Analysis Group Promotes Michael Cliff, Stephen Fink, and Annie Guérin to Managing Principal

November 12, 2020

Analysis Group, one of the largest international economics consulting firms, is pleased to announce the promotions of Michael Cliff, Stephen Fink, and Annie Guérin to Managing Principal.

“We are proud to announce the promotion of these three remarkable consultants, whose work inspires trust and respect among their clients,” said Martha S. Samuelson, CEO and Chairman of Analysis Group. “Their creative thinking and rigorous pursuit of excellence are evident in the many matters to which they have contributed, including pharmaceutical antitrust and intellectual property disputes, landmark appraisals and complex financial investigations, and critical contributions to the medical literature in support of access to therapies that improve patient lives.”

Dr. Cliff is a recognized expert in asset valuation and appraisal, having supported clients and testified in a broad range of finance matters. He has consulted to clients on damages modeling, class certification, business valuation, complex financial structures, solvency and debt covenants, the evaluation of investment strategies, and due diligence practices. Among his many contributions to pivotal cases, Dr. Cliff has:

  • Supported Jarden in a post-deal appraisal challenge to its share price (In re: Appraisal of Jarden Corp.). Dr. Cliff led a team in support of multiple experts, who determined that the valuation was 18% below the deal price, making it among the largest discounts to fair value in a Delaware Chancery Court opinion in a decade.
  • Supported Morgan Stanley in its successful defense against allegations of insider trading of the stock of an automobile parts maker during the Great Recession (Veleron Holding, BV v. BNP Paribas SA, et al.). Dr. Cliff was instrumental to the team’s support of an expert’s trial testimony, which explained risk management and hedging practices, and rebutted a report by the plaintiff’s expert. The jury found that Morgan Stanley did not engage in insider trading.

Mr. Fink specializes in analyzing the economics of complex business litigation matters, particularly in the areas of antitrust and health care. In the pharmaceutical industry, he has worked on both the class certification and merits phases of cases involving antitrust allegations such as product hopping, reverse payments, and other conduct intended to allegedly delay the entry of generic competition. Mr. Fink has applied his expertise across a variety of industries, including high tech, agriculture, and media and entertainment. He has played a central role in many noteworthy cases, including:

  • Support of the manufacturer of the ulcerative colitis drug Asacol in a watershed antitrust class action matter involving allegations of product hopping (In re: Asacol Antitrust Litigation). Mr. Fink oversaw analyses highlighting the prevalence of uninjured class members, which was key to an appeals court’s denial of class certification. 
  • Support of GlaxoSmithKline’s defense against charges of anticompetitive behavior tied to an alleged reverse payment settlement agreement with generic drug manufacturers to delay the entry of generic versions of the antidepressant Wellbutrin XL (In re: Wellbutrin XL Antitrust Litigation). Mr. Fink was part of a team that supported two experts, who opined on class certification, merits, and damages issues. 

Ms. Guérin is a respected health economist, specializing in the application of statistics and econometrics to health economics and outcomes research (HEOR) and epidemiology. She has designed and led a wide range of health care research activities, such as retrospective database analyses, chart review studies, surveys, economic modeling and health technology assessments, and real-world evidence and patient-reported outcome studies. Ms. Guérin has played a pivotal role in developing evidence generation plans for pharmacological products in oncology, mental health, and gastrointestinal diseases. Her extensive experience is reflected in over 100 peer-reviewed publications in major health economics and clinical journals, including:

  • Designing two large international clinical data registries in the oncology space, which provided critical strategic decision-making information for both clinicians and payers.
  • Designing a system for collecting and analyzing real-world clinical data for use as a primary data submission to the Food and Drug Administration (FDA) for approval of a breakthrough therapy for a previously untreatable condition.

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