2023 Financial Forensics Year In Review
Written by: Megan Ramey, CPA, ABV and Chandler Simich, CPA
Last month we reflected on the many Business Valuation assignments we worked on in 2023. This month, we highlight our Financial Forensics services and all our accomplishments during 2023.
Here at Cogence Group, we are best known for our Financial Forensics Services. With more than 30 years of trial testimony experience in more than 175 cases, we have the integrity, knowledge, passion, and credibility to help you in the courtroom. We persuasively and clearly communicate our findings to judges and jurors, making us a critical piece to the litigation process.
The following is a Financial Forensics recap of 2023 for our firm
2023 BY THE NUMBERS
Overall Our Team Handled 62 Financial Forensics Matters in 2023
The team members of Cogence Group were engaged in 52 Financial Forensics matters that were in progress or settled in 2023.
Out of the 62 Financial Forensic matters team members of Cogence Group testified in ten cases in 2023.
PROJECT BREAKDOWN
Financial Forensic Highlights:
Financial Forensic matters comprised 78% of our total 2023 services
We provided the following types of Financial Forensic Services: Business Interruption Claims, Economic Damages, Forensic Accounting, Marital Dissolution, Shareholder Disputes, Trade Secrets & Intellectual Property, and Wrongful Termination, Personal Injury, and Wrongful Death
We were jointly engaged by counsel for both parties as the business valuation expert in a contentious shareholder dispute case involving a telecommunications business. Transparent and equal access to us during the valuation was critical in helping the settlement process move along
We were hired by 40+ law firms in four different states
Including working with 7 out of the top 10 law firms in Portland
The matters we worked on spanned the following 25 industries:
Accounting & Financial Services (3%)
Advertising (2%)
Agriculture (5%)
Automotive (3%)
Billboard Advertising (2%)
Cannabis (7%)
Commercial & Residential Real Estate (5%)
Construction (15%)
Education (2%)
Food & Beverage (8%)
Freight & Trucking (3%)
Healthcare (8%)
Heating & Cooling (2%)
Manufacturing (16%)
Oil & Gas (2%)
Public Services (2%)
Retail (2%)
Senior Living Facilities (2%)
Sports (2%)
Sportswear Manufacturing (2%)
Technology (3%)
Telecommunications (2%)
Winery (2%)
We performed five business valuations for litigated matters to be presented to the trier of fact
We collaborated with attorneys and industry experts to calculate the historical economic damages associated with a vineyard. We prepared damages schedules and assisted attorneys with trial preparation. Cogence Group testified in court at the end of 2023, which resulted in a $23.4 million judgment for the plaintiff.