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In response to recent problems with inappropriate accounting, the Securities and Exchange Surveillance Commission has been tightening up its review of the information disclosed by listed companies and seems to be adopting a policy of exposing any irregularities in the description of qualitative factors in annual securities reports, particularly those related to financial results. Along with this tightening up of reviews, shareholder monitoring has also become stricter, leading us to expect an increase in the number of claims for damages related to misstatements in annual securities reports. In any claim for damages, the amount of those damages is a key point of contention and there is usually a big discrepancy in the assessment of this amount between the parties to the case. In the seminar, we provided an overview of the points of contention regarding the theory of damages in these cases and a summary of the courts' thinking, and also explained in detail the concept of "event analysis," which is a statistical model used to establish proof of the amount of damages in court practice, and how it is used in court cases.

最近の不適切会計問題などを受け、証券取引等監視委員会は上場企業の情報開示の審査を厳格化し、有価証券報告書の定性要因についての記述のうち業績にかかわる部分の記載に不正があれば摘発する方針する構えを見せています。この厳格化に伴い、株主による監視も厳しくなり、有価証券報告書の虚偽記載に関わる損害賠償請求の増加が予想されます。損害額は損害賠償請求の際の重要な争点であり、その金額については当事者間で大きく評価が分かれるのが通常です。本セミナーでは、これらの事件における損害論に関する争点および裁判所の考え方を概観し、また、裁判実務において損害額の立証に用いられる統計的手法である「イベント分析」の考え方および裁判例における使用方法等について、詳しく解説しました。