United States District Court, Southern District of New York
April 8, 2002
MORGENS, WATERFALL, VINTIADIS & CO., INC., ET AL., PLAINTIFFS,
DONALDSON, LUFKIN & JENRETTE SECURITIES CORPORATION, DEFENDANT. DONALDSON, LUFKIN & JENRETTE SECURITIES CORPORATION, COUNTERCLAIM PLAINTIFF, V. MORGENS, WATERFALL, VINTIADIS & CO., INC., AND MORGENS, WATERFALL HOLDINGS, L.L.C., COUNTERCLAIM DEFENDANTS.
The opinion of the court was delivered by: Milton Pollack, U.S. District Judge
The motion in limine by the defendant and counter claim plaintiff
Donaldson, Lufkin & Jenrette Securities Corporation for an order
excluding at trial the expert testimony of Candace L. Preston is
granted, without prejudice however, to a gatekeeper hearing before the
Court during a recess of the trial, to determine her status as an expert
witness after testimony has been adduced by plaintiff on the factual
issues of the alleged misrepresentations to plaintiffs, their materiality
to plaintiffs, the plaintiffs' reliance thereon and claimed damages to
As presently advised the Court is of the firm belief that her studies
for an expert role in this case include impermissible speculation. The
Court is not required to admit out of hand, Opinion evidence which is
substantially connected to existing data only by the ipse dixit of the
expert and by subjective conclusions that have not been validated or are
not objectively verifiable.
Preston's credentials themselves do not warrant her acceptance of the
facts to be established and conclusions proposed to be expressed
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