Wendy Shapss is a senior managing director in the FTI Forensic and Litigation Consulting segment and is based in New York City. Ms. Shapss has over 16 years experience in accounting, auditing, fraud and financial-based matters and specializes in litigation consulting, forensic accounting, fraud and financial investigations, and bankruptcy consulting.
Experience
Ms. Shapss’ insurance experience includes an arbitrated dispute where it was claimed that the insurance company failed to honor its contractual obligations and severally breached multiple reinsurance contracts. She has been working with a team in providing a binding conclusion regarding the appropriate audit steps for the testing of these reinsurance contracts. In addition, Ms. Shapss has also been involved with an arbitration matter which required her to review and analyze reinsurance invoices to determine their accuracy in connection with a dispute over the reinsurance amounts owing.
Ms. Shapss has worked on various litigation matters, including an insurance carrier insolvency were it was alleged that the audits done by the accounting firm contributed to the failure to recognize insolvency and resulted in additional company losses. She spent over a year assisting counsel to a big four accounting firm defending the alleged misstatement and determining the various causes of insolvency. She has also provided litigation assistance in defending an actuarial firm, where the insurance liquidator is claiming negligence. In addition, she has been involved with an antitrust matter where there are allegations of wrong-doing involving contingent commissions and bid rigging. Ms. Shapss has also worked on numerous litigation matters involving internal controls surrounding revenue recognition, allocation of expenses, reimbursement policies, recovery of rebates and credits, and reward programs.
Ms. Shapss has provided factual testimony in cases involving preference actions, as well as advice and factual testimony through written and oral presentations at arbitrations, depositions and settlement conferences. Ms. Shapss has advised on cases involving lost profits, breach of contract claims, and accountants' malpractice. These cases include a multi-billion dollar lawsuit filed by a lender against an accounting firm serving as auditors prior to a debtor filing Chapter 11. In addition, she worked on a billion dollar antitrust case against a group of the largest automotive retailers in the United States; which was successfully defended. Furthermore, Ms. Shapss has expertise with matters involving fraudulent financial reporting, SEC investigations, asset diversion, damage quantification, purchase price disputes, acquisitions and divestitures, antitrust, price fixing, claims management, expert testimony, forensic investigations, accounting irregularities, liquidation, product liability, solvency and insolvency, trustee and examiner issues, and valuation.
Ms. Shapss has worked on various out-of-court troubled company engagements, and has also been responsible for overseeing and monitoring the day-to-day activities of various bankrupt estates. She managed a bankruptcy case that involved more than 20 debtor companies and substantial allegations of fraud. Some of Ms. Shapss’ bankruptcy engagements include Raymark Corporation, Leon Wright, National Restaurants, Food Management and Venture Holdings Company. Her experience includes identifying and pursuing preference actions and fraudulent conveyances, monitoring pension plans, sale of estate assets, financial reporting to the Court and parties-in-interest, and negotiating plans of reorganization and liquidation. Her work assisting troubled companies has included financial model forecasting and long-term strategic business plan development.
Her assignments have given her a broad range of industry experience. These industries include insurance, hospitality, automotive, waste management, publishing, manufacturing, financial services, apparel and textiles, not-for-profit, restaurants, and retail. She has also worked on matters involving a broad range of environmental and asbestos issues.
Prior to its acquisition by FTI, Ms. Shapss worked for Kahn Consulting. Prior to Kahn Consulting, Ms. Shapss worked as a senior auditor with Price Waterhouse where she planned and supervised audits for multinational and middle-market clients in industries such as book and magazine publishing, apparel manufacturing, financial and professional services and non-profit organizations.