Current Capital’s Jonathan Foster Completes Successful Expert Witness Project on behalf of News Corp.
NEW YORK, NY (October 14, 2016) – Jonathan F. Foster, a Managing Director of Current Capital LLC, a private equity investing and management services firm, recently completed a successful expert witness project that involved alleged misappropriation of trade secrets as well as mergers and acquisitions and senior executive issues. Foster was engaged on behalf of News Corp., a leading global media and information services company, and its subsidiary, Move, in a case settled on the day that trial was scheduled to begin with the defendant, Zillow, agreeing to pay $130 million to Move.
Retained by the law firm of Jenner & Block and supported by the economic and financial consulting firm, Cornerstone Research, Foster assessed Zillow’s stated rationale for acquiring a major competitor, Trulia. Move claimed that Zillow acquired Trulia based on confidential information that Trulia and Move were engaged in merger discussions. Move alleged that one of its executives—closely involved in the Trulia–Move discussions—transitioned to Zillow, bringing confidential information and trade secrets regarding the proposed merger. Shortly thereafter, Zillow acquired Trulia. By analyzing the voluminous record, market shares, financial performance and valuation, among other factors, Foster demonstrated that the Zillow–Trulia deal and the price Zillow paid for Trulia were atypical from a mergers and acquisitions perspective. He concluded that Zillow’s acquisition of Trulia was consistent with evidence of acting on inside information.
Foster’s expert witness work focuses mainly on governance, mergers and acquisitions, and valuation in complex corporate litigation. He has consulted on approximately 25 cases, filed some 15 declarations and reports, been deposed numerous times and testified at trial. Current Capital’s Advisory Board, which is comprised of retired operating executives from the industrial and services sectors, can also provide input on industry specific issues.