Securities Litigation

We support organizations and their legal counsel at all points of the litigation lifecycle, including discovery, pre-case assessment, data analytics and analysis.  

Litigation Consulting and Testimony

We are highly skilled at helping companies, executives and public accounting firms to respond to regulators’ investigations, derivative and class action securities litigation. We have served as litigation consultants assisting clients to address their most complex Generally Accepted Accounting Principles (GAAP), financial controls and regulatory issues.  

This assists in the research of pertinent issues relevant to the allegations, developing positions and analyses, and working with counsel and the client to develop potential defences. FRA team members are also experienced in providing testimony at deposition, mediation and trail on data governance, GAAP and GAAS related matters. A member of our team has also testified as an accounting and auditing expert on behalf of the US Securities and Exchange Commission (SEC).

Specialized experts in accounting, financial products and quantum calculations

Securities ltigation involving complex transactions, structures, valuation techniques and financial statements call for credible experts in these fields and methodologies. Our teams have experience helping clients and counsel understand the evidence and contextualize it for their legal cases.  

FRA’s broad range of experts include former regulators at the Public Company Accounting Oversight Board (PCAOB) and Serious Fraud Office (SFO); auditors at national offices of public accounting firms; ex-investment bankers familiar with complex investment products and damage calculations; and Big 4 partners experienced in litigation consulting.

• Complex financial products: FRA’s team includes former investment bankers who have a wealth of experience and knowledge of complex financial models and structures. As securities litigation cases can feature complex financial products, you need experts able to simplify how such products work. We can support counsel in many areas, including collaterized debt obligations (CDOs), credit derivatives, securitised products, and special purpose vehicles (SPVs) and derivatives.
• Accounting misstatements: If the litigation focuses on alleged accounting fraud, company auditors may also be named in filings, requiring them to answer to courts and stakeholders. Our team provides independent analysis of the application of GAAP, international financial reporting standards (IFRS), and auditing and independence standards promulgated by the PCAOB, the SEC, and the International Auditing and Assurance Standards Board (IAASB).
• Damages: Our experts have decades of experience valuing companies, projects and contracts. They leverage this experience to provide a practical, defensible approach to calculations.  

Independent Internal Controls Assessment and Remediation

Over 70 percent of securities litigation cases that include allegations of non-compliance with GAAP, also cite a failure of internal controls over financial reporting. Companies must, therefore, defend their internal control framework and alleged failures. We are experts in assessing the effectiveness of internal control systems, and can assist in all stages of control issues, from evaluations to proactive measures through remediation and monitoring.