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.