CRA was engaged by a private equity firm, after the purchase of a healthcare company, when the private equity firm became aware of possible fraudulent accounting improprieties resulting in overstated earnings, a key measure of the purchase price. Our professionals were retained to investigate the alleged improper accounting relating to improper revenue recognition, improper billing practices, and failures to reimburse patients and payers. Our professionals also assisted the Company understand why the buyer’s due diligence service provider did not detect these issues and why the Company’s external auditors failed to identify these issues. We quantified several million dollars of overstated revenue which ultimately resulted in an overstated purchase price. As a result of our work, our client successfully negotiated a settlement with the Seller for the entire amount the Buyer believed it overpaid.
CRA welcomes two new vice presidents to the Forensic Services Practice
CRA is pleased to announce the addition of Jeffrey Garfield and Waqas Shahid to the firm’s Forensic Services Practice as Vice Presidents. Jeffrey A. Garfield...