A growing number of plaintiffs’ firms have forensic accountants on their permanent staff. An article (via law.com – free regist. req’d) in The Recorder discusses this trend and the importance of forensic accounting in formulating securities class action complaints that can survive a motion to dismiss.
Quote of note: “[Andy] Rudolph said the wave of corporate scandals led by Enron Corp. has cast his work in a new light. ‘I used to go to seminars and give speeches and almost get booed’ by other accountants and company CFOs, Rudolph said. ‘The pendulum has swung. Now people want to hear about fraud.’ He also gets a different reaction at social events when he tells people he’s a forensic accountant. ‘Is it like CSI?’ people ask.”
The 10b-5 Daily 