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Forward Forensics
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Where accounting meets law
Where accounting meets law

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News Roundup: San Francisco MTA Settles for $8M
https://www.fwdforensics.com/expert-witness/san-francisco-mta/
San Francisco MTA Settles Wage and Hour Class Action for $8 Million
The city and county of San Francisco and the San Francisco Municipal Transportation Agency agreed to settle a four-year-old class action lawsuit with city bus drivers for up to $8 million. In a complaint, the drivers claimed they
#Damages, #ExpertWitness
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'Comcast' Rears Its Head in Lenovo Adware Suit
https://www.fwdforensics.com/damages/lenovo-adware-lawsuit/
A U.S. District judge in San Jose, Calif. last week certified two out of three plaintiff classes in In Re: Lenovo Adware Litigation, a case in which plaintiffs could seek as much as $66.4 million. According to the judge's opinion, the third class fell short because plaintiffs did not present sufficient evidence that the defendants' actions caused the alleged damages--an increasingly common refrain since the U.S. Supreme Court's 2013 decision in Comcast Corp. v. Behrend.
#Damages
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Company Uses Its President as Damages Expert
https://www.fwdforensics.com/expert-witness/president-damages-expert/
If the lawyer who represents himself has a fool for a client, what does that make the company that appoints its president as its damages expert?

That question came up recently in Luxco, Inc. v. Jim Beam Brands Co., a breach of contract suit pending in U.S. District Court in Chicago. In a complaint, Luxco maintains that Jim Beam provided faulty information prior to an asset sale, causing Luxco to overpay for the rights to certain booze brands. For expert testimony on damages, Luxco is relying neither on an Ivy League economist nor a Big Four CPA but rather on its president and chief operating officer, David Bratcher.
#ExpertWitness
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Hollywood Accounting on Trial in 'Spinal Tap' Suit
https://www.fwdforensics.com/intellectual-property/spinal-tap-lawsuit/
Actor Harry Shearer this week filed a $125 million lawsuit against Vivendi S.A., claiming the French media company used "fraudulent accounting" to cheat him out of revenues from the 1984 movie This Is Spinal Tap. The complaint draws attention to certain accounting practices that are common yet controversial in the entertainment industry.


#IntellectualProperty
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Voya CFO Leaves, Whistleblower Lawsuit Stays
https://www.fwdforensics.com/litigation/voya-financial-whistleblower/
Voya Financial, Inc. (NYSE: VOYA) said yesterday that its chief financial officer, Ewout L. Steenbergen, has resigned and will be replaced next month by the company's CEO of insurance solutions, Michael S. Smith. Separately, both men are mentioned in a whistleblower lawsuit filed in July by Mary Fay, former senior vice president and head of annuities products at Voya.
#Litigation
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CommVault Cookie-Jar Class Action to Proceed
https://www.fwdforensics.com/securities/commvault-cookie-jar/
A federal judge in New Jersey last week denied a motion to dismiss a securities class action that alleges CommVault Systems, Inc. (NASDAQ: CVLT) used cookie-jar accounting to smooth its earnings in 2013 and 2014. Declarations from two expert witnesses--one of them former Securities and Exchange Commission chairman Harvey L. Pitt--helped persuade the court.
#Securities
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Judge Tosses Expert's Damages, Awards $1 Instead
https://www.fwdforensics.com/damages/sunday-players/
A federal magistrate judge in New York last week refused to grant a retrial on damages to sportswear startup Sunday Players, Inc. after vacating a jury award of $4.35 million and awarding $1.00 to the company instead.
#Damages
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Boeing Doubles Down on Program Accounting
https://www.fwdforensics.com/securities/boeing-program-accounting/
Ed. note: In light of renewed interest in Boeing's program accounting, we are republishing this memo we prepared for clients in February 2016.
Summary
Forward Forensics believes potential legal claims alleging securities fraud may arise from a recent decline in shares of Boeing Co. (NYSE: BA).
#Securities
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Bedmaker Seeks Damages for Rivals' Trash-Talk
https://www.fwdforensics.com/intellectual-property/select-comfort-damages/
The U.S. District Court in Minnesota last week excluded most of a CPA expert's opinion about damages that Select Comfort Corp. (NASDAQ: SCSS) allegedly suffered from competitors' disparaging remarks. The case has raised convoluted questions about the causal link between words and lost dollars.
#Damages, #IntellectualProperty
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Audit Pains Push DS Healthcare Toward Delisting
https://www.fwdforensics.com/securities/ds-healthcare-delisting/
DS Healthcare Group, Inc. (NASDAQ: DSKX) got word last Wednesday that the NASDAQ stock market plans to delist its stock, which hasn’t budged from $0.67 since the exchange halted trading in the shares on April 4. CEO Daniel Khesin has been struggling since then to turn around the troubled company, albeit through some unconventional means. But the turnaround hit a snag in August when the beauty products manufacturer fired its auditor, MaloneBailey, LLP, after just three months on the job.
#Securities
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