In a securities class action, the calculation of out-of-pocket losses is a crucial element in determining the damages suffered by investors. Out-of-pocket losses refer to the actual financial losses experienced by investors as a result of the alleged misconduct of the defendant. These losses are typically calculated by comparing the purchase price of the securities with their value at the time of sale or other relevant measure of damages. The calculation may also take into account any dividends or other distributions received by the investor during the relevant period. It is important to note that in some cases, the calculation of out-of-pocket losses may be complicated by factors such as market fluctuations or other external events that may have affected the value of the securities. In such cases, expert analysis and economic modeling may be employed to determine an accurate estimation of the investor's losses.