We have addressed a range of white collar issues, including securities, financial statement, and broker-dealer fraud; FCPA violations; and mismanagement. Our work has helped identify, clarify, and explain the transactions, data, and accounting information that are typically the object of inquiry in these matters.

View Selected Experts

We examine every case to identify the most effective experts.

We examine every case to identify the most effective experts.

Steven Davidoff Solomon

Professor of Law,
Faculty Codirector, Berkeley Center for Law and Business,
UC Berkeley School of Law, University of California

Steven Davidoff Solomon is a widely recognized authority on corporate and securities law. Professor Solomon specializes in corporate law and governance, capital markets regulation, contract interpretation, and mergers and acquisitions (M&A). He also conducts interdisciplinary research on topics involving law and finance. Professor Solomon studies and has been retained by the Securities and Exchange Commission in litigation related to special purpose acquisition companies (SPACs).

Professor Solomon has testified before the U.S. Senate, and in complex litigation involving antitrust and competition, M&A, disclosure, corporate governance (including nonprofit and real estate investment trust matters), and corporate law issues such as piercing the corporate veil, evaluating contracts, and analyzing damages, among others. The National Association of Corporate Directors has honored him multiple times as one of the 100 most influential governance professionals in the United States.

For almost a decade, Professor Solomon wrote a weekly column on corporate issues for the New York Times as the Deal Professor. He coauthored Mergers and Acquisitions: Law, Theory, and Practice, a leading casebook in the field, as well as several other volumes focused on M&A and corporate law. Professor Solomon has published his research in leading academic journals, including the Harvard Business Law Review, the University of Pennsylvania Law Review, and the Journal of Financial Economics. A noted study has identified him among the most-cited U.S. scholars of corporate law and securities regulation.

At UC Berkeley School of Law, Professor Solomon teaches courses on law, economics and accounting, M&A, capital markets, and business associations.

Prior to entering academia, Professor Solomon practiced as an attorney for nearly a decade, with Shearman & Sterling in New York and London and with Freshfields Bruckhaus Deringer in London. He represented U.S. and European clients in securities law matters, acquisitions and sales of public and private companies, joint ventures, and private equity and venture capital investments.

Professor Solomon sits on the board of directors of a SPAC, where he serves on the audit, nominating, and compensation committees.

We examine every case to identify the most effective experts.

Andrew D. Richmond

Senior Vice President

Andy Richmond has over thirty years of litigation consulting and expert witness experience. He has testified on the topics of forensic accounting, fraud and concealment schemes, valuation, loss causation, and economic damages in a wide variety of commercial disputes. Mr. Richmond has also led independent forensic accounting investigations for boards, special committees, company management, and Monitoring Trustees of the U.S. Department of Justice.

In dispute-related matters, Mr. Richmond’s clients have included both public and private companies in professional services, manufacturing, banking, real estate, healthcare, energy, insurance, entertainment, and technology. In investigation-related matters, he has examined financial reporting fraud, Ponzi schemes, asset misappropriation, and other forms of corporate misconduct.

Prior to joining Cornerstone Research, Mr. Richmond was a managing director at Navigant Consulting, and previously was with Arthur Andersen and KPMG. He is a regular guest lecturer at the University of Illinois at Urbana-Champaign and the University of Notre Dame.

Mr. Richmond is a licensed certified public accountant (CPA) and a certified fraud examiner (CFE). He is accredited in business valuation (ABV) and also certified in financial forensics (CFF) by the American Institute of Certified Public Accountants (AICPA).

Mr. Richmond is a member of Cornerstone Research’s board of directors and serves on multiple management committees at the firm. He also chairs the investment committee for Little City, a nonprofit that serves adults and children with developmental disabilities.

We examine every case to identify the most effective experts.

Craig M. Lewis

Madison S. Wigginton Professor of Finance,
Owen Graduate School of Management,
Vanderbilt University;
Professor of Law,
Vanderbilt Law School

Craig Lewis is an authority on corporate financial policy, asset pricing, and financial market regulation. Professor Lewis is the former chief economist of the Securities and Exchange Commission (SEC), where he also served concurrently as director of the Division of Economic and Risk Analysis. At the agency, he focused on economic analysis in the financial regulatory process, and oversaw a wide range of activities related to agency policy, rulemaking, enforcement and examinations, and risk analysis.

Professor Lewis’s expertise includes convertible debt financing, corporate capital formation, equity analyst behavior, money market and exchange-traded funds, and textual analysis of corporate disclosures. He has testified before Congressional committees. In addition, he has consulted to corporations, public institutions, and government agencies on financial issues, including Dollar General, the Chicago Board Options Exchange, State Street Global Advisors, Union Pacific Railroad, the Federal Trade Commission, and the SEC. Professor Lewis has filed expert reports, and provided expert testimony in deposition and at trial.

Professor Lewis publishes extensively on topics related to financial institutions and markets, and serves as an editor for leading academic journals in finance. His articles have appeared in the Journal of Financial Economics, the Review of Financial Studies, the Journal of Corporate Finance, and Financial Management, among others.

The winner of multiple awards for teaching excellence, Professor Lewis has taught undergraduate, M.B.A., and Ph.D. courses on corporate and managerial finance and derivatives. He served as a visiting professor at Donau-Universität Krems in Austria, Goethe-Universität in Germany, and the Tuck School of Business at Dartmouth College. Early in his career, Professor Lewis worked as a CPA at a major accounting firm.

We examine every case to identify the most effective experts.

Erik R. Sirri

Professor of Finance, Babson College;
Former Director, SEC Division of Trading and Markets;
Senior Advisor, Cornerstone Research

Erik Sirri consults with clients and provides expert testimony in matters related to securities trading, including high-frequency trading; asset management, including robo-advising, mutual funds, and exchange traded products; and financial institutions, with a special emphasis on broker-dealer issues.

Professor Sirri’s research focuses on the interaction of securities law and finance, securities market structure, investment management, and capital markets. From 2006 through 2009 he was director of the Division of Trading and Markets at the U.S. Securities and Exchange Commission (SEC), where he was responsible for matters relating to the regulation of stock and options exchanges, national securities associations, brokers, dealers, clearing agencies, and credit ratings agencies. Professor Sirri served as chief economist of the SEC from 1996 through 1999, and was an assistant professor of finance at Harvard Business School from 1989 to 1995.

His writings appear in academic journals, practitioner journals, and books. Professor Sirri’s articles have been published in the Review of Financial Studies, the Journal of Finance, the Journal of Financial Markets, the Journal of Financial and Quantitative Analysis, and other journals and books. He has served on the boards of securities exchanges, mutual funds, industry associations, and foundations. Professor Sirri has consulted for securities firms, stock exchanges, mutual fund companies, issuers, and information vendors on a variety of regulatory and business matters.

Corporate and Government Investigations Capabilities

In the wake of the recent turmoil in financial and credit markets, regulators have increased their enforcement activities. They often focus on corporate disclosures, including audited financial statements, earnings, and performance expectations, along with management’s discussion of risks and trends.

Cornerstone Research has worked on investigations and litigation brought by government enforcement agencies, including the Securities and Exchange Commission (SEC), the Department of Justice (DOJ), the Commodities Futures Trading Commission (CFTC), the Food and Drug Administration (FDA), the Federal Energy Regulatory Commission (FERC), the Federal Trade Commission (FTC), and the Internal Revenue Service (IRS).

Cornerstone Research has analyzed complex accounting, auditing, and disclosure issues in civil and criminal actions brought by regulators. We have helped clients achieve favorable outcomes, sometimes before any public announcement of allegations or investigations.

Cornerstone Research has determined whether companies needed to issue financial restatements. For example, we evaluated whether a company’s transaction records complied with accounting standards and worked with attorneys to respond to an independent examiner’s conclusions.

Cornerstone Research investigates complex fraud and concealment schemes on behalf of corporate clients and/or their counsel as well as provides consulting and expert testimony in resulting litigation.

Many large U.S. energy firms and financial institutions face allegations of market manipulation, conspiracy, and wire fraud in their trading activities, operation of physical assets, and price reporting. Cornerstone Research has worked on many of the highest-profile energy and commodities cases, using a multidisciplinary approach to evaluate claims resulting from FERC and CFTC investigations.

Cornerstone Research has investigated the activities of investment firms and financial institutions. We have addressed a range of issues, including securities, financial statement, and broker-dealer fraud; FCPA violations; and mismanagement. We have analyzed corporate processes for determining appropriate disclosures and the role of executives, board members, auditors, and other outside advisors in the decision-making process.

The need for internal investigations may arise from whistleblower allegations, contractual disputes, employee malfeasance, corporate monitoring, anticipated litigation, consumer complaints, merger and acquisition activity, and general management or board inquiries. Cornerstone Research has experience investigating a wide variety of alleged corporate misconduct.

Cornerstone Research has conducted investigations into alleged accounting irregularities, employee mismanagement, and disputed business transactions. We have analyzed complex fraud schemes, traced cash and transactions through corporate accounts, reconciled disparate accounting systems, reconstructed client data, and determined solvency and liquidity positions. For many of these matters, Cornerstone Research has utilized sophisticated data analytics to evaluate large volumes of information to help identify trends, perform advanced search queries, and identify relevant records.

Regulators are increasingly scrutinizing compensation and taxation, including stock options, compensation adjustments due to mergers or special dividends, performance-based pay, and tax shelters.

Our staff have consulted on a variety of cases involving allegations of off-label marketing under the Federal Food, Drug, and Cosmetic Act. We have also worked on life sciences and healthcare False Claims Act cases involving out-of-network reimbursement, prescription drug payments based on average wholesale prices, healthcare provider-payer disputes, and healthcare providers cross-billing multiple insurers.

By leveraging experience in finance, accounting, and corporate governance process evaluation, Cornerstone Research has helped corporations determine the amount of profits attributable to alleged violations of the FCPA and defend the processes designed to prevent abuses.

Featured Cases

Featured Publications

19 January 2022

SEC Cryptocurrency Enforcement: 2021 Update

Under the new administration, the SEC has continued its role as one of the main regulators in the cryptocurrency space.

1 December 2021

SEC Enforcement Activity

Cornerstone Research collaborates with the Securities Enforcement Empirical Database (SEED) to publish annual publications analyzing trends in SEC ...

16 November 2021

SEC Enforcement Activity: Public Companies and Subsidiaries—Fiscal Year 2021 Update

The U.S. Securities and Exchange Commission filed fewer enforcement actions against public companies and subsidiaries in fiscal year 2021, the lowe...

3 November 2021

SEC Cryptocurrency Enforcement: Q3 2021 Update

Under the Biden administration, the SEC continues to be active in policing the cryptocurrency space with 19 enforcement actions related to cryptocu...

28 July 2021

Cornerstone Research Connects: SEC Cryptocurrency Enforcement—Q3 2013–Q4 2020

The authors discuss key trends of the SEC’s enforcement actions against digital asset market participants.

8 June 2021

Accounting and Auditing Enforcement Activity

This report examines trends in accounting and auditing enforcement actions that were publicly disclosed by the U.S. Securities and Exchange Commiss...

10 May 2021

SEC Cryptocurrency Enforcement—Q3 2013–Q4 2020

The SEC brought 75 cryptocurrency-related enforcement actions from Q3 2013 to Q4 2020, allegations of fraud and unregistered securities offerings w...

23 April 2021

Accounting and Auditing Enforcement Activity—2020 Review and Analysis

The SEC and PCAOB publicly disclosed 63 accounting and auditing enforcement actions during 2020. Monetary settlements totaled more than $1.4 billion.

9 April 2021

Former SEC Officials Predict SEC Priorities

The authors discuss potential changes to disclosure and enforcement policies at the Securities and Exchange Commission under the Biden administration.

22 September 2020

Cross-Market Manipulation Under the Microscope

The authors discuss illustrative cross-market manipulation enforcement cases and their implications for market participants in the EU, UK and US.

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