% -0.55
7/7/2020 -5.97% -4.86% -1.12% -0.12
7/8/2020 7.41% 0.64% 6.77% 0.76
7/9/2020 6.90% -2.65% 9.55% 1.07
7/10/2020 1.98% 2.37% -0.39% -0.04
7/13/2020 -9.60% -2.11% -7.49% -0.84
7/14/2020 -0.72% -2.58% 1.86% 0.21
7/15/2020 2.86% 6.78% -3.92% -0.44
7/16/2020 0.00% 2.08% -2.08% -0.23
7/17/2020 -2.14% -0.63% -1.50% -0.17
7/20/2020 -4.41% -2.65% -1.76% -0.20
7/21/2020 -1.52% 3.23% -4.74% -0.53
7/22/2020 -3.10% 0.91% -4.01% -0.45
7/23/2020 -2.39% -0.21% -2.18% -0.24
7/24/2020 -2.45% -1.78% -0.67% -0.07
7/27/2020 -5.09% -1.39% -3.70% -0.41
7/28/2020 -0.87% -0.01% -0.87% -0.10
7/29/2020 -4.49% 4.17% -8.65% -0.97
7/30/2020 1.82% -1.71% 3.52% 0.39
7/31/2020 -9.44% 0.49% -9.93% -1.11
8/3/2020 0.99% -0.85% 1.83% 0.20
8/4/2020 12.86% 1.99% 10.87% 1.22
8/5/2020 -1.74% 0.91% -2.65% -0.30
8/6/2020 -2.67% -1.35% -1.32% -0.15
8/7/2020 2.67% 3.83% -1.17% -0.13
8/10/2020 7.60% 3.22% 4.38% 0.49
8/11/2020 0.81% 1.92% -1.11% -0.12
8/12/2020 -4.12% 0.70% -4.82% -0.54
8/13/2020 4.12% -1.44% 5.55% 0.62
8/14/2020 0.00% 1.37% -1.37% -0.15
8/17/2020 2.39% 3.68% -1.29% -0.14
8/18/2020 -4.84% -4.17% -0.67% -0.08
8/19/2020 -5.96% -4.82% -1.14% -0.13
8/20/2020 -3.57% -4.43% 0.86% 0.10
152
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 157 of
206
Exhibit-7d
EXPR Event Study Results
January 28, 2020 through January 27, 2021
EXPR EXPR
EXPR LN Explained Residual
Date Return Return Return t -statistic[1]
8/21/2020 -4.65% -0.07% -4.58% -0.51
8/24/2020 0.00% 3.64% -3.64% -0.41
8/25/2020 7.34% 0.48% 6.86% 0.77
8/26/2020 -4.53% -0.07% -4.46% -0.50
8/27/2020 -2.82% 1.30% -4.12% -0.46
8/28/2020 3.74% 2.83% 0.91% 0.10
8/31/2020 1.82% -1.78% 3.60% 0.40
9/1/2020 -5.56% 1.39% -6.95% -0.78
9/2/2020 -0.96% 3.37% -4.32% -0.48
9/3/2020 -1.94% -2.13% 0.19% 0.02
9/4/2020 -4.46% -0.13% -4.33% -0.48
9/8/2020 -6.04% 0.21% -6.25% -0.70
9/9/2020 0.03% -1.62% 1.66% 0.19
9/10/2020 -2.07% -2.47% 0.41% 0.05
9/11/2020 -1.67% -0.35% -1.32% -0.15
9/14/2020 8.94% 3.78% 5.17% 0.58
9/15/2020 -1.46% 1.69% -3.15% -0.35
9/16/2020 -0.69% 2.15% -2.84% -0.32
9/17/2020 2.52% -2.63% 5.16% 0.58
9/18/2020 -7.78% -0.68% -7.09% -0.79
9/21/2020 -11.00% -3.66% -7.34% -0.82
9/22/2020 -4.45% -0.04% -4.41% -0.49
9/23/2020 -9.35% -3.11% -6.24% -0.70
9/24/2020 1.84% -0.88% 2.72% 0.30
9/25/2020 -5.14% 1.21% -6.35% -0.71
9/28/2020 -1.87% 5.23% -7.11% -0.80
9/29/2020 -8.70% -2.78% -5.93% -0.66
9/30/2020 -0.07% 2.96% -3.03% -0.34
10/1/2020 26.73% 2.94% 23.78% 2.66 *
10/2/2020 2.26% 1.83% 0.43% 0.05
10/5/2020 -7.00% 0.66% -7.66% -0.86
10/6/2020 -14.32% -2.67% -11.65% -1.30
10/7/2020 6.64% 3.82% 2.82% 0.32
10/8/2020 3.66% 0.31% 3.34% 0.37
10/9/2020 3.00% -0.04% 3.03% 0.34
10/12/2020 1.36% -0.52% 1.88% 0.21
153
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 158 of
206
Exhibit-7d
EXPR Event Study Results
January 28, 2020 through January 27, 2021
EXPR EXPR
EXPR LN Explained Residual
Date Return Return Return t -statistic[1]
10/13/2020 -5.47% -1.25% -4.23% -0.47
10/14/2020 2.29% -0.45% 2.74% 0.31
10/15/2020 1.68% 0.83% 0.85% 0.09
10/16/2020 0.27% -1.54% 1.81% 0.20
10/19/2020 -0.33% -3.77% 3.44% 0.38
10/20/2020 -3.59% 0.22% -3.82% -0.43
10/21/2020 -1.17% -0.25% -0.92% -0.10
10/22/2020 4.04% 2.75% 1.29% 0.14
10/23/2020 3.16% 2.77% 0.39% 0.04
10/26/2020 -2.58% -4.60% 2.02% 0.23
10/27/2020 -5.70% -0.69% -5.01% -0.56
10/28/2020 -7.32% -6.35% -0.97% -0.11
10/29/2020 -5.00% 1.54% -6.54% -0.73
10/30/2020 -2.41% -2.23% -0.18% -0.02
11/2/2020 -4.97% 2.65% -7.62% -0.85
11/3/2020 3.76% 4.38% -0.62% -0.07
11/4/2020 -1.49% -0.95% -0.53% -0.06
11/5/2020 4.50% 3.18% 1.32% 0.15
11/6/2020 -0.19% -1.78% 1.59% 0.18
11/9/2020 38.80% 14.87% 23.93% 2.68 *
11/10/2020 1.83% 1.97% -0.14% -0.02
11/11/2020 -8.96% -4.93% -4.03% -0.45
11/12/2020 -8.88% -1.19% -7.69% -0.86
11/13/2020 -1.60% 2.06% -3.66% -0.41
11/16/2020 9.12% 3.46% 5.66% 0.63
11/17/2020 6.35% 0.21% 6.13% 0.69
11/18/2020 12.96% 1.28% 11.68% 1.31
11/19/2020 1.94% 0.32% 1.62% 0.18
11/20/2020 9.18% -1.47% 10.65% 1.19
11/23/2020 19.83% 1.24% 18.59% 2.08 *
11/24/2020 10.25% 4.14% 6.11% 0.68
11/25/2020 3.82% -3.44% 7.27% 0.81
11/27/2020 -0.63% -0.03% -0.60% -0.07
11/30/2020 -4.50% -0.82% -3.69% -0.41
12/1/2020 10.01% 3.35% 6.65% 0.74
12/2/2020 -6.14% 0.53% -6.66% -0.75
154
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 159 of
206
Exhibit-7d
EXPR Event Study Results
January 28, 2020 through January 27, 2021
EXPR EXPR
EXPR LN Explained Residual
Date Return Return Return t -statistic[1]
12/3/2020 -30.04% 1.52% -31.57% -3.53 *
12/4/2020 2.53% 1.70% 0.83% 0.09
12/7/2020 -8.70% -0.97% -7.73% -0.87
12/8/2020 2.69% -0.08% 2.77% 0.31
12/9/2020 2.62% 1.61% 1.01% 0.11
12/10/2020 -3.51% -0.78% -2.73% -0.31
12/11/2020 -4.57% -1.31% -3.25% -0.36
12/14/2020 -2.84% -1.86% -0.98% -0.11
12/15/2020 0.96% 2.90% -1.95% -0.22
12/16/2020 -0.96% -0.40% -0.56% -0.06
12/17/2020 1.90% 2.41% -0.50% -0.06
12/18/2020 9.02% -0.10% 9.12% 1.02
12/21/2020 -6.22% -0.69% -5.54% -0.62
12/22/2020 -0.92% -0.27% -0.65% -0.07
12/23/2020 -2.82% 1.47% -4.28% -0.48
12/24/2020 -0.96% -0.71% -0.25% -0.03
12/28/2020 -3.92% 3.20% -7.12% -0.80
12/29/2020 -9.37% -0.93% -8.43% -0.94
12/30/2020 3.79% 0.91% 2.89% 0.32
12/31/2020 -3.86% -0.14% -3.72% -0.42
1/4/2021 2.67% -3.36% 6.03% 0.67
1/5/2021 2.98% 0.28% 2.70% 0.30
1/6/2021 3.78% 5.93% -2.15% -0.24
1/7/2021 1.98% 0.56% 1.42% 0.16
1/8/2021 1.94% 0.53% 1.41% 0.16
1/11/2021 -4.20% -1.76% -2.44% -0.27
1/12/2021 5.16% 0.67% 4.49% 0.50
1/13/2021 -1.92% -1.57% -0.35% -0.04
1/14/2021 21.73% -1.01% 22.74% 2.55 *
1/15/2021 -1.57% 0.20% -1.78% -0.20
1/19/2021 -4.05% -2.22% -1.83% -0.20
1/20/2021 -4.22% 1.56% -5.78% -0.65
1/21/2021 0.86% 0.15% 0.71% 0.08
1/22/2021 42.52% -1.92% 44.44% 4.97 *
1/25/2021 84.09% -1.53% 85.62% 9.58 *
1/26/2021 -31.13% -2.14% -28.99% -3.24 *
155
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 160 of
206
Exhibit-7d
EXPR Event Study Results
January 28, 2020 through January 27, 2021
EXPR EXPR
EXPR LN Explained Residual
Date Return Return Return t -statistic[1]
1/27/2021 114.47% -3.96% 118.43% 13.25 *
Note:
[1] t -statistics marked with a "*" are significant at the 95% confidence level.
[2] All returns are logarithmic returns.
156
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 161 of
206
Exhibit-7e
GME Event Study Results
January 28, 2020 through January 27, 2021
GME GME
GME LN Explained Residual
Date Return Return Return t -statistic[1]
1/28/2020 -1.65% 2.53% -4.18% -0.47
1/29/2020 -1.92% 1.31% -3.23% -0.37
1/30/2020 -4.96% 1.77% -6.74% -0.76
1/31/2020 -2.32% -0.42% -1.90% -0.21
2/3/2020 2.82% 2.33% 0.50% 0.06
2/4/2020 2.99% 3.11% -0.12% -0.01
2/5/2020 2.67% 2.51% 0.16% 0.02
2/6/2020 -0.96% 1.73% -2.69% -0.30
2/7/2020 -8.31% 0.84% -9.15% -1.03
2/10/2020 3.36% 2.21% 1.14% 0.13
2/11/2020 2.01% 1.85% 0.16% 0.02
2/12/2020 4.14% 2.19% 1.95% 0.22
2/13/2020 -1.93% 1.38% -3.31% -0.37
2/14/2020 -2.21% 1.63% -3.85% -0.44
2/18/2020 0.99% 1.29% -0.30% -0.03
2/19/2020 2.19% 2.03% 0.16% 0.02
2/20/2020 -0.24% 1.19% -1.43% -0.16
2/21/2020 -2.45% 0.36% -2.81% -0.32
2/24/2020 -8.79% -2.13% -6.66% -0.75
2/25/2020 -3.86% -1.87% -1.98% -0.22
2/26/2020 -4.89% 0.91% -5.80% -0.66
2/27/2020 2.33% -3.18% 5.51% 0.62
2/28/2020 3.68% 0.49% 3.19% 0.36
3/2/2020 6.19% 5.85% 0.34% 0.04
3/3/2020 -5.36% -1.33% -4.03% -0.46
3/4/2020 3.78% 5.57% -1.79% -0.20
3/5/2020 4.92% -2.12% 7.03% 0.80
3/6/2020 -1.02% -0.51% -0.50% -0.06
3/9/2020 -5.78% -7.68% 1.90% 0.22
3/10/2020 13.39% 6.32% 7.07% 0.80
3/11/2020 -2.15% -4.26% 2.11% 0.24
3/12/2020 -3.94% -9.96% 6.02% 0.68
3/13/2020 14.26% 10.57% 3.69% 0.42
3/16/2020 -4.91% -12.61% 7.70% 0.87
3/17/2020 -3.26% 7.27% -10.53% -1.19
3/18/2020 -11.51% -5.41% -6.10% -0.69
157
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 162 of
206
Exhibit-7e
GME Event Study Results
January 28, 2020 through January 27, 2021
GME GME
GME LN Explained Residual
Date Return Return Return t -statistic[1]
3/19/2020 10.56% 3.10% 7.47% 0.84
3/20/2020 -10.83% -2.73% -8.10% -0.92
3/23/2020 1.32% -1.43% 2.75% 0.31
3/24/2020 8.79% 11.15% -2.36% -0.27
3/25/2020 0.24% 3.24% -3.00% -0.34
3/26/2020 5.60% 7.68% -2.09% -0.24
3/27/2020 -4.40% -2.26% -2.14% -0.24
3/30/2020 -14.51% 4.65% -19.16% -2.17 *
3/31/2020 -4.20% 0.10% -4.29% -0.49
4/1/2020 -7.41% -3.66% -3.75% -0.42
4/2/2020 -13.13% 3.61% -16.74% -1.89
4/3/2020 -1.77% -0.31% -1.46% -0.16
4/6/2020 9.86% 8.83% 1.02% 0.12
4/7/2020 5.66% 1.51% 4.15% 0.47
4/8/2020 4.19% 5.14% -0.95% -0.11
4/9/2020 13.17% 3.46% 9.71% 1.10
4/13/2020 19.76% 0.42% 19.34% 2.19 *
4/14/2020 22.74% 4.59% 18.15% 2.05 *
4/15/2020 -12.14% -1.10% -11.04% -1.25
4/16/2020 -4.66% 1.98% -6.64% -0.75
4/17/2020 -3.03% 4.45% -7.48% -0.85
4/20/2020 13.94% -0.23% 14.17% 1.60
4/21/2020 -16.01% -1.81% -14.20% -1.61
4/22/2020 2.28% 3.82% -1.54% -0.17
4/23/2020 -3.96% 1.62% -5.58% -0.63
4/24/2020 1.48% 2.91% -1.44% -0.16
4/27/2020 19.90% 3.39% 16.51% 1.87
4/28/2020 -3.14% 1.17% -4.31% -0.49
4/29/2020 6.85% 4.62% 2.24% 0.25
4/30/2020 -5.27% 0.01% -5.28% -0.60
5/1/2020 5.43% -1.70% 7.13% 0.81
5/4/2020 -9.90% 2.04% -11.94% -1.35
5/5/2020 -1.66% 2.43% -4.08% -0.46
5/6/2020 -8.92% 0.85% -9.77% -1.10
5/7/2020 -1.22% 2.92% -4.14% -0.47
5/8/2020 2.23% 3.52% -1.29% -0.15
158
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 163 of
206
Exhibit-7e
GME Event Study Results
January 28, 2020 through January 27, 2021
GME GME
GME LN Explained Residual
Date Return Return Return t -statistic[1]
5/11/2020 -4.52% 1.43% -5.95% -0.67
5/12/2020 -4.73% -0.84% -3.89% -0.44
5/13/2020 -7.55% -0.65% -6.90% -0.78
5/14/2020 -1.92% 2.60% -4.52% -0.51
5/15/2020 2.16% 2.08% 0.08% 0.01
5/18/2020 8.19% 5.08% 3.10% 0.35
5/19/2020 -3.10% 0.39% -3.49% -0.39
5/20/2020 -0.23% 3.34% -3.56% -0.40
5/21/2020 0.23% 0.71% -0.49% -0.05
5/22/2020 -6.03% 1.74% -7.78% -0.88
5/26/2020 5.58% 2.99% 2.59% 0.29
5/27/2020 5.93% 3.14% 2.79% 0.32
5/28/2020 -7.99% 1.06% -9.04% -1.02
5/29/2020 -6.44% 2.01% -8.45% -0.96
6/1/2020 1.71% 2.20% -0.49% -0.06
6/2/2020 1.20% 2.41% -1.20% -0.14
6/3/2020 6.03% 3.07% 2.96% 0.33
6/4/2020 0.67% 1.09% -0.42% -0.05
6/5/2020 -7.67% 4.20% -11.87% -1.34
6/8/2020 19.07% 3.01% 16.06% 1.82
6/9/2020 -1.00% 0.44% -1.44% -0.16
6/10/2020 2.19% 0.73% 1.46% 0.17
6/11/2020 -14.86% -5.17% -9.69% -1.10
6/12/2020 7.70% 2.98% 4.73% 0.53
6/15/2020 -0.64% 2.67% -3.31% -0.37
6/16/2020 -1.07% 3.43% -4.50% -0.51
6/17/2020 2.55% 1.04% 1.52% 0.17
6/18/2020 3.91% 1.60% 2.32% 0.26
6/19/2020 -1.42% 0.95% -2.38% -0.27
6/22/2020 -0.21% 2.24% -2.45% -0.28
6/23/2020 -0.82% 1.88% -2.70% -0.31
6/24/2020 -9.10% -1.44% -7.66% -0.87
6/25/2020 1.13% 2.71% -1.58% -0.18
6/26/2020 -2.50% -1.13% -1.36% -0.15
6/29/2020 0.69% 3.07% -2.38% -0.27
6/30/2020 -0.92% 3.08% -3.99% -0.45
159
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 164 of
206
Exhibit-7e
GME Event Study Results
January 28, 2020 through January 27, 2021
GME GME
GME LN Explained Residual
Date Return Return Return t -statistic[1]
7/1/2020 2.28% 1.98% 0.30% 0.03
7/2/2020 -3.44% 1.99% -5.43% -0.61
7/6/2020 -1.17% 3.11% -4.29% -0.48
7/7/2020 -3.60% 0.32% -3.93% -0.44
7/8/2020 4.07% 2.40% 1.67% 0.19
7/9/2020 -1.18% 0.84% -2.02% -0.23
7/10/2020 3.04% 2.68% 0.36% 0.04
7/13/2020 -1.86% 0.17% -2.03% -0.23
7/14/2020 -4.32% 2.93% -7.25% -0.82
7/15/2020 2.66% 2.76% -0.10% -0.01
7/16/2020 -0.48% 1.03% -1.51% -0.17
7/17/2020 -5.17% 1.79% -6.95% -0.79
7/20/2020 -2.82% 2.43% -5.24% -0.59
7/21/2020 4.07% 1.70% 2.37% 0.27
7/22/2020 2.46% 2.05% 0.41% 0.05
7/23/2020 0.00% 0.23% -0.23% -0.03
7/24/2020 -1.97% 0.70% -2.67% -0.30
7/27/2020 -0.50% 2.48% -2.98% -0.34
7/28/2020 -1.76% 0.68% -2.44% -0.28
7/29/2020 3.00% 2.94% 0.07% 0.01
7/30/2020 0.98% 1.07% -0.09% -0.01
7/31/2020 -2.22% 1.96% -4.17% -0.47
8/3/2020 3.43% 2.45% 0.99% 0.11
8/4/2020 6.53% 1.99% 4.54% 0.51
8/5/2020 4.42% 2.27% 2.14% 0.24
8/6/2020 -4.42% 1.99% -6.41% -0.72
8/7/2020 -6.29% 1.46% -7.75% -0.88
8/10/2020 4.01% 1.73% 2.27% 0.26
8/11/2020 0.46% 0.55% -0.09% -0.01
8/12/2020 3.83% 2.92% 0.92% 0.10
8/13/2020 2.62% 1.41% 1.21% 0.14
8/14/2020 2.34% 1.40% 0.94% 0.11
8/17/2020 -2.56% 2.03% -4.58% -0.52
8/18/2020 3.81% 1.63% 2.18% 0.25
8/19/2020 -1.89% 0.97% -2.86% -0.32
8/20/2020 -2.36% 1.78% -4.14% -0.47
160
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 165 of
206
Exhibit-7e
GME Event Study Results
January 28, 2020 through January 27, 2021
GME GME
GME LN Explained Residual
Date Return Return Return t -statistic[1]
8/21/2020 8.72% 1.64% 7.08% 0.80
8/24/2020 -3.23% 2.44% -5.67% -0.64
8/25/2020 2.23% 1.83% 0.40% 0.05
8/26/2020 2.58% 2.53% 0.05% 0.01
8/27/2020 2.70% 1.59% 1.12% 0.13
8/28/2020 2.63% 2.21% 0.42% 0.05
8/31/2020 21.46% 1.30% 20.16% 2.28 *
9/1/2020 13.56% 2.45% 11.11% 1.26
9/2/2020 0.78% 2.79% -2.01% -0.23
9/3/2020 1.42% -2.42% 3.83% 0.43
9/4/2020 -2.20% 0.54% -2.74% -0.31
9/8/2020 0.65% -1.55% 2.20% 0.25
9/9/2020 -4.65% 3.62% -8.28% -0.94
9/10/2020 -16.53% -0.30% -16.23% -1.84
9/11/2020 -2.27% 1.45% -3.72% -0.42
9/14/2020 12.63% 3.14% 9.49% 1.07
9/15/2020 2.57% 2.10% 0.48% 0.05
9/16/2020 20.23% 1.09% 19.15% 2.17 *
9/17/2020 5.82% 0.56% 5.26% 0.59
9/18/2020 2.89% 0.50% 2.40% 0.27
9/21/2020 -7.91% 0.10% -8.01% -0.91
9/22/2020 18.80% 2.51% 16.29% 1.84
9/23/2020 -5.05% -1.27% -3.78% -0.43
9/24/2020 -9.39% 1.67% -11.06% -1.25
9/25/2020 9.19% 3.19% 6.00% 0.68
9/28/2020 0.70% 3.31% -2.61% -0.30
9/29/2020 2.54% 1.02% 1.52% 0.17
9/30/2020 -1.46% 2.23% -3.69% -0.42
10/1/2020 -4.31% 2.40% -6.70% -0.76
10/2/2020 -3.97% 0.56% -4.53% -0.51
10/5/2020 0.74% 3.50% -2.76% -0.31
10/6/2020 -3.55% 0.09% -3.64% -0.41
10/7/2020 2.49% 3.39% -0.90% -0.10
10/8/2020 36.55% 2.40% 34.15% 3.86 *
10/9/2020 -11.54% 2.41% -13.95% -1.58
10/12/2020 -1.85% 2.93% -4.78% -0.54
161
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 166 of
206
Exhibit-7e
GME Event Study Results
January 28, 2020 through January 27, 2021
GME GME
GME LN Explained Residual
Date Return Return Return t -statistic[1]
10/13/2020 0.68% 0.96% -0.29% -0.03
10/14/2020 3.07% 0.77% 2.30% 0.26
10/15/2020 12.13% 1.40% 10.73% 1.21
10/16/2020 -3.83% 1.36% -5.19% -0.59
10/19/2020 4.41% -0.11% 4.52% 0.51
10/20/2020 -0.36% 1.86% -2.22% -0.25
10/21/2020 1.72% 1.00% 0.71% 0.08
10/22/2020 5.59% 2.11% 3.48% 0.39
10/23/2020 0.60% 1.90% -1.29% -0.15
10/26/2020 -10.91% -0.57% -10.34% -1.17
10/27/2020 -5.82% 1.13% -6.94% -0.79
10/28/2020 -7.10% -2.21% -4.89% -0.55
10/29/2020 -0.76% 2.63% -3.40% -0.38
10/30/2020 -11.36% -0.05% -11.31% -1.28
11/2/2020 2.64% 2.81% -0.17% -0.02
11/3/2020 7.35% 3.55% 3.80% 0.43
11/4/2020 -5.87% 3.61% -9.48% -1.07
11/5/2020 4.83% 3.80% 1.03% 0.12
11/6/2020 3.52% 1.46% 2.05% 0.23
11/9/2020 -3.17% 2.49% -5.66% -0.64
11/10/2020 -3.45% 1.43% -4.89% -0.55
11/11/2020 5.69% 2.37% 3.32% 0.38
11/12/2020 -5.42% 0.38% -5.80% -0.66
11/13/2020 -1.08% 2.91% -3.99% -0.45
11/16/2020 9.11% 2.81% 6.30% 0.71
11/17/2020 -3.63% 1.29% -4.92% -0.56
11/18/2020 -0.52% 0.46% -0.98% -0.11
11/19/2020 7.41% 2.12% 5.29% 0.60
11/20/2020 1.99% 1.00% 0.99% 0.11
11/23/2020 8.95% 2.33% 6.62% 0.75
11/24/2020 -1.67% 3.13% -4.80% -0.54
11/25/2020 7.60% 1.49% 6.12% 0.69
11/27/2020 8.63% 1.92% 6.72% 0.76
11/30/2020 2.94% 0.82% 2.12% 0.24
12/1/2020 -4.70% 2.56% -7.26% -0.82
12/2/2020 4.82% 1.57% 3.25% 0.37
162
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 167 of
206
Exhibit-7e
GME Event Study Results
January 28, 2020 through January 27, 2021
GME GME
GME LN Explained Residual
Date Return Return Return t -statistic[1]
12/3/2020 -2.81% 1.70% -4.51% -0.51
12/4/2020 4.73% 2.61% 2.12% 0.24
12/7/2020 -3.31% 1.47% -4.78% -0.54
12/8/2020 3.54% 1.91% 1.63% 0.18
12/9/2020 -21.52% 0.38% -21.90% -2.48 *
12/10/2020 3.31% 1.76% 1.56% 0.18
12/11/2020 -5.91% 1.22% -7.12% -0.81
12/14/2020 -4.53% 1.14% -5.68% -0.64
12/15/2020 8.51% 2.90% 5.61% 0.63
12/16/2020 0.00% 1.64% -1.64% -0.19
12/17/2020 6.84% 2.35% 4.48% 0.51
12/18/2020 5.25% 1.22% 4.03% 0.46
12/21/2020 -0.64% 1.14% -1.78% -0.20
12/22/2020 22.56% 1.52% 21.04% 2.38 *
12/23/2020 5.55% 1.58% 3.97% 0.45
12/24/2020 -2.06% 1.72% -3.78% -0.43
12/28/2020 4.08% 1.88% 2.21% 0.25
12/29/2020 -7.98% 1.08% -9.06% -1.02
12/30/2020 -0.62% 1.81% -2.43% -0.28
12/31/2020 -2.20% 1.88% -4.08% -0.46
1/4/2021 -8.82% -0.01% -8.80% -1.00
1/5/2021 0.69% 2.45% -1.76% -0.20
1/6/2021 5.54% 2.35% 3.19% 0.36
1/7/2021 -1.54% 3.27% -4.80% -0.54
1/8/2021 -2.18% 1.98% -4.16% -0.47
1/11/2021 11.97% 0.83% 11.14% 1.26
1/12/2021 0.05% 1.95% -1.90% -0.21
1/13/2021 45.36% 1.58% 43.78% 4.95 *
1/14/2021 23.98% 1.45% 22.53% 2.55 *
1/15/2021 -11.71% 0.50% -12.21% -1.38
1/19/2021 10.32% 2.39% 7.93% 0.90
1/20/2021 -0.61% 2.93% -3.54% -0.40
1/21/2021 9.53% 1.36% 8.17% 0.92
1/22/2021 41.26% 1.27% 39.99% 4.52 *
1/25/2021 16.65% 1.70% 14.95% 1.69
1/26/2021 65.60% 1.15% 64.45% 7.29 *
163
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 168 of
206
Exhibit-7e
GME Event Study Results
January 28, 2020 through January 27, 2021
GME GME
GME LN Explained Residual
Date Return Return Return t -statistic[1]
1/27/2021 85.37% -1.39% 86.77% 9.81 *
Note:
[1] t -statistics marked with a "*" are significant at the 95% confidence level.
[2] All returns are logarithmic returns.
164
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 169 of
206
Exhibit-7f
KOSS Event Study Results
January 28, 2020 through January 27, 2021
KOSS KOSS
KOSS LN Explained Residual
Date Return Return Return t -statistic[1]
1/28/2020 1.97% 1.20% 0.77% 0.09
1/29/2020 1.09% 0.84% 0.25% 0.03
1/30/2020 3.24% 0.98% 2.26% 0.28
1/31/2020 -8.48% 0.16% -8.63% -1.05
2/3/2020 -0.50% 1.18% -1.67% -0.20
2/4/2020 0.68% 1.53% -0.85% -0.10
2/5/2020 -2.74% 1.20% -3.94% -0.48
2/6/2020 0.00% 0.96% -0.96% -0.12
2/7/2020 1.43% 0.60% 0.83% 0.10
2/10/2020 -1.43% 1.12% -2.54% -0.31
2/11/2020 0.00% 0.97% -0.97% -0.12
2/12/2020 2.67% 1.14% 1.53% 0.19
2/13/2020 -0.60% 0.81% -1.41% -0.17
2/14/2020 -1.38% 0.90% -2.28% -0.28
2/18/2020 -0.69% 0.78% -1.48% -0.18
2/19/2020 -5.72% 1.05% -6.77% -0.83
2/20/2020 2.18% 0.72% 1.47% 0.18
2/21/2020 0.72% 0.42% 0.29% 0.04
2/24/2020 -0.72% -0.55% -0.17% -0.02
2/25/2020 -3.42% -0.40% -3.02% -0.37
2/26/2020 -8.80% 0.65% -9.45% -1.15
2/27/2020 2.00% -0.99% 3.00% 0.37
2/28/2020 -5.27% 0.53% -5.80% -0.71
3/2/2020 5.67% 2.53% 3.13% 0.38
3/3/2020 -1.59% -0.28% -1.31% -0.16
3/4/2020 -3.28% 2.40% -5.68% -0.69
3/5/2020 0.00% -0.50% 0.50% 0.06
3/6/2020 -4.26% 0.11% -4.36% -0.53
3/9/2020 -10.52% -2.66% -7.85% -0.96
3/10/2020 2.37% 2.69% -0.32% -0.04
3/11/2020 -3.85% -1.23% -2.62% -0.32
3/12/2020 -1.99% -3.39% 1.40% 0.17
3/13/2020 -6.18% 4.49% -10.67% -1.30
3/16/2020 5.18% -4.32% 9.51% 1.16
3/17/2020 0.98% 3.19% -2.21% -0.27
3/18/2020 -10.51% -1.66% -8.84% -1.08
165
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 170 of
206
Exhibit-7f
KOSS Event Study Results
January 28, 2020 through January 27, 2021
KOSS KOSS
KOSS LN Explained Residual
Date Return Return Return t -statistic[1]
3/19/2020 0.01% 1.39% -1.38% -0.17
3/20/2020 -8.10% -0.76% -7.34% -0.89
3/23/2020 4.89% -0.17% 5.06% 0.62
3/24/2020 4.85% 4.32% 0.53% 0.06
3/25/2020 -9.70% 1.35% -11.05% -1.35
3/26/2020 4.69% 3.26% 1.44% 0.18
3/27/2020 2.24% -0.57% 2.81% 0.34
3/30/2020 -0.77% 2.15% -2.91% -0.36
3/31/2020 -0.36% 0.43% -0.79% -0.10
4/1/2020 -4.65% -1.04% -3.61% -0.44
4/2/2020 2.34% 1.76% 0.58% 0.07
4/3/2020 -4.75% 0.17% -4.92% -0.60
4/6/2020 3.00% 3.46% -0.46% -0.06
4/7/2020 0.11% 0.82% -0.71% -0.09
4/8/2020 -1.93% 2.14% -4.07% -0.50
4/9/2020 0.04% 1.58% -1.54% -0.19
4/13/2020 13.02% 0.54% 12.48% 1.52
4/14/2020 -0.25% 2.00% -2.25% -0.27
4/15/2020 25.75% -0.04% 25.79% 3.14 *
4/16/2020 -0.82% 1.02% -1.85% -0.23
4/17/2020 -7.73% 1.93% -9.66% -1.18
4/20/2020 -3.30% 0.25% -3.56% -0.43
4/21/2020 6.81% -0.47% 7.28% 0.89
4/22/2020 -0.87% 1.79% -2.66% -0.32
4/23/2020 3.42% 0.88% 2.54% 0.31
4/24/2020 4.12% 1.33% 2.78% 0.34
4/27/2020 9.24% 1.49% 7.74% 0.94
4/28/2020 4.32% 0.53% 3.78% 0.46
4/29/2020 0.06% 2.02% -1.96% -0.24
4/30/2020 -7.36% 0.38% -7.74% -0.94
5/1/2020 -9.52% -0.37% -9.15% -1.12
5/4/2020 2.59% 1.07% 1.52% 0.19
5/5/2020 -2.60% 1.21% -3.81% -0.46
5/6/2020 2.47% 0.63% 1.84% 0.22
5/7/2020 0.00% 1.45% -1.45% -0.18
5/8/2020 -9.37% 1.52% -10.89% -1.33
166
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 171 of
206
Exhibit-7f
KOSS Event Study Results
January 28, 2020 through January 27, 2021
KOSS KOSS
KOSS LN Explained Residual
Date Return Return Return t -statistic[1]
5/11/2020 6.90% 0.89% 6.01% 0.73
5/12/2020 -2.53% 0.01% -2.54% -0.31
5/13/2020 -5.26% 0.07% -5.34% -0.65
5/14/2020 -3.67% 1.27% -4.94% -0.60
5/15/2020 7.64% 1.04% 6.61% 0.81
5/18/2020 -1.54% 2.04% -3.58% -0.44
5/19/2020 -2.43% 0.39% -2.82% -0.34
5/20/2020 2.67% 1.62% 1.05% 0.13
5/21/2020 -1.77% 0.49% -2.26% -0.28
5/22/2020 1.77% 0.93% 0.84% 0.10
5/26/2020 0.45% 1.36% -0.92% -0.11
5/27/2020 0.43% 1.38% -0.95% -0.12
5/28/2020 -4.45% 0.82% -5.27% -0.64
5/29/2020 2.69% 1.08% 1.61% 0.20
6/1/2020 0.00% 1.13% -1.13% -0.14
6/2/2020 11.68% 1.18% 10.50% 1.28
6/3/2020 -1.19% 1.38% -2.57% -0.31
6/4/2020 -4.90% 0.76% -5.66% -0.69
6/5/2020 4.50% 1.85% 2.65% 0.32
6/8/2020 2.37% 1.45% 0.92% 0.11
6/9/2020 9.67% 0.46% 9.22% 1.12
6/10/2020 -10.24% 0.56% -10.81% -1.32
6/11/2020 -9.28% -1.62% -7.66% -0.93
6/12/2020 17.37% 1.39% 15.98% 1.95
6/15/2020 0.73% 1.23% -0.50% -0.06
6/16/2020 34.36% 1.55% 32.80% 4.00 *
6/17/2020 -13.06% 0.65% -13.72% -1.67
6/18/2020 -4.15% 0.95% -5.11% -0.62
6/19/2020 -2.45% 0.66% -3.12% -0.38
6/22/2020 8.91% 1.14% 7.77% 0.95
6/23/2020 -12.71% 0.99% -13.69% -1.67
6/24/2020 -4.62% -0.24% -4.38% -0.53
6/25/2020 -1.46% 1.35% -2.81% -0.34
6/26/2020 -4.10% -0.16% -3.94% -0.48
6/29/2020 1.42% 1.40% 0.01% 0.00
6/30/2020 -4.32% 1.46% -5.77% -0.70
167
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 172 of
206
Exhibit-7f
KOSS Event Study Results
January 28, 2020 through January 27, 2021
KOSS KOSS
KOSS LN Explained Residual
Date Return Return Return t -statistic[1]
7/1/2020 8.46% 1.10% 7.36% 0.90
7/2/2020 0.00% 1.05% -1.05% -0.13
7/6/2020 0.00% 1.42% -1.42% -0.17
7/7/2020 -3.44% 0.39% -3.83% -0.47
7/8/2020 1.63% 1.15% 0.48% 0.06
7/9/2020 21.38% 0.70% 20.68% 2.52 *
7/10/2020 -1.12% 1.26% -2.38% -0.29
7/13/2020 -15.13% 0.38% -15.51% -1.89
7/14/2020 3.22% 1.35% 1.87% 0.23
7/15/2020 -0.01% 1.31% -1.31% -0.16
7/16/2020 2.19% 0.60% 1.59% 0.19
7/17/2020 -2.19% 1.01% -3.20% -0.39
7/20/2020 0.00% 1.24% -1.24% -0.15
7/21/2020 3.21% 0.95% 2.25% 0.27
7/22/2020 5.86% 0.95% 4.91% 0.60
7/23/2020 2.29% 0.33% 1.96% 0.24
7/24/2020 7.09% 0.52% 6.57% 0.80
7/27/2020 6.62% 1.13% 5.48% 0.67
7/28/2020 -0.99% 0.60% -1.59% -0.19
7/29/2020 -7.22% 1.38% -8.60% -1.05
7/30/2020 1.59% 0.68% 0.91% 0.11
7/31/2020 0.00% 1.07% -1.07% -0.13
8/3/2020 2.08% 1.20% 0.88% 0.11
8/4/2020 18.32% 1.06% 17.26% 2.10 *
8/5/2020 -3.94% 1.14% -5.07% -0.62
8/6/2020 4.37% 1.06% 3.31% 0.40
8/7/2020 -0.43% 0.84% -1.28% -0.16
8/10/2020 2.96% 0.90% 2.06% 0.25
8/11/2020 -15.28% 0.50% -15.77% -1.92
8/12/2020 1.92% 1.38% 0.54% 0.07
8/13/2020 -0.48% 0.81% -1.29% -0.16
8/14/2020 -2.42% 0.81% -3.23% -0.39
8/17/2020 2.90% 1.01% 1.89% 0.23
8/18/2020 11.24% 0.91% 10.34% 1.26
8/19/2020 -7.96% 0.65% -8.61% -1.05
8/20/2020 20.36% 0.97% 19.38% 2.36 *
168
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 173 of
206
Exhibit-7f
KOSS Event Study Results
January 28, 2020 through January 27, 2021
KOSS KOSS
KOSS LN Explained Residual
Date Return Return Return t -statistic[1]
8/21/2020 -13.67% 0.87% -14.54% -1.77
8/24/2020 0.86% 1.23% -0.37% -0.05
8/25/2020 -0.86% 1.02% -1.88% -0.23
8/26/2020 -8.08% 1.26% -9.34% -1.14
8/27/2020 5.90% 0.95% 4.95% 0.60
8/28/2020 -1.33% 1.16% -2.49% -0.30
8/31/2020 -3.24% 0.81% -4.05% -0.49
9/1/2020 -5.62% 1.17% -6.79% -0.83
9/2/2020 0.97% 1.37% -0.40% -0.05
9/3/2020 -6.49% -0.62% -5.87% -0.72
9/4/2020 -1.60% 0.52% -2.12% -0.26
9/8/2020 3.64% -0.38% 4.02% 0.49
9/9/2020 -1.53% 1.66% -3.19% -0.39
9/10/2020 1.02% 0.14% 0.88% 0.11
9/11/2020 5.43% 0.77% 4.66% 0.57
9/14/2020 3.31% 1.48% 1.83% 0.22
9/15/2020 -4.76% 1.14% -5.90% -0.72
9/16/2020 0.97% 0.62% 0.35% 0.04
9/17/2020 3.79% 0.51% 3.28% 0.40
9/18/2020 -3.79% 0.47% -4.26% -0.52
9/21/2020 4.26% 0.33% 3.93% 0.48
9/22/2020 -0.93% 1.18% -2.11% -0.26
9/23/2020 1.39% -0.15% 1.54% 0.19
9/24/2020 6.68% 0.91% 5.77% 0.70
9/25/2020 -4.63% 1.55% -6.18% -0.75
9/28/2020 -0.68% 1.48% -2.16% -0.26
9/29/2020 -2.77% 0.70% -3.46% -0.42
9/30/2020 0.00% 1.10% -1.10% -0.13
10/1/2020 1.39% 1.15% 0.24% 0.03
10/2/2020 -0.69% 0.46% -1.16% -0.14
10/5/2020 -0.23% 1.66% -1.89% -0.23
10/6/2020 0.00% 0.35% -0.35% -0.04
10/7/2020 2.30% 1.57% 0.73% 0.09
10/8/2020 -0.46% 1.14% -1.60% -0.19
10/9/2020 -0.92% 1.22% -2.14% -0.26
10/12/2020 6.25% 1.44% 4.81% 0.59
169
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 174 of
206
Exhibit-7f
KOSS Event Study Results
January 28, 2020 through January 27, 2021
KOSS KOSS
KOSS LN Explained Residual
Date Return Return Return t -statistic[1]
10/13/2020 -5.33% 0.64% -5.98% -0.73
10/14/2020 0.46% 0.56% -0.10% -0.01
10/15/2020 -6.09% 0.78% -6.87% -0.84
10/16/2020 6.14% 0.84% 5.30% 0.65
10/19/2020 -3.27% 0.26% -3.54% -0.43
10/20/2020 6.80% 0.98% 5.82% 0.71
10/21/2020 -1.77% 0.78% -2.55% -0.31
10/22/2020 -4.10% 1.19% -5.29% -0.65
10/23/2020 0.62% 0.94% -0.33% -0.04
10/26/2020 -1.08% 0.11% -1.19% -0.15
10/27/2020 2.31% 0.76% 1.55% 0.19
10/28/2020 -4.37% -0.64% -3.73% -0.45
10/29/2020 -1.04% 1.32% -2.35% -0.29
10/30/2020 1.92% 0.23% 1.69% 0.21
11/2/2020 -4.10% 1.26% -5.36% -0.65
11/3/2020 3.63% 1.65% 1.98% 0.24
11/4/2020 -0.24% 1.62% -1.86% -0.23
11/5/2020 -1.92% 1.78% -3.71% -0.45
11/6/2020 0.00% 0.91% -0.91% -0.11
11/9/2020 0.00% 1.48% -1.48% -0.18
11/10/2020 2.16% 0.69% 1.47% 0.18
11/11/2020 2.58% 1.17% 1.41% 0.17
11/12/2020 -3.77% 0.46% -4.24% -0.52
11/13/2020 3.77% 1.36% 2.41% 0.29
11/16/2020 -2.82% 1.36% -4.18% -0.51
11/17/2020 0.95% 0.78% 0.17% 0.02
11/18/2020 -1.43% 0.42% -1.84% -0.22
11/19/2020 0.00% 1.11% -1.11% -0.14
11/20/2020 -0.72% 0.65% -1.37% -0.17
11/23/2020 0.72% 1.14% -0.42% -0.05
11/24/2020 2.96% 1.55% 1.41% 0.17
11/25/2020 -1.00% 0.83% -1.84% -0.22
11/27/2020 3.15% 1.02% 2.12% 0.26
11/30/2020 -1.80% 0.64% -2.44% -0.30
12/1/2020 25.95% 1.31% 24.64% 3.00 *
12/2/2020 -8.96% 0.98% -9.94% -1.21
170
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 175 of
206
Exhibit-7f
KOSS Event Study Results
January 28, 2020 through January 27, 2021
KOSS KOSS
KOSS LN Explained Residual
Date Return Return Return t -statistic[1]
12/3/2020 5.32% 0.84% 4.49% 0.55
12/4/2020 -6.11% 1.34% -7.45% -0.91
12/7/2020 1.17% 0.78% 0.40% 0.05
12/8/2020 -2.36% 1.12% -3.48% -0.42
12/9/2020 -0.40% 0.42% -0.82% -0.10
12/10/2020 -5.10% 0.97% -6.08% -0.74
12/11/2020 -0.03% 0.73% -0.76% -0.09
12/14/2020 3.11% 0.69% 2.42% 0.30
12/15/2020 2.02% 1.41% 0.61% 0.07
12/16/2020 1.98% 0.91% 1.07% 0.13
12/17/2020 0.00% 1.10% -1.10% -0.13
12/18/2020 -6.90% 0.73% -7.63% -0.93
12/21/2020 3.71% 0.74% 2.97% 0.36
12/22/2020 -1.22% 0.85% -2.08% -0.25
12/23/2020 -4.18% 0.93% -5.12% -0.62
12/24/2020 0.00% 0.90% -0.90% -0.11
12/28/2020 2.53% 1.06% 1.47% 0.18
12/29/2020 36.00% 0.70% 35.30% 4.30 *
12/30/2020 7.29% 0.98% 6.31% 0.77
12/31/2020 -7.29% 1.04% -8.33% -1.02
1/4/2021 -7.55% 0.30% -7.84% -0.96
1/5/2021 -2.54% 1.27% -3.81% -0.46
1/6/2021 -1.95% 1.20% -3.14% -0.38
1/7/2021 3.23% 1.50% 1.72% 0.21
1/8/2021 3.74% 1.10% 2.63% 0.32
1/11/2021 -2.16% 0.54% -2.71% -0.33
1/12/2021 1.24% 0.99% 0.24% 0.03
1/13/2021 -4.10% 0.88% -4.97% -0.61
1/14/2021 -1.29% 0.84% -2.14% -0.26
1/15/2021 -5.70% 0.44% -6.13% -0.75
1/19/2021 22.18% 1.17% 21.01% 2.56 *
1/20/2021 -5.39% 1.29% -6.68% -0.81
1/21/2021 3.16% 0.76% 2.40% 0.29
1/22/2021 -5.82% 0.75% -6.56% -0.80
1/25/2021 58.58% 0.92% 57.66% 7.03 *
1/26/2021 51.08% 0.73% 50.35% 6.14 *
171
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 176 of
206
Exhibit-7f
KOSS Event Study Results
January 28, 2020 through January 27, 2021
KOSS KOSS
KOSS LN Explained Residual
Date Return Return Return t -statistic[1]
1/27/2021 175.79% -0.24% 176.03% 21.46 *
Note:
[1] t -statistics marked with a "*" are significant at the 95% confidence level.
[2] All returns are logarithmic returns.
172
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 177 of
206
Exhibit-7g
NOK Event Study Results
January 28, 2020 through January 27, 2021
NOK NOK
NOK LN Explained Residual
Date Return Return Return t -statistic[1]
1/28/2020 2.01% 0.94% 1.07% 0.49
1/29/2020 -2.77% -0.15% -2.62% -1.20
1/30/2020 1.27% 0.29% 0.98% 0.45
1/31/2020 -2.04% -1.70% -0.34% -0.16
2/3/2020 0.00% 0.77% -0.77% -0.35
2/4/2020 2.04% 1.51% 0.53% 0.24
2/5/2020 1.75% 0.96% 0.80% 0.36
2/6/2020 4.13% 0.28% 3.85% 1.76
2/7/2020 3.97% -0.56% 4.53% 2.07 *
2/10/2020 -2.55% 0.74% -3.29% -1.51
2/11/2020 3.46% 0.36% 3.10% 1.42
2/12/2020 0.00% 0.68% -0.68% -0.31
2/13/2020 -1.60% -0.24% -1.36% -0.62
2/14/2020 -0.23% 0.13% -0.36% -0.17
2/18/2020 -1.86% -0.20% -1.67% -0.76
2/19/2020 -1.18% 0.49% -1.67% -0.77
2/20/2020 -0.96% -0.19% -0.77% -0.35
2/21/2020 0.00% -0.97% 0.97% 0.44
2/24/2020 -3.42% -3.26% -0.16% -0.07
2/25/2020 -2.77% -2.97% 0.19% 0.09
2/26/2020 5.96% -0.55% 6.51% 2.98 *
2/27/2020 -4.69% -4.20% -0.49% -0.22
2/28/2020 -2.30% -0.83% -1.47% -0.67
3/2/2020 1.54% 3.92% -2.38% -1.09
3/3/2020 -3.63% -2.46% -1.16% -0.53
3/4/2020 1.83% 3.69% -1.86% -0.85
3/5/2020 -5.32% -3.21% -2.11% -0.96
3/6/2020 -2.49% -1.71% -0.78% -0.36
3/9/2020 -7.56% -8.08% 0.52% 0.24
3/10/2020 0.30% 4.39% -4.09% -1.87
3/11/2020 -5.89% -5.21% -0.68% -0.31
3/12/2020 -18.17% -10.19% -7.98% -3.65 *
3/13/2020 4.86% 8.35% -3.49% -1.60
3/16/2020 -12.42% -12.44% 0.02% 0.01
3/17/2020 4.45% 5.15% -0.70% -0.32
3/18/2020 -4.03% -5.70% 1.67% 0.76
173
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 178 of
206
Exhibit-7g
NOK Event Study Results
January 28, 2020 through January 27, 2021
NOK NOK
NOK LN Explained Residual
Date Return Return Return t -statistic[1]
3/19/2020 5.21% 1.44% 3.77% 1.73
3/20/2020 3.83% -3.86% 7.69% 3.52 *
3/23/2020 -0.38% -2.74% 2.36% 1.08
3/24/2020 10.38% 8.82% 1.56% 0.71
3/25/2020 4.33% 1.50% 2.83% 1.30
3/26/2020 2.57% 5.68% -3.11% -1.42
3/27/2020 -4.55% -3.41% -1.14% -0.52
3/30/2020 1.32% 2.89% -1.57% -0.72
3/31/2020 1.63% -1.27% 2.89% 1.32
4/1/2020 -4.28% -4.51% 0.22% 0.10
4/2/2020 2.33% 2.04% 0.29% 0.13
4/3/2020 -2.33% -1.58% -0.75% -0.35
4/6/2020 6.20% 6.56% -0.36% -0.17
4/7/2020 0.00% 0.01% -0.01% -0.00
4/8/2020 2.50% 3.31% -0.81% -0.37
4/9/2020 0.92% 1.71% -0.79% -0.36
4/13/2020 -0.61% -0.99% 0.38% 0.17
4/14/2020 3.63% 2.83% 0.80% 0.37
4/15/2020 -4.24% -2.34% -1.91% -0.87
4/16/2020 6.88% 0.43% 6.45% 2.95 *
4/17/2020 0.58% 2.73% -2.15% -0.98
4/20/2020 -1.16% -1.48% 0.33% 0.15
4/21/2020 -2.35% -3.03% 0.68% 0.31
4/22/2020 0.59% 2.22% -1.63% -0.75
4/23/2020 0.30% 0.13% 0.17% 0.08
4/24/2020 0.00% 1.33% -1.33% -0.61
4/27/2020 2.04% 1.73% 0.32% 0.15
4/28/2020 -1.46% -0.27% -1.19% -0.54
4/29/2020 2.89% 2.81% 0.08% 0.04
4/30/2020 1.97% -1.35% 3.32% 1.52
5/1/2020 0.56% -2.85% 3.41% 1.56
5/4/2020 -1.40% 0.52% -1.92% -0.88
5/5/2020 -2.57% 0.87% -3.44% -1.57
5/6/2020 0.00% -0.59% 0.59% 0.27
5/7/2020 2.57% 1.31% 1.26% 0.58
5/8/2020 0.84% 1.91% -1.07% -0.49
174
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 179 of
206
Exhibit-7g
NOK Event Study Results
January 28, 2020 through January 27, 2021
NOK NOK
NOK LN Explained Residual
Date Return Return Return t -statistic[1]
5/11/2020 -0.28% 0.00% -0.28% -0.13
5/12/2020 0.00% -1.97% 1.97% 0.90
5/13/2020 -3.71% -1.95% -1.76% -0.81
5/14/2020 -0.58% 1.13% -1.72% -0.79
5/15/2020 0.87% 0.56% 0.32% 0.14
5/18/2020 5.64% 3.24% 2.40% 1.10
5/19/2020 1.09% -0.95% 2.04% 0.93
5/20/2020 3.46% 1.74% 1.73% 0.79
5/21/2020 -1.32% -0.69% -0.62% -0.29
5/22/2020 2.10% 0.27% 1.83% 0.84
5/26/2020 0.00% 1.37% -1.37% -0.63
5/27/2020 1.55% 1.52% 0.02% 0.01
5/28/2020 0.26% -0.35% 0.61% 0.28
5/29/2020 0.76% 0.64% 0.12% 0.06
6/1/2020 6.14% 0.55% 5.59% 2.56 *
6/2/2020 2.59% 0.86% 1.73% 0.79
6/3/2020 1.38% 1.45% -0.07% -0.03
6/4/2020 -2.08% -0.28% -1.80% -0.82
6/5/2020 4.12% 2.47% 1.65% 0.75
6/8/2020 1.34% 1.39% -0.06% -0.03
6/9/2020 -2.24% -0.93% -1.31% -0.60
6/10/2020 0.68% -0.67% 1.35% 0.62
6/11/2020 -7.95% -6.06% -1.89% -0.86
6/12/2020 2.17% 1.48% 0.68% 0.31
6/15/2020 1.89% 1.04% 0.84% 0.39
6/16/2020 1.39% 1.79% -0.40% -0.18
6/17/2020 1.60% -0.42% 2.02% 0.92
6/18/2020 -0.91% 0.10% -1.01% -0.46
6/19/2020 -0.92% -0.48% -0.44% -0.20
6/22/2020 0.00% 0.64% -0.64% -0.29
6/23/2020 0.00% 0.41% -0.41% -0.19
6/24/2020 -3.05% -2.54% -0.50% -0.23
6/25/2020 5.78% 1.12% 4.66% 2.13 *
6/26/2020 -2.50% -2.11% -0.39% -0.18
6/29/2020 0.23% 1.37% -1.14% -0.52
6/30/2020 1.14% 1.45% -0.31% -0.14
175
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 180 of
206
Exhibit-7g
NOK Event Study Results
January 28, 2020 through January 27, 2021
NOK NOK
NOK LN Explained Residual
Date Return Return Return t -statistic[1]
7/1/2020 -1.14% 0.34% -1.48% -0.68
7/2/2020 2.05% 0.49% 1.56% 0.71
7/6/2020 3.54% 1.49% 2.05% 0.94
7/7/2020 -6.51% -1.06% -5.45% -2.50 *
7/8/2020 -3.78% 0.83% -4.62% -2.11 *
7/9/2020 0.48% -0.45% 0.93% 0.43
7/10/2020 -1.21% 0.98% -2.19% -1.00
7/13/2020 1.45% -1.12% 2.56% 1.17
7/14/2020 3.29% 1.32% 1.98% 0.91
7/15/2020 0.23% 1.15% -0.92% -0.42
7/16/2020 -2.10% -0.41% -1.69% -0.77
7/17/2020 3.48% 0.45% 3.02% 1.38
7/20/2020 1.36% 0.85% 0.51% 0.23
7/21/2020 -0.45% 0.25% -0.70% -0.32
7/22/2020 1.57% 0.51% 1.06% 0.48
7/23/2020 -2.93% -0.98% -1.95% -0.89
7/24/2020 -1.61% -0.74% -0.87% -0.40
7/27/2020 0.93% 0.94% -0.01% -0.01
7/28/2020 -1.39% -0.75% -0.64% -0.29
7/29/2020 1.39% 1.34% 0.05% 0.02
7/30/2020 2.50% -0.37% 2.87% 1.31
7/31/2020 7.15% 0.51% 6.65% 3.04 *
8/3/2020 5.69% 0.84% 4.85% 2.22 *
8/4/2020 0.79% 0.49% 0.30% 0.14
8/5/2020 -1.98% 0.68% -2.66% -1.22
8/6/2020 0.00% 0.51% -0.51% -0.23
8/7/2020 -0.40% 0.01% -0.41% -0.19
8/10/2020 -1.42% 0.27% -1.69% -0.77
8/11/2020 1.01% -0.79% 1.80% 0.83
8/12/2020 1.80% 1.32% 0.48% 0.22
8/13/2020 0.20% -0.45% 0.65% 0.30
8/14/2020 -1.19% -0.07% -1.12% -0.51
8/17/2020 1.39% 0.46% 0.93% 0.42
8/18/2020 0.39% 0.15% 0.24% 0.11
8/19/2020 -0.99% -0.41% -0.58% -0.26
8/20/2020 0.20% 0.32% -0.12% -0.06
176
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 181 of
206
Exhibit-7g
NOK Event Study Results
January 28, 2020 through January 27, 2021
NOK NOK
NOK LN Explained Residual
Date Return Return Return t -statistic[1]
8/21/2020 -1.60% 0.16% -1.76% -0.81
8/24/2020 1.20% 0.86% 0.34% 0.16
8/25/2020 0.20% 0.32% -0.12% -0.06
8/26/2020 0.20% 0.87% -0.67% -0.31
8/27/2020 -0.80% 0.17% -0.96% -0.44
8/28/2020 -0.80% 0.67% -1.48% -0.68
8/31/2020 -1.42% -0.12% -1.30% -0.59
9/1/2020 -3.53% 0.80% -4.33% -1.98 *
9/2/2020 1.05% 1.21% -0.16% -0.07
9/3/2020 -5.37% -3.45% -1.93% -0.88
9/4/2020 -1.11% -0.78% -0.33% -0.15
9/8/2020 -8.86% -2.66% -6.20% -2.84 *
9/9/2020 0.97% 1.91% -0.94% -0.43
9/10/2020 -0.97% -1.55% 0.58% 0.27
9/11/2020 0.00% 0.03% -0.03% -0.02
9/14/2020 -0.24% 1.53% -1.77% -0.81
9/15/2020 1.70% 0.55% 1.15% 0.52
9/16/2020 -0.72% -0.30% -0.43% -0.19
9/17/2020 0.24% -0.74% 0.99% 0.45
9/18/2020 -1.22% -0.89% -0.33% -0.15
9/21/2020 -3.23% -1.28% -1.95% -0.89
9/22/2020 0.50% 0.95% -0.44% -0.20
9/23/2020 -2.54% -2.43% -0.12% -0.05
9/24/2020 -1.04% 0.17% -1.20% -0.55
9/25/2020 -1.57% 1.56% -3.14% -1.44
9/28/2020 3.13% 1.66% 1.46% 0.67
9/29/2020 1.27% -0.37% 1.64% 0.75
9/30/2020 -1.02% 0.69% -1.70% -0.78
10/1/2020 -1.03% 0.74% -1.77% -0.81
10/2/2020 -1.30% -0.78% -0.52% -0.24
10/5/2020 2.84% 1.78% 1.06% 0.48
10/6/2020 -0.51% -1.13% 0.62% 0.28
10/7/2020 -0.26% 1.72% -1.98% -0.90
10/8/2020 1.27% 0.88% 0.40% 0.18
10/9/2020 2.01% 0.85% 1.16% 0.53
10/12/2020 0.00% 1.34% -1.34% -0.61
177
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 182 of
206
Exhibit-7g
NOK Event Study Results
January 28, 2020 through January 27, 2021
NOK NOK
NOK LN Explained Residual
Date Return Return Return t -statistic[1]
10/13/2020 0.25% -0.52% 0.77% 0.35
10/14/2020 0.99% -0.55% 1.53% 0.70
10/15/2020 -0.99% -0.04% -0.95% -0.43
10/16/2020 -0.25% -0.04% -0.21% -0.09
10/19/2020 3.65% -1.43% 5.08% 2.33 *
10/20/2020 0.48% 0.36% 0.12% 0.05
10/21/2020 1.89% -0.33% 2.22% 1.02
10/22/2020 -0.23% 0.58% -0.81% -0.37
10/23/2020 0.70% 0.40% 0.30% 0.14
10/26/2020 -1.64% -1.85% 0.20% 0.09
10/27/2020 0.24% -0.33% 0.57% 0.26
10/28/2020 -4.58% -3.32% -1.26% -0.58
10/29/2020 -18.98% 0.99% -19.97% -9.14 *
10/30/2020 0.60% -1.24% 1.83% 0.84
11/2/2020 -3.01% 1.19% -4.20% -1.92
11/3/2020 3.60% 1.92% 1.68% 0.77
11/4/2020 0.29% 1.84% -1.54% -0.71
11/5/2020 4.04% 2.08% 1.96% 0.90
11/6/2020 -0.57% 0.06% -0.63% -0.29
11/9/2020 3.63% 1.12% 2.51% 1.15
11/10/2020 0.55% -0.01% 0.55% 0.25
11/11/2020 2.16% 0.85% 1.31% 0.60
11/12/2020 0.00% -0.98% 0.98% 0.45
11/13/2020 1.59% 1.52% 0.07% 0.03
11/16/2020 2.33% 1.29% 1.05% 0.48
11/17/2020 0.77% -0.19% 0.96% 0.44
11/18/2020 0.25% -0.92% 1.17% 0.54
11/19/2020 -1.28% 0.57% -1.85% -0.85
11/20/2020 1.53% -0.42% 1.95% 0.89
11/23/2020 0.51% 0.84% -0.33% -0.15
11/24/2020 2.49% 1.54% 0.95% 0.44
11/25/2020 1.46% 0.02% 1.44% 0.66
11/27/2020 0.00% 0.42% -0.42% -0.19
11/30/2020 -2.45% -0.52% -1.93% -0.88
12/1/2020 0.74% 0.97% -0.23% -0.10
12/2/2020 0.00% 0.15% -0.15% -0.07
178
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206
Exhibit-7g
NOK Event Study Results
January 28, 2020 through January 27, 2021
NOK NOK
NOK LN Explained Residual
Date Return Return Return t -statistic[1]
12/3/2020 -0.99% 0.24% -1.23% -0.56
12/4/2020 0.25% 1.03% -0.78% -0.36
12/7/2020 0.74% -0.00% 0.74% 0.34
12/8/2020 3.87% 0.44% 3.43% 1.57
12/9/2020 -0.71% -0.88% 0.17% 0.08
12/10/2020 0.24% 0.24% 0.00% 0.00
12/11/2020 -3.39% -0.21% -3.18% -1.46
12/14/2020 -1.49% -0.31% -1.18% -0.54
12/15/2020 2.47% 1.31% 1.16% 0.53
12/16/2020 -2.72% 0.15% -2.87% -1.31
12/17/2020 1.74% 0.79% 0.95% 0.44
12/18/2020 -1.49% -0.13% -1.35% -0.62
12/21/2020 -2.53% -0.32% -2.21% -1.01
12/22/2020 -0.51% 0.07% -0.58% -0.27
12/23/2020 0.00% 0.13% -0.13% -0.06
12/24/2020 0.26% 0.25% 0.01% 0.00
12/28/2020 0.26% 0.41% -0.16% -0.07
12/29/2020 0.77% -0.37% 1.14% 0.52
12/30/2020 -1.02% 0.32% -1.34% -0.61
12/31/2020 0.51% 0.39% 0.13% 0.06
1/4/2021 -0.51% -1.29% 0.77% 0.35
1/5/2021 3.78% 0.88% 2.91% 1.33
1/6/2021 0.00% 0.82% -0.82% -0.38
1/7/2021 -1.25% 1.61% -2.85% -1.31
1/8/2021 -1.52% 0.50% -2.01% -0.92
1/11/2021 -1.54% -0.51% -1.03% -0.47
1/12/2021 3.55% 0.46% 3.09% 1.42
1/13/2021 -0.75% 0.06% -0.81% -0.37
1/14/2021 2.73% 0.00% 2.72% 1.25
1/15/2021 -0.24% -0.78% 0.53% 0.24
1/19/2021 1.22% 0.81% 0.41% 0.19
1/20/2021 1.68% 1.17% 0.51% 0.23
1/21/2021 0.48% -0.09% 0.57% 0.26
1/22/2021 -0.48% -0.14% -0.33% -0.15
1/25/2021 14.39% 0.27% 14.12% 6.46 *
1/26/2021 -2.51% -0.25% -2.26% -1.03
179
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 184 of
206
Exhibit-7g
NOK Event Study Results
January 28, 2020 through January 27, 2021
NOK NOK
NOK LN Explained Residual
Date Return Return Return t -statistic[1]
1/27/2021 32.55% -2.35% 34.91% 15.98 *
Note:
[1] t -statistics marked with a "*" are significant at the 95% confidence level.
[2] All returns are logarithmic returns.
180
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 185 of
206
Exhibit-7h
TR Event Study Results
January 28, 2020 through January 27, 2021
TR
TR LN Explained TR Residual
Date Return Return Return t -statistic[1]
1/28/2020 -1.48% -0.36% -1.13% -0.61
1/29/2020 -1.15% -0.33% -0.82% -0.45
1/30/2020 0.97% 2.38% -1.41% -0.76
1/31/2020 0.15% -1.13% 1.28% 0.69
2/3/2020 0.93% 0.20% 0.73% 0.39
2/4/2020 -1.02% -0.74% -0.28% -0.15
2/5/2020 0.29% 0.58% -0.29% -0.16
2/6/2020 -1.59% -0.81% -0.78% -0.42
2/7/2020 -1.74% 0.73% -2.47% -1.34
2/10/2020 1.89% 0.41% 1.48% 0.80
2/11/2020 -1.65% 0.29% -1.94% -1.05
2/12/2020 0.69% -0.13% 0.82% 0.44
2/13/2020 1.61% 0.05% 1.56% 0.84
2/14/2020 0.41% 0.13% 0.28% 0.15
2/18/2020 1.25% -0.36% 1.62% 0.88
2/19/2020 -0.67% -0.76% 0.09% 0.05
2/20/2020 2.76% 0.14% 2.62% 1.42
2/21/2020 -0.54% -0.09% -0.46% -0.25
2/24/2020 -1.06% -0.04% -1.02% -0.55
2/25/2020 -0.46% -0.88% 0.41% 0.22
2/26/2020 -0.90% -0.96% 0.05% 0.03
2/27/2020 -0.82% -1.72% 0.90% 0.49
2/28/2020 -5.52% -1.58% -3.94% -2.13 *
3/2/2020 1.79% 2.60% -0.80% -0.43
3/3/2020 0.09% -0.17% 0.26% 0.14
3/4/2020 4.35% 2.54% 1.81% 0.98
3/5/2020 0.38% -0.39% 0.77% 0.42
3/6/2020 -2.16% -0.69% -1.47% -0.79
3/9/2020 -1.38% -0.93% -0.46% -0.25
3/10/2020 5.05% 0.35% 4.71% 2.55 *
3/11/2020 -4.60% -2.18% -2.42% -1.31
3/12/2020 -3.50% -5.31% 1.81% 0.98
3/13/2020 7.29% 2.84% 4.45% 2.41 *
3/16/2020 -2.95% -2.19% -0.75% -0.41
3/17/2020 6.01% 5.88% 0.13% 0.07
3/18/2020 4.11% -2.75% 6.86% 3.71 *
181
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 186 of
206
Exhibit-7h
TR Event Study Results
January 28, 2020 through January 27, 2021
TR
TR LN Explained TR Residual
Date Return Return Return t -statistic[1]
3/19/2020 -3.94% -1.73% -2.21% -1.20
3/20/2020 -1.56% -1.93% 0.37% 0.20
3/23/2020 1.76% -2.83% 4.59% 2.48 *
3/24/2020 -2.73% 3.59% -6.32% -3.42 *
3/25/2020 -0.84% -0.48% -0.36% -0.20
3/26/2020 1.79% 2.45% -0.66% -0.36
3/27/2020 3.76% 0.27% 3.49% 1.89
3/30/2020 3.28% 3.45% -0.17% -0.09
3/31/2020 -4.30% -0.67% -3.63% -1.96 *
4/1/2020 -0.17% -0.35% 0.19% 0.10
4/2/2020 1.90% 1.33% 0.57% 0.31
4/3/2020 0.41% 1.99% -1.58% -0.85
4/6/2020 2.98% -0.16% 3.14% 1.70
4/7/2020 -0.29% -0.45% 0.16% 0.09
4/8/2020 -1.90% -0.43% -1.47% -0.80
4/9/2020 1.45% 1.38% 0.07% 0.04
4/13/2020 -1.53% -0.45% -1.08% -0.58
4/14/2020 0.00% 1.57% -1.57% -0.85
4/15/2020 -2.91% -0.73% -2.18% -1.18
4/16/2020 -0.31% 1.22% -1.53% -0.83
4/17/2020 0.58% 0.07% 0.52% 0.28
4/20/2020 -2.10% 0.48% -2.58% -1.40
4/21/2020 1.38% -1.52% 2.90% 1.57
4/22/2020 1.28% 0.16% 1.11% 0.60
4/23/2020 -0.69% -0.85% 0.15% 0.08
4/24/2020 -1.65% 0.18% -1.84% -0.99
4/27/2020 -0.23% 0.39% -0.62% -0.34
4/28/2020 0.59% 0.90% -0.31% -0.17
4/29/2020 -1.25% -0.67% -0.57% -0.31
4/30/2020 0.11% -0.48% 0.60% 0.32
5/1/2020 -1.66% -0.68% -0.99% -0.53
5/4/2020 1.98% -0.97% 2.95% 1.60
5/5/2020 2.13% 0.17% 1.96% 1.06
5/6/2020 2.01% -0.40% 2.41% 1.30
5/7/2020 -3.83% -0.27% -3.56% -1.93
5/8/2020 2.98% 1.85% 1.13% 0.61
182
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 187 of
206
Exhibit-7h
TR Event Study Results
January 28, 2020 through January 27, 2021
TR
TR LN Explained TR Residual
Date Return Return Return t -statistic[1]
5/11/2020 0.44% -0.28% 0.72% 0.39
5/12/2020 -0.74% 0.87% -1.61% -0.87
5/13/2020 -2.17% -0.09% -2.08% -1.13
5/14/2020 -4.31% -0.47% -3.84% -2.08 *
5/15/2020 -1.78% 0.19% -1.97% -1.07
5/18/2020 2.60% 0.43% 2.16% 1.17
5/19/2020 -4.20% -1.47% -2.73% -1.48
5/20/2020 2.99% -0.15% 3.14% 1.70
5/21/2020 0.97% -1.07% 2.04% 1.10
5/22/2020 -0.97% 0.56% -1.53% -0.83
5/26/2020 1.64% 0.50% 1.14% 0.62
5/27/2020 1.81% 1.86% -0.05% -0.03
5/28/2020 1.25% 0.65% 0.59% 0.32
5/29/2020 0.25% 0.83% -0.57% -0.31
6/1/2020 -0.34% 0.38% -0.72% -0.39
6/2/2020 -0.65% -0.02% -0.63% -0.34
6/3/2020 1.18% -1.18% 2.36% 1.28
6/4/2020 -0.65% -0.15% -0.50% -0.27
6/5/2020 0.87% 0.85% 0.02% 0.01
6/8/2020 1.75% 1.81% -0.06% -0.03
6/9/2020 0.41% -0.98% 1.40% 0.76
6/10/2020 1.14% -0.57% 1.72% 0.93
6/11/2020 -3.52% -2.10% -1.43% -0.77
6/12/2020 -3.91% 0.17% -4.08% -2.21 *
6/15/2020 2.31% 0.94% 1.37% 0.74
6/16/2020 1.50% 1.43% 0.07% 0.04
6/17/2020 0.11% 0.06% 0.05% 0.03
6/18/2020 -0.34% 0.34% -0.68% -0.37
6/19/2020 -0.51% -0.47% -0.03% -0.02
6/22/2020 -2.00% -0.43% -1.57% -0.85
6/23/2020 -1.19% -0.55% -0.65% -0.35
6/24/2020 -1.38% -0.58% -0.81% -0.44
6/25/2020 -0.92% 0.20% -1.12% -0.61
6/26/2020 -2.12% -0.97% -1.15% -0.62
6/29/2020 2.60% 1.23% 1.36% 0.74
6/30/2020 2.06% 0.59% 1.48% 0.80
183
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 188 of
206
Exhibit-7h
TR Event Study Results
January 28, 2020 through January 27, 2021
TR
TR LN Explained TR Residual
Date Return Return Return t -statistic[1]
7/1/2020 -0.26% -0.74% 0.48% 0.26
7/2/2020 0.55% 0.42% 0.14% 0.07
7/6/2020 -0.88% -0.04% -0.84% -0.45
7/7/2020 -0.62% 0.39% -1.00% -0.54
7/8/2020 -1.16% -0.75% -0.41% -0.22
7/9/2020 -1.84% -1.18% -0.66% -0.36
7/10/2020 2.85% 1.93% 0.92% 0.50
7/13/2020 -1.58% 0.51% -2.09% -1.13
7/14/2020 2.52% 1.69% 0.83% 0.45
7/15/2020 0.38% -0.11% 0.49% 0.27
7/16/2020 -0.79% 0.69% -1.48% -0.80
7/17/2020 -0.47% 0.67% -1.14% -0.62
7/20/2020 -1.16% -1.47% 0.31% 0.17
7/21/2020 -1.20% 1.05% -2.26% -1.22
7/22/2020 -2.23% 0.43% -2.66% -1.44
7/23/2020 0.22% 1.54% -1.32% -0.72
7/24/2020 -4.61% -0.17% -4.44% -2.40 *
7/27/2020 0.64% 0.43% 0.22% 0.12
7/28/2020 0.54% 0.19% 0.35% 0.19
7/29/2020 0.95% 0.33% 0.62% 0.34
7/30/2020 -0.92% -0.76% -0.17% -0.09
7/31/2020 1.27% -0.42% 1.69% 0.92
8/3/2020 -0.41% 0.34% -0.75% -0.40
8/4/2020 0.57% 0.73% -0.16% -0.09
8/5/2020 -2.23% -0.89% -1.34% -0.72
8/6/2020 -0.65% 0.24% -0.89% -0.48
8/7/2020 2.21% 0.58% 1.63% 0.88
8/10/2020 -1.02% 0.27% -1.29% -0.70
8/11/2020 0.77% -0.25% 1.01% 0.55
8/12/2020 2.42% 0.72% 1.70% 0.92
8/13/2020 0.25% -0.01% 0.26% 0.14
8/14/2020 -0.06% 0.19% -0.25% -0.14
8/17/2020 1.26% 0.30% 0.96% 0.52
8/18/2020 -1.63% 0.36% -2.00% -1.08
8/19/2020 -0.62% -0.38% -0.25% -0.13
8/20/2020 -0.22% -0.15% -0.07% -0.04
184
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 189 of
206
Exhibit-7h
TR Event Study Results
January 28, 2020 through January 27, 2021
TR
TR LN Explained TR Residual
Date Return Return Return t -statistic[1]
8/21/2020 0.09% -0.05% 0.14% 0.08
8/24/2020 1.43% 0.62% 0.82% 0.44
8/25/2020 0.71% 0.00% 0.71% 0.38
8/26/2020 0.03% 0.01% 0.02% 0.01
8/27/2020 -0.46% 0.26% -0.72% -0.39
8/28/2020 -1.08% -0.29% -0.79% -0.43
8/31/2020 -0.44% 0.18% -0.62% -0.34
9/1/2020 -1.96% -0.95% -1.01% -0.55
9/2/2020 1.52% 1.01% 0.51% 0.28
9/3/2020 -0.66% -0.32% -0.34% -0.19
9/4/2020 0.66% 0.52% 0.14% 0.08
9/8/2020 -2.16% -1.88% -0.28% -0.15
9/9/2020 0.16% 0.54% -0.38% -0.21
9/10/2020 -1.97% -0.21% -1.77% -0.96
9/11/2020 -0.46% 0.35% -0.81% -0.44
9/14/2020 1.24% 0.28% 0.96% 0.52
9/15/2020 -0.68% 0.02% -0.70% -0.38
9/16/2020 -0.20% -0.02% -0.17% -0.09
9/17/2020 -0.72% -0.51% -0.22% -0.12
9/18/2020 -0.50% -0.65% 0.16% 0.09
9/21/2020 -1.67% -0.52% -1.15% -0.62
9/22/2020 -0.20% -0.18% -0.02% -0.01
9/23/2020 -1.98% -1.19% -0.78% -0.42
9/24/2020 3.88% 1.19% 2.69% 1.45
9/25/2020 0.86% 0.84% 0.02% 0.01
9/28/2020 0.00% 0.44% -0.44% -0.24
9/29/2020 0.49% -0.26% 0.75% 0.41
9/30/2020 0.88% 1.24% -0.36% -0.20
10/1/2020 0.74% 0.42% 0.32% 0.18
10/2/2020 0.93% 0.28% 0.64% 0.35
10/5/2020 -0.03% 0.24% -0.28% -0.15
10/6/2020 -0.29% -0.31% 0.02% 0.01
10/7/2020 0.73% 0.22% 0.52% 0.28
10/8/2020 0.57% 0.30% 0.27% 0.15
10/9/2020 1.01% 0.43% 0.58% 0.31
10/12/2020 0.59% 0.96% -0.37% -0.20
185
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206
Exhibit-7h
TR Event Study Results
January 28, 2020 through January 27, 2021
TR
TR LN Explained TR Residual
Date Return Return Return t -statistic[1]
10/13/2020 -2.04% 0.27% -2.31% -1.25
10/14/2020 -1.70% 0.01% -1.71% -0.93
10/15/2020 0.80% 0.58% 0.22% 0.12
10/16/2020 -0.90% -0.29% -0.61% -0.33
10/19/2020 0.39% -0.42% 0.80% 0.43
10/20/2020 0.32% -0.46% 0.78% 0.42
10/21/2020 -2.60% 0.04% -2.64% -1.43
10/22/2020 0.23% 0.35% -0.12% -0.07
10/23/2020 0.43% 0.19% 0.24% 0.13
10/26/2020 -0.79% -1.13% 0.35% 0.19
10/27/2020 -0.63% -0.47% -0.16% -0.09
10/28/2020 -0.83% -1.38% 0.54% 0.29
10/29/2020 0.87% -0.26% 1.12% 0.61
10/30/2020 -0.87% -0.39% -0.48% -0.26
11/2/2020 -0.34% 1.75% -2.08% -1.13
11/3/2020 -0.34% 0.13% -0.47% -0.25
11/4/2020 -0.37% -0.95% 0.58% 0.31
11/5/2020 1.04% 0.34% 0.71% 0.38
11/6/2020 2.02% 0.14% 1.88% 1.02
11/9/2020 -3.57% -0.35% -3.23% -1.75
11/10/2020 5.10% 1.50% 3.61% 1.95
11/11/2020 1.38% 0.66% 0.72% 0.39
11/12/2020 -0.67% -0.18% -0.49% -0.27
11/13/2020 2.28% 0.59% 1.70% 0.92
11/16/2020 1.77% 0.91% 0.86% 0.46
11/17/2020 -0.12% -0.50% 0.38% 0.20
11/18/2020 -2.12% -0.66% -1.46% -0.79
11/19/2020 0.75% 0.07% 0.68% 0.37
11/20/2020 -1.58% -0.56% -1.02% -0.55
11/23/2020 0.19% 0.04% 0.15% 0.08
11/24/2020 1.04% 0.61% 0.43% 0.23
11/25/2020 -1.04% -0.39% -0.65% -0.35
11/27/2020 -0.38% 0.05% -0.43% -0.24
11/30/2020 -1.47% 0.21% -1.69% -0.91
12/1/2020 0.23% 0.56% -0.33% -0.18
12/2/2020 -2.12% -1.04% -1.08% -0.59
186
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 191 of
206
Exhibit-7h
TR Event Study Results
January 28, 2020 through January 27, 2021
TR
TR LN Explained TR Residual
Date Return Return Return t -statistic[1]
12/3/2020 0.49% 1.03% -0.53% -0.29
12/4/2020 -0.39% 0.55% -0.94% -0.51
12/7/2020 -0.79% -0.87% 0.08% 0.04
12/8/2020 0.96% 0.48% 0.47% 0.26
12/9/2020 -0.82% 0.10% -0.92% -0.50
12/10/2020 -1.16% -0.54% -0.63% -0.34
12/11/2020 3.36% 0.44% 2.92% 1.58
12/14/2020 -0.55% -0.23% -0.32% -0.17
12/15/2020 -2.04% -0.23% -1.80% -0.98
12/16/2020 -0.90% -0.35% -0.55% -0.30
12/17/2020 0.50% 0.80% -0.30% -0.16
12/18/2020 0.93% 0.16% 0.77% 0.41
12/21/2020 0.36% -0.52% 0.89% 0.48
12/22/2020 -1.00% -0.65% -0.34% -0.19
12/23/2020 0.17% 0.90% -0.73% -0.40
12/24/2020 1.22% 0.25% 0.98% 0.53
12/28/2020 -0.83% 0.22% -1.04% -0.56
12/29/2020 -1.64% -0.08% -1.56% -0.84
12/30/2020 0.07% -0.13% 0.20% 0.11
12/31/2020 0.07% 0.54% -0.47% -0.25
1/4/2021 0.54% -0.20% 0.74% 0.40
1/5/2021 2.84% 0.01% 2.83% 1.53
1/6/2021 1.81% 0.70% 1.11% 0.60
1/7/2021 -0.90% -1.13% 0.23% 0.13
1/8/2021 -1.79% -0.33% -1.46% -0.79
1/11/2021 -1.76% -0.90% -0.85% -0.46
1/12/2021 0.30% -0.63% 0.93% 0.50
1/13/2021 -0.33% 0.47% -0.80% -0.43
1/14/2021 0.30% 0.65% -0.35% -0.19
1/15/2021 1.03% 0.39% 0.64% 0.35
1/19/2021 -1.06% -0.34% -0.73% -0.39
1/20/2021 -0.74% -0.11% -0.63% -0.34
1/21/2021 -0.40% -0.59% 0.18% 0.10
1/22/2021 1.64% 0.44% 1.20% 0.65
1/25/2021 14.55% 1.47% 13.08% 7.08 *
1/26/2021 9.80% 1.37% 8.43% 4.56 *
187
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 192 of
206
Exhibit-7h
TR Event Study Results
January 28, 2020 through January 27, 2021
TR
TR LN Explained TR Residual
Date Return Return Return t -statistic[1]
1/27/2021 10.83% -0.02% 10.85% 5.87 *
Note:
[1] t -statistics marked with a "*" are significant at the 95% confidence level.
[2] All returns are logarithmic returns.
188
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 193 of
206
Exhibit-7i
TRVG Event Study Results
January 28, 2020 through January 27, 2021
TRVG TRVG
TRVG LN Explained Residual
Date Return Return Return t -statistic[1]
1/28/2020 3.44% 0.71% 2.73% 0.63
1/29/2020 5.84% -0.56% 6.41% 1.48
1/30/2020 -3.61% 0.77% -4.38% -1.01
1/31/2020 -3.36% -1.65% -1.71% -0.39
2/3/2020 0.38% 0.16% 0.22% 0.05
2/4/2020 2.25% 1.79% 0.45% 0.10
2/5/2020 3.99% 0.97% 3.02% 0.70
2/6/2020 -2.16% -0.21% -1.95% -0.45
2/7/2020 1.09% -0.89% 1.98% 0.46
2/10/2020 2.49% 0.37% 2.12% 0.49
2/11/2020 2.43% 0.50% 1.93% 0.44
2/12/2020 -10.84% 0.39% -11.23% -2.59 *
2/13/2020 -3.89% -0.29% -3.60% -0.83
2/14/2020 3.51% -0.04% 3.55% 0.82
2/18/2020 -8.39% -0.54% -7.85% -1.81
2/19/2020 -2.53% 0.43% -2.96% -0.68
2/20/2020 3.36% -0.28% 3.64% 0.84
2/21/2020 -4.22% -0.84% -3.38% -0.78
2/24/2020 -8.54% -3.02% -5.52% -1.27
2/25/2020 -1.42% -3.27% 1.85% 0.43
2/26/2020 -8.96% -0.86% -8.10% -1.87
2/27/2020 -2.11% -4.09% 1.98% 0.46
2/28/2020 -3.24% -1.57% -1.68% -0.39
3/2/2020 0.00% 3.94% -3.94% -0.91
3/3/2020 -0.55% -2.20% 1.65% 0.38
3/4/2020 -0.55% 3.60% -4.15% -0.96
3/5/2020 -2.82% -3.02% 0.20% 0.05
3/6/2020 -0.57% -1.91% 1.33% 0.31
3/9/2020 -18.92% -8.70% -10.22% -2.36 *
3/10/2020 5.41% 3.98% 1.43% 0.33
3/11/2020 2.60% -5.21% 7.80% 1.80
3/12/2020 -7.31% -10.42% 3.11% 0.72
3/13/2020 9.22% 7.69% 1.52% 0.35
3/16/2020 -3.12% -12.34% 9.22% 2.13 *
3/17/2020 3.13% 5.42% -2.29% -0.53
3/18/2020 -0.64% -7.12% 6.48% 1.49
189
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206
Exhibit-7i
TRVG Event Study Results
January 28, 2020 through January 27, 2021
TRVG TRVG
TRVG LN Explained Residual
Date Return Return Return t -statistic[1]
3/19/2020 -5.20% 0.95% -6.15% -1.42
3/20/2020 3.28% -3.99% 7.27% 1.68
3/23/2020 -4.62% -3.18% -1.44% -0.33
3/24/2020 7.80% 8.79% -0.99% -0.23
3/25/2020 3.08% 2.48% 0.60% 0.14
3/26/2020 -1.83% 5.50% -7.34% -1.69
3/27/2020 -7.03% -3.21% -3.82% -0.88
3/30/2020 -6.15% 2.39% -8.54% -1.97 *
3/31/2020 2.78% -1.88% 4.66% 1.07
4/1/2020 -4.20% -4.61% 0.42% 0.10
4/2/2020 0.00% 2.09% -2.09% -0.48
4/3/2020 -0.72% -1.55% 0.84% 0.19
4/6/2020 2.84% 6.08% -3.24% -0.75
4/7/2020 0.00% -0.25% 0.25% 0.06
4/8/2020 11.23% 3.31% 7.92% 1.83
4/9/2020 3.08% 2.01% 1.07% 0.25
4/13/2020 -0.61% -1.42% 0.81% 0.19
4/14/2020 8.75% 2.44% 6.31% 1.46
4/15/2020 0.56% -2.84% 3.40% 0.78
4/16/2020 -5.13% 0.41% -5.54% -1.28
4/17/2020 -1.18% 2.80% -3.98% -0.92
4/20/2020 -3.00% -1.82% -1.19% -0.27
4/21/2020 -2.47% -2.79% 0.33% 0.08
4/22/2020 4.28% 1.35% 2.93% 0.67
4/23/2020 0.60% -0.27% 0.86% 0.20
4/24/2020 0.59% 1.15% -0.55% -0.13
4/27/2020 2.34% 2.12% 0.22% 0.05
4/28/2020 1.15% 0.27% 0.88% 0.20
4/29/2020 2.82% 1.56% 1.26% 0.29
4/30/2020 1.65% -2.23% 3.89% 0.90
5/1/2020 -7.96% -3.19% -4.77% -1.10
5/4/2020 2.34% 0.24% 2.10% 0.48
5/5/2020 -4.73% 0.57% -5.31% -1.22
5/6/2020 -3.70% -0.88% -2.83% -0.65
5/7/2020 1.25% 1.08% 0.17% 0.04
5/8/2020 6.61% 1.88% 4.73% 1.09
190
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 195 of
206
Exhibit-7i
TRVG Event Study Results
January 28, 2020 through January 27, 2021
TRVG TRVG
TRVG LN Explained Residual
Date Return Return Return t -statistic[1]
5/11/2020 -2.35% -0.41% -1.95% -0.45
5/12/2020 -5.51% -2.23% -3.27% -0.75
5/13/2020 -2.55% -1.98% -0.56% -0.13
5/14/2020 -3.95% 0.94% -4.89% -1.13
5/15/2020 -2.72% 0.14% -2.86% -0.66
5/18/2020 13.53% 3.63% 9.89% 2.28 *
5/19/2020 0.00% -1.38% 1.38% 0.32
5/20/2020 11.91% 1.05% 10.86% 2.50 *
5/21/2020 -1.08% -0.99% -0.09% -0.02
5/22/2020 0.00% -0.03% 0.03% 0.01
5/26/2020 6.79% 1.59% 5.20% 1.20
5/27/2020 4.45% 1.80% 2.65% 0.61
5/28/2020 3.33% -0.39% 3.72% 0.86
5/29/2020 -1.89% 0.31% -2.20% -0.51
6/1/2020 0.48% 0.36% 0.12% 0.03
6/2/2020 4.18% 0.77% 3.41% 0.79
6/3/2020 3.57% 1.75% 1.82% 0.42
6/4/2020 1.74% -0.11% 1.85% 0.43
6/5/2020 7.87% 2.42% 5.45% 1.26
6/8/2020 7.30% 1.45% 5.85% 1.35
6/9/2020 -5.32% -1.65% -3.68% -0.85
6/10/2020 -7.71% -0.98% -6.73% -1.55
6/11/2020 -21.06% -6.34% -14.72% -3.39 *
6/12/2020 9.44% 1.29% 8.15% 1.88
6/15/2020 0.94% 0.92% 0.03% 0.01
6/16/2020 2.78% 1.62% 1.16% 0.27
6/17/2020 -3.25% -0.71% -2.54% -0.58
6/18/2020 2.79% 0.15% 2.64% 0.61
6/19/2020 -3.74% -0.74% -3.00% -0.69
6/22/2020 -1.92% 0.43% -2.35% -0.54
6/23/2020 0.97% 0.10% 0.87% 0.20
6/24/2020 -3.42% -2.69% -0.74% -0.17
6/25/2020 -2.01% 1.07% -3.08% -0.71
6/26/2020 -2.05% -1.35% -0.70% -0.16
6/29/2020 2.56% 1.06% 1.50% 0.34
6/30/2020 -0.51% 1.17% -1.67% -0.39
191
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 196 of
206
Exhibit-7i
TRVG Event Study Results
January 28, 2020 through January 27, 2021
TRVG TRVG
TRVG LN Explained Residual
Date Return Return Return t -statistic[1]
7/1/2020 -1.53% -0.32% -1.22% -0.28
7/2/2020 0.00% 0.36% -0.36% -0.08
7/6/2020 -3.67% 1.09% -4.76% -1.10
7/7/2020 1.06% -1.34% 2.40% 0.55
7/8/2020 0.00% 0.63% -0.63% -0.15
7/9/2020 -2.14% -1.02% -1.12% -0.26
7/10/2020 0.54% 0.86% -0.32% -0.07
7/13/2020 -4.40% -1.01% -3.38% -0.78
7/14/2020 -2.27% 1.35% -3.62% -0.83
7/15/2020 5.04% 1.30% 3.75% 0.86
7/16/2020 -1.65% -0.66% -0.99% -0.23
7/17/2020 -1.12% 0.25% -1.37% -0.32
7/20/2020 -0.56% 0.31% -0.88% -0.20
7/21/2020 -2.29% 0.34% -2.62% -0.60
7/22/2020 -1.75% 0.46% -2.21% -0.51
7/23/2020 -1.18% -0.77% -0.42% -0.10
7/24/2020 -0.60% -0.86% 0.26% 0.06
7/27/2020 -1.81% 0.67% -2.48% -0.57
7/28/2020 0.61% -0.60% 1.21% 0.28
7/29/2020 8.70% 1.16% 7.54% 1.74
7/30/2020 2.74% -0.76% 3.50% 0.81
7/31/2020 -1.63% 0.15% -1.78% -0.41
8/3/2020 -2.79% 1.04% -3.82% -0.88
8/4/2020 1.68% 0.57% 1.11% 0.26
8/5/2020 3.28% 0.72% 2.56% 0.59
8/6/2020 4.21% -0.42% 4.63% 1.07
8/7/2020 -5.84% -0.17% -5.67% -1.31
8/10/2020 2.16% 0.37% 1.79% 0.41
8/11/2020 6.22% -0.72% 6.94% 1.60
8/12/2020 1.00% 1.05% -0.05% -0.01
8/13/2020 -1.50% -0.37% -1.13% -0.26
8/14/2020 -1.02% -0.13% -0.89% -0.21
8/17/2020 -3.11% 0.37% -3.48% -0.80
8/18/2020 1.05% -0.37% 1.42% 0.33
8/19/2020 -9.27% -0.60% -8.67% -2.00 *
8/20/2020 5.01% -0.32% 5.33% 1.23
192
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 197 of
206
Exhibit-7i
TRVG Event Study Results
January 28, 2020 through January 27, 2021
TRVG TRVG
TRVG LN Explained Residual
Date Return Return Return t -statistic[1]
8/21/2020 -0.54% 0.13% -0.67% -0.15
8/24/2020 0.54% 0.69% -0.15% -0.03
8/25/2020 2.15% -0.23% 2.38% 0.55
8/26/2020 -1.07% -0.20% -0.87% -0.20
8/27/2020 1.07% 0.55% 0.52% 0.12
8/28/2020 0.00% 0.59% -0.59% -0.14
8/31/2020 -2.15% -0.23% -1.92% -0.44
9/1/2020 -1.64% 0.59% -2.24% -0.52
9/2/2020 -1.67% 0.55% -2.23% -0.51
9/3/2020 3.86% -3.28% 7.13% 1.64
9/4/2020 -0.54% -0.42% -0.12% -0.03
9/8/2020 -3.88% -2.54% -1.34% -0.31
9/9/2020 0.56% 1.93% -1.37% -0.32
9/10/2020 -1.70% -1.65% -0.05% -0.01
9/11/2020 -2.90% -0.02% -2.88% -0.66
9/14/2020 1.75% 1.78% -0.03% -0.01
9/15/2020 -1.75% 0.07% -1.82% -0.42
9/16/2020 2.90% -0.03% 2.93% 0.67
9/17/2020 -2.31% -0.56% -1.75% -0.40
9/18/2020 -0.59% -0.82% 0.24% 0.05
9/21/2020 -4.20% -1.28% -2.93% -0.67
9/22/2020 -0.62% 0.41% -1.02% -0.24
9/23/2020 -5.06% -2.46% -2.61% -0.60
9/24/2020 0.00% -0.01% 0.01% 0.00
9/25/2020 0.00% 1.39% -1.39% -0.32
9/28/2020 3.20% 1.60% 1.59% 0.37
9/29/2020 -1.27% -0.88% -0.39% -0.09
9/30/2020 -1.28% 0.69% -1.97% -0.45
10/1/2020 -4.62% 0.42% -5.04% -1.16
10/2/2020 -4.14% -0.55% -3.59% -0.83
10/5/2020 -0.71% 1.63% -2.34% -0.54
10/6/2020 -0.71% -1.08% 0.36% 0.08
10/7/2020 0.71% 1.86% -1.15% -0.27
10/8/2020 4.17% 0.45% 3.71% 0.86
10/9/2020 -1.37% 0.62% -1.99% -0.46
10/12/2020 0.69% 0.59% 0.10% 0.02
193
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 198 of
206
Exhibit-7i
TRVG Event Study Results
January 28, 2020 through January 27, 2021
TRVG TRVG
TRVG LN Explained Residual
Date Return Return Return t -statistic[1]
10/13/2020 0.68% -0.77% 1.45% 0.34
10/14/2020 2.02% -0.69% 2.71% 0.62
10/15/2020 -4.78% 0.01% -4.79% -1.10
10/16/2020 0.00% -0.31% 0.31% 0.07
10/19/2020 1.39% -1.39% 2.78% 0.64
10/20/2020 -0.69% -0.09% -0.60% -0.14
10/21/2020 1.38% -1.31% 2.69% 0.62
10/22/2020 -0.69% 0.44% -1.13% -0.26
10/23/2020 3.39% -0.12% 3.51% 0.81
10/26/2020 -9.07% -1.68% -7.38% -1.70
10/27/2020 2.88% -0.87% 3.75% 0.86
10/28/2020 -5.84% -2.89% -2.95% -0.68
10/29/2020 2.23% 0.20% 2.03% 0.47
10/30/2020 -0.74% -1.50% 0.76% 0.18
11/2/2020 -6.11% 1.34% -7.45% -1.72
11/3/2020 0.78% 1.77% -0.99% -0.23
11/4/2020 -2.37% 0.66% -3.04% -0.70
11/5/2020 0.80% 2.03% -1.24% -0.29
11/6/2020 3.13% -0.09% 3.21% 0.74
11/9/2020 18.23% 1.60% 16.63% 3.83 *
11/10/2020 -3.92% 0.19% -4.11% -0.95
11/11/2020 -5.48% 0.60% -6.08% -1.40
11/12/2020 -3.58% -1.25% -2.34% -0.54
11/13/2020 2.17% 1.17% 1.00% 0.23
11/16/2020 1.42% 1.27% 0.15% 0.03
11/17/2020 2.78% -0.11% 2.89% 0.67
11/18/2020 0.00% -0.98% 0.98% 0.23
11/19/2020 2.70% 0.39% 2.32% 0.53
11/20/2020 -0.67% -0.40% -0.27% -0.06
11/23/2020 13.77% 0.93% 12.84% 2.96 *
11/24/2020 22.90% 1.12% 21.78% 5.02 *
11/25/2020 4.55% -0.10% 4.65% 1.07
11/27/2020 7.28% 0.09% 7.19% 1.66
11/30/2020 -9.99% -0.56% -9.42% -2.17 *
12/1/2020 -5.64% 0.41% -6.04% -1.39
12/2/2020 7.89% -0.27% 8.16% 1.88
194
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 199 of
206
Exhibit-7i
TRVG Event Study Results
January 28, 2020 through January 27, 2021
TRVG TRVG
TRVG LN Explained Residual
Date Return Return Return t -statistic[1]
12/3/2020 -3.17% 0.32% -3.49% -0.81
12/4/2020 2.73% 1.18% 1.55% 0.36
12/7/2020 -1.35% -0.30% -1.05% -0.24
12/8/2020 -0.46% 0.47% -0.93% -0.21
12/9/2020 -1.38% -0.88% -0.50% -0.12
12/10/2020 15.42% 0.23% 15.18% 3.50 *
12/11/2020 -6.98% -0.36% -6.62% -1.53
12/14/2020 2.11% -0.39% 2.50% 0.58
12/15/2020 3.68% 1.32% 2.36% 0.54
12/16/2020 -6.21% 0.04% -6.25% -1.44
12/17/2020 -6.17% 0.98% -7.15% -1.65
12/18/2020 0.45% -0.35% 0.81% 0.19
12/21/2020 -2.75% -0.44% -2.31% -0.53
12/22/2020 -0.93% 0.23% -1.17% -0.27
12/23/2020 3.23% -0.07% 3.30% 0.76
12/24/2020 0.00% 0.12% -0.12% -0.03
12/28/2020 -1.37% -0.30% -1.07% -0.25
12/29/2020 0.00% -0.45% 0.45% 0.10
12/30/2020 3.62% 0.58% 3.04% 0.70
12/31/2020 7.28% 0.13% 7.15% 1.65
1/4/2021 -6.40% -1.41% -4.99% -1.15
1/5/2021 0.88% 0.78% 0.10% 0.02
1/6/2021 -4.01% 1.18% -5.19% -1.20
1/7/2021 1.80% 1.23% 0.57% 0.13
1/8/2021 4.79% 0.30% 4.49% 1.04
1/11/2021 -1.28% -0.12% -1.17% -0.27
1/12/2021 -0.87% 0.73% -1.60% -0.37
1/13/2021 -1.75% -0.13% -1.63% -0.37
1/14/2021 -1.34% 0.20% -1.53% -0.35
1/15/2021 -3.19% -1.35% -1.84% -0.42
1/19/2021 -0.46% 0.10% -0.57% -0.13
1/20/2021 -1.88% 0.34% -2.21% -0.51
1/21/2021 3.26% -0.46% 3.72% 0.86
1/22/2021 0.46% -0.45% 0.91% 0.21
1/25/2021 -0.46% 0.04% -0.50% -0.12
1/26/2021 -3.74% -0.76% -2.98% -0.69
195
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 200 of
206
Exhibit-7i
TRVG Event Study Results
January 28, 2020 through January 27, 2021
TRVG TRVG
TRVG LN Explained Residual
Date Return Return Return t -statistic[1]
1/27/2021 41.81% -2.21% 44.02% 10.14 *
Note:
[1] t -statistics marked with a "*" are significant at the 95% confidence level.
[2] All returns are logarithmic returns.
196
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 201 of
206
Exhibit-8
Affected Companies' News Frequency Table
January 28, 2020 through January 27, 2021
No. of News Articles Published
Date AMC BB BBBY EXPR GME KOSS NOK TR TRVG
1/28/2020 0 0 1 0 0 0 24 0 0
1/29/2020 1 0 3 0 0 0 16 0 0
1/30/2020 1 1 3 0 2 3 16 0 0
1/31/2020 2 1 4 0 1 0 30 0 1
2/3/2020 1 17 6 1 3 0 36 1 0
2/4/2020 0 27 7 0 0 0 11 0 0
2/5/2020 0 10 4 0 0 0 25 0 0
2/6/2020 2 5 9 0 1 0 99 0 0
2/7/2020 0 2 1 1 0 0 67 0 0
2/10/2020 2 3 4 2 1 0 39 1 1
2/11/2020 1 2 22 1 0 0 24 0 4
2/12/2020 2 1 36 0 1 0 52 1 4
2/13/2020 0 0 8 1 2 0 28 0 1
2/14/2020 0 0 3 0 0 0 21 0 1
2/18/2020 3 1 32 0 1 0 36 0 0
2/19/2020 5 2 19 0 1 0 35 0 0
2/20/2020 1 2 6 0 0 0 23 0 0
2/21/2020 1 4 0 0 0 0 8 0 0
2/24/2020 3 3 28 0 2 1 22 0 0
2/25/2020 4 2 4 1 0 0 20 0 0
2/26/2020 1 0 1 1 0 0 32 0 0
2/27/2020 14 2 21 0 1 0 36 0 0
2/28/2020 3 1 9 0 0 0 16 0 0
3/2/2020 3 2 8 0 0 0 108 0 0
3/3/2020 13 5 2 0 0 0 44 0 0
3/4/2020 5 2 10 1 0 0 38 0 0
3/5/2020 5 0 5 0 0 0 43 0 0
3/6/2020 5 0 4 1 1 0 27 0 8
3/9/2020 14 2 4 2 9 0 31 1 1
3/10/2020 3 2 1 0 5 0 37 0 0
3/11/2020 1 0 2 14 2 0 15 0 0
3/12/2020 13 4 2 7 15 1 20 1 0
3/13/2020 15 1 1 1 5 0 16 0 0
3/16/2020 35 1 6 2 6 1 17 1 2
3/17/2020 35 0 4 7 4 0 33 0 0
3/18/2020 20 3 2 0 3 1 36 0 0
3/19/2020 9 2 10 0 7 0 28 0 0
3/20/2020 8 2 9 1 16 0 36 1 0
3/23/2020 3 4 24 1 23 0 26 0 7
3/24/2020 8 1 0 0 1 0 29 0 0
3/25/2020 9 6 3 0 1 0 27 0 0
3/26/2020 3 3 2 2 23 0 9 0 0
3/27/2020 4 3 6 6 11 0 8 0 0
3/30/2020 4 0 3 0 4 0 14 0 6
3/31/2020 1 13 1 0 1 0 21 0 0
4/1/2020 7 9 1 10 0 0 20 0 0
4/2/2020 11 5 14 1 0 0 4 0 1
4/3/2020 1 0 10 4 1 0 7 0 0
4/6/2020 8 4 6 0 3 1 16 0 0
197
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 202 of
206
Exhibit-8
Affected Companies' News Frequency Table
January 28, 2020 through January 27, 2021
No. of News Articles Published
Date AMC BB BBBY EXPR GME KOSS NOK TR TRVG
4/7/2020 4 5 3 0 1 0 22 0 0
4/8/2020 9 2 5 0 0 0 14 0 0
4/9/2020 12 2 2 0 0 0 13 0 0
4/13/2020 15 0 4 0 12 0 16 0 1
4/14/2020 11 2 3 1 6 0 9 0 0
4/15/2020 8 1 35 1 1 4 31 0 0
4/16/2020 10 0 33 0 0 0 19 0 0
4/17/2020 28 2 10 1 3 0 11 0 0
4/20/2020 21 2 11 0 5 0 22 1 7
4/21/2020 1 1 10 8 10 2 14 0 0
4/22/2020 3 2 5 1 7 0 13 3 0
4/23/2020 3 0 9 0 1 0 14 0 0
4/24/2020 5 0 11 1 0 0 3 1 0
4/27/2020 4 0 16 0 3 0 12 0 2
4/28/2020 17 0 5 0 5 0 56 1 0
4/29/2020 31 1 4 1 0 0 27 1 0
4/30/2020 15 1 13 1 0 0 102 0 1
5/1/2020 6 1 12 0 0 0 15 0 0
5/4/2020 2 0 10 6 2 0 21 0 0
5/5/2020 1 1 3 1 0 0 27 0 0
5/6/2020 0 1 1 0 1 0 27 0 0
5/7/2020 2 1 4 0 1 1 21 0 3
5/8/2020 1 1 11 1 0 1 12 0 1
5/11/2020 33 7 9 0 2 0 7 0 0
5/12/2020 10 2 2 0 0 0 25 0 0
5/13/2020 2 1 10 0 0 0 20 0 2
5/14/2020 1 6 16 0 1 0 27 0 0
5/15/2020 1 4 4 0 1 0 16 0 0
5/18/2020 2 0 8 0 6 0 23 0 15
5/19/2020 0 4 5 0 4 1 22 0 5
5/20/2020 0 1 3 0 5 0 23 0 7
5/21/2020 2 0 7 0 5 0 27 0 6
5/22/2020 2 2 23 0 0 0 16 0 0
5/26/2020 2 4 19 0 9 0 29 0 0
5/27/2020 12 1 5 2 4 0 24 0 5
5/28/2020 1 1 5 0 1 0 24 0 0
5/29/2020 2 0 7 0 1 0 14 0 0
6/1/2020 1 6 21 3 5 0 29 1 0
6/2/2020 2 7 4 0 5 0 25 0 0
6/3/2020 46 9 5 15 4 0 37 0 9
6/4/2020 30 4 6 1 16 0 17 0 0
6/5/2020 13 2 2 0 9 0 13 0 0
6/8/2020 7 2 10 0 0 0 11 0 0
6/9/2020 30 4 5 0 22 0 21 0 1
6/10/2020 18 4 8 1 8 0 32 0 1
6/11/2020 15 3 8 0 2 0 48 0 5
6/12/2020 7 2 8 1 13 2 17 0 0
6/15/2020 6 7 6 0 5 0 50 0 3
6/16/2020 2 8 7 1 0 0 39 0 2
198
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 203 of
206
Exhibit-8
Affected Companies' News Frequency Table
January 28, 2020 through January 27, 2021
No. of News Articles Published
Date AMC BB BBBY EXPR GME KOSS NOK TR TRVG
6/17/2020 8 4 4 0 0 0 34 0 0
6/18/2020 21 3 2 0 3 0 43 0 0
6/19/2020 44 2 6 0 0 0 15 0 0
6/22/2020 26 7 17 0 1 1 48 0 0
6/23/2020 3 8 6 0 1 0 40 0 0
6/24/2020 12 20 2 0 0 0 36 0 0
6/25/2020 4 17 2 0 1 0 40 0 0
6/26/2020 3 4 6 0 3 0 13 0 0
6/29/2020 25 2 7 0 1 0 25 0 0
6/30/2020 16 0 7 1 1 0 20 1 0
7/1/2020 4 2 3 0 0 0 22 0 0
7/2/2020 0 3 2 0 4 0 18 0 0
7/6/2020 3 4 14 0 2 0 52 0 1
7/7/2020 6 0 10 0 1 0 35 0 0
7/8/2020 14 2 36 0 2 0 39 0 1
7/9/2020 7 3 45 1 2 0 32 0 0
7/10/2020 6 5 23 10 2 0 12 0 0
7/13/2020 16 2 20 0 1 0 27 0 0
7/14/2020 3 1 14 1 1 0 43 0 0
7/15/2020 2 0 4 0 0 0 19 0 0
7/16/2020 2 6 5 0 0 0 16 0 0
7/17/2020 1 1 6 0 6 0 9 0 0
7/20/2020 4 1 9 1 3 0 35 1 4
7/21/2020 6 0 12 0 1 1 49 0 3
7/22/2020 4 3 5 2 1 0 25 0 0
7/23/2020 24 2 6 0 1 3 13 2 0
7/24/2020 10 0 5 1 0 0 17 0 6
7/27/2020 5 1 6 0 0 1 28 1 2
7/28/2020 19 4 6 0 0 0 25 0 1
7/29/2020 16 2 5 0 0 0 24 0 4
7/30/2020 8 2 1 0 1 0 22 0 7
7/31/2020 9 1 4 0 1 0 78 0 0
8/3/2020 15 6 15 0 0 0 43 0 0
8/4/2020 4 4 2 5 0 0 40 0 0
8/5/2020 4 0 0 1 0 0 30 1 0
8/6/2020 16 0 2 0 0 0 16 0 0
8/7/2020 12 0 1 0 0 0 14 0 0
8/10/2020 10 0 10 1 0 0 20 0 0
8/11/2020 0 0 8 0 0 0 40 0 7
8/12/2020 5 0 4 1 0 0 23 0 0
8/13/2020 29 0 3 1 0 0 13 0 1
8/14/2020 15 1 2 0 0 0 8 0 0
8/17/2020 9 3 4 0 1 0 31 0 1
8/18/2020 3 1 0 0 0 0 29 0 0
8/19/2020 4 20 0 1 1 0 26 0 0
8/20/2020 11 21 3 1 2 2 34 0 0
8/21/2020 10 7 2 0 0 1 16 0 0
8/24/2020 6 7 3 2 1 0 16 0 0
8/25/2020 0 5 14 0 0 0 26 0 0
199
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 204 of
206
Exhibit-8
Affected Companies' News Frequency Table
January 28, 2020 through January 27, 2021
No. of News Articles Published
Date AMC BB BBBY EXPR GME KOSS NOK TR TRVG
8/26/2020 7 1 10 13 2 0 23 0 0
8/27/2020 8 6 5 4 0 0 15 0 0
8/28/2020 6 3 3 0 2 0 14 0 1
8/31/2020 13 5 8 1 12 0 10 0 0
9/1/2020 14 11 3 1 4 0 18 1 0
9/2/2020 20 5 4 2 2 0 12 0 0
9/3/2020 7 2 4 1 0 0 25 0 0
9/4/2020 8 6 2 2 0 0 16 0 0
9/8/2020 9 8 10 0 2 1 49 0 0
9/9/2020 4 5 4 2 18 0 28 0 0
9/10/2020 3 2 10 0 11 0 22 0 0
9/11/2020 9 0 5 0 5 0 8 0 0
9/14/2020 4 3 12 0 14 0 37 0 2
9/15/2020 0 2 2 0 0 0 35 1 0
9/16/2020 0 5 4 0 6 0 27 0 1
9/17/2020 0 1 6 4 4 0 16 0 0
9/18/2020 1 1 8 1 1 0 9 0 0
9/21/2020 3 3 18 1 8 1 26 0 0
9/22/2020 4 13 26 1 18 0 34 0 0
9/23/2020 1 6 14 1 2 0 32 1 0
9/24/2020 9 18 16 0 4 0 29 0 0
9/25/2020 3 7 5 0 0 0 21 0 0
9/28/2020 1 0 16 0 0 0 18 0 0
9/29/2020 1 1 11 1 0 0 58 0 0
9/30/2020 8 4 5 0 1 0 41 0 0
10/1/2020 15 4 61 0 1 0 17 0 0
10/2/2020 7 5 22 3 0 0 20 0 1
10/5/2020 26 2 3 2 1 0 22 0 0
10/6/2020 20 7 12 0 1 0 22 0 0
10/7/2020 8 6 3 0 0 1 34 0 0
10/8/2020 9 7 6 2 24 0 32 0 2
10/9/2020 5 3 1 0 11 0 48 0 0
10/12/2020 8 1 4 1 5 0 51 0 0
10/13/2020 27 1 20 1 4 0 41 0 1
10/14/2020 14 5 24 0 4 0 37 0 0
10/15/2020 2 1 6 1 3 0 41 0 0
10/16/2020 2 3 6 0 1 0 14 0 0
10/19/2020 27 5 9 0 1 1 90 0 0
10/20/2020 30 2 2 0 0 0 50 1 0
10/21/2020 9 1 5 0 0 1 66 0 0
10/22/2020 2 2 10 1 1 0 27 0 0
10/23/2020 4 2 2 0 1 0 19 0 2
10/26/2020 5 0 12 1 3 0 33 0 1
10/27/2020 7 3 6 0 0 0 29 0 0
10/28/2020 2 2 32 0 0 0 28 0 0
10/29/2020 4 1 22 0 1 2 92 0 0
10/30/2020 2 0 5 0 2 0 21 0 1
11/2/2020 30 1 12 1 1 0 26 0 5
11/3/2020 13 1 3 0 1 0 23 0 2
200
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 205 of
206
Exhibit-8
Affected Companies' News Frequency Table
January 28, 2020 through January 27, 2021
No. of News Articles Published
Date AMC BB BBBY EXPR GME KOSS NOK TR TRVG
11/4/2020 6 0 3 0 2 0 25 0 9
11/5/2020 3 5 3 0 0 0 27 0 0
11/6/2020 3 0 3 0 1 0 8 0 0
11/9/2020 16 2 6 0 7 0 36 0 0
11/10/2020 15 1 3 0 7 0 25 0 1
11/11/2020 5 2 3 1 7 0 18 1 0
11/12/2020 6 4 7 3 3 0 23 0 4
11/13/2020 3 0 6 0 1 0 14 0 0
11/16/2020 11 3 6 0 7 1 20 0 1
11/17/2020 3 6 4 0 13 0 28 0 0
11/18/2020 3 4 6 0 1 0 35 0 0
11/19/2020 1 6 2 0 2 0 19 0 0
11/20/2020 3 0 8 0 3 0 10 0 0
11/23/2020 5 2 10 0 2 0 20 0 0
11/24/2020 3 2 4 3 3 0 28 0 1
11/25/2020 2 3 9 1 8 0 32 0 2
11/27/2020 0 2 17 0 5 0 38 0 0
11/30/2020 5 2 18 0 12 0 31 0 7
12/1/2020 0 36 1 3 0 0 43 0 0
12/2/2020 0 13 1 0 1 0 31 0 0
12/3/2020 22 3 3 20 1 0 23 0 0
12/4/2020 16 4 3 2 5 0 13 0 0
12/7/2020 4 2 9 0 2 2 42 0 0
12/8/2020 3 2 3 0 23 0 44 0 1
12/9/2020 2 2 5 0 13 0 43 0 0
12/10/2020 3 2 2 1 3 0 36 0 1
12/11/2020 23 6 5 1 1 0 15 0 0
12/14/2020 16 3 26 1 4 0 42 0 0
12/15/2020 3 5 4 0 0 0 35 1 0
12/16/2020 4 3 6 1 0 1 45 0 0
12/17/2020 2 17 2 0 1 0 35 0 0
12/18/2020 3 13 5 0 0 0 16 0 0
12/21/2020 4 11 11 1 2 0 23 1 0
12/22/2020 1 1 2 2 6 0 22 0 0
12/23/2020 2 2 3 0 2 0 18 0 0
12/24/2020 0 2 3 0 3 0 11 0 0
12/28/2020 4 2 7 1 5 0 25 0 0
12/29/2020 1 1 5 0 0 1 16 0 0
12/30/2020 8 0 2 2 0 0 15 0 0
12/31/2020 5 4 5 1 2 0 7 0 0
1/4/2021 3 5 14 1 3 0 18 0 0
1/5/2021 3 1 9 1 2 0 19 0 0
1/6/2021 4 2 10 0 1 0 25 0 0
1/7/2021 3 1 53 0 2 0 14 0 0
1/8/2021 4 0 17 1 3 0 9 0 1
1/11/2021 1 1 5 2 44 0 27 0 8
1/12/2021 3 3 9 0 3 0 23 0 0
1/13/2021 4 2 3 1 15 0 36 0 5
1/14/2021 3 6 5 13 20 0 51 0 0
201
Case 1:21-md-02989-CMA Document 566-8 Entered on FLSD Docket 06/07/2023 Page 206 of
206
Exhibit-8
Affected Companies' News Frequency Table
January 28, 2020 through January 27, 2021
No. of News Articles Published
Date AMC BB BBBY EXPR GME KOSS NOK TR TRVG
1/15/2021 2 14 3 1 12 0 19 0 1
1/19/2021 11 24 44 3 20 0 29 0 1
1/20/2021 3 7 23 1 7 0 21 1 0
1/21/2021 6 4 9 1 63 1 17 0 0
1/22/2021 12 4 4 2 50 0 14 0 0
1/25/2021 57 42 28 10 120 8 29 1 0
1/26/2021 26 30 28 8 6 5 32 0 0
1/27/2021 66 28 39 50 281 58 67 5 0
Totals: 2081 999 2210 332 1380 112 6955 35 213
Sources: Factiva
202
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