Serena Morones

Serena Morones
Serena Morones


Serena Morones is an independent damages expert. Top commercial and IP litigators turn to her again and again to resolve high-stakes disputes through expert testimony or settlement. 

As a forensic CPA who specializes in damages analysis, Serena knows how to tell a powerful story with numbers. She brings an extensive accounting background and a talent for explaining complex concepts. Serena digs behind the numbers and figures out what is going on in the finances of a case. She puts the financial pieces of the puzzle together to reveal a clear, well-thought-out conclusion and a solid position that stands up to the rigors of expert testimony and litigation.

For more than 18 years, Serena has led Morones Analytics, which includes a team of financially savvy experts who work together to develop sound opinions. She has been engaged in thousands of cases and has built a strong reputation. Serena has served as a pivotal expert in several landmark cases and has testified about patent infringement damages on behalf of large companies.

Prior to specializing in forensic accounting, Serena began honing her accounting skills over 30 years ago at Price Waterhouse (now PwC) as an auditor. She also served as a controller at both public and private companies. Having learned the hows and whys of accounting and implementing accounting systems, Serena brings that valuable perspective to her work as an expert.

Serena’s other passion and talent is sports photography. For her, it’s an art and another way of telling stories visually while also giving back to the community. You’ll find her at sporting events around the state, capturing meaningful details that may otherwise go unnoticed, and see her photos featured in the Oregonian.

Selected Litigation Case History

  • Ameranth Inc. v. Starbucks Corp., 2018; Testified at deposition on behalf of defendant regarding patent infringement damages
  • Columbia Sportswear North America v. Seirus Innovative Accessories 2017; Testified on behalf of plaintiff at trial and deposition regarding patent infringement damages.
  • Oregon v. Oracle, 2016; Conducted complex damage analysis on behalf of Oregon relating to the alleged failure of Oracle’s software system intended to manage Oregon’s “Cover Oregon” Medicaid health insurance program.
  • Reser’s Fine Foods, Inc. v. Bob Evans Farms, Inc. et al 2015; Prepared expert report on behalf of plaintiff regarding lost profits, testified at deposition.
  • Multi-entity family farming operation, accounting dispute, 2015
  • Boyd Coffee Co. v. Miller Nash LLP 2015; Conducted analysis of  alleged lost profits, testified at deposition.
  • Douglas Ossanna v. Nike 2014; Testified at trial on behalf of defendant regarding alleged lost wages and benefits.
  • Tobacco Master Settlement Agreement 2003 NPM Adjustment Proceedings for the State of Oregon; 2013; Served as Oregon’s quantitative expert in the 2003 MSA NPM adjustment arbitration proceedings held during April 2013.
  • NPM Adjustment Proceedings for the State of Oregon, 2013
  • FLIR v. Fluke 2012; Testified at trial and deposition regarding trademark infringement damages and false advertising damages.
  • Bott, LLC et al v. Roderich Bott 2012; Testified at trial as a court appointed fraud examiner, regarding results of an independent fraud investigation and forensic accounting analysis.
  • Leatherman Tool Group v. Coast Cutlery 2012; Testified at deposition on behalf of plaintiff regarding false advertising damages.
  • Jessica Schlesinger v. Barry Schlesinger et al 2012; Testified at trial regarding forensic accounting and valuation analysis.
  • Sikh Dharma International et al v. Kartar et al, 2011; Testified at trial regarding business valuation and analysis of reasonable compensation.
  • Evergreen Helicopters v. Erickson Air-Crane, 2011; Prepared expert report of lost profits analysis.
  • Doe v. Boy Scouts of America 2010; Testified at trial regarding financial profile of Boy Scouts of America for punitive damage claim.
  • City of Albany v. SVC, Inc. (PepsiCo), 2010
  • Sunwest Investors v. Davis Wright Tremaine, LLP, 2009
  • Synectic Funds v. Craig Berkman and Arthur Andersen, 2008; Testified at trial regarding investment losses, as well as results of cash flow tracing.
  • State of Oregon v. Lyle Mann, 2007; Testified at trial regarding forensic accounting analysis of alleged expense reimbursement fraud.
  • McWilliams v. Portland Public Schools, 2006; Conducted quantitative analysis of wage and hour claims.
  • Fred Fields v. The Coe Manufacturing Company and Three Cities Research, 2005; Testified at trial regarding business valuation
  • Various Class Actions v. Hollywood entertainment, 2004; Conducted lost wages analysis and forensic investigation of information systems data.
  • Ochoco Lumber v. US Bank, 2003-2004; Conducted lost profits analysis.
  • Judith Belushi Pisano v. The House of Blues and Dan Aykroyd, 2002
  • Professional Athlete v. Corporation, 2002; Analyzed alleged lost profits resulting from breach of endorsement contract.
  • Rentrak v. Hollywood entertainment, 1999-2000
  • Oregon Public Employees Retirement Board v. Simat, Helliesen
    & Eichner, et al (Pamcorp), 1997-1998
  • Skedco, Inc. v. Strategic Operations, 2014-2018; Prepared opinion of patent infringement damages on behalf of plaintiff, testified at deposition.
  • Scoggins v. Nidiffer and C&K Market, 2008; Conducted business valuation of grocery chain.
  • Daniel Miles v. Davis Wright Tremaine, 2007; Testified at trial regarding lost profits analysis.
  • Roger Pollock v. DR Horton, Inc. 2004; conducted lost profits analysis.

Selected Business Valuations

  • Manufacturer of natural foods and tea, $90 million revenue
  • Regional grocery chain, $450 million revenue
  • Steel fabricator, $90 million revenue
  • Mill equipment manufacturer, $90 million revenue
  • Wholesale lumber distributor, $80 million revenue
  • Various medical practices, $5-$10 million revenue
  • Numerous family limited partnerships, $50 million revenue
  • Harley Davidson dealerships, $5 million revenue
  • Hotel and family restaurant, $600,000 revenue
  • Dog grooming business, $200,000 revenue
  • Electronic component manufacturer, $2 million revenue
  • Development stage companies, zero revenue
  • Single family home builders
  • Agricultural nursery
  • Notes receivable
  • Fractional interests in real estate
  • Professional service firms, including engineering, advertising,
    architectural, real estate brokerage, insurance agencies


Professional Credentials & Education

  • Certified Public Accountant, Oregon (CPA)
  • Accredited Senior Appraiser (ASA) in Business Valuation, American Society of Appraisers
  • Accredited in Business Valuation (ABV), American Institute of Certified Public Accountants
  • Certified Fraud Examiner (CFE), American Association of Certified Fraud Examiners
  • Master of Taxation, Portland State University
  • Bachelor of Arts in Accounting, cum laude, University of Oregon

Professional Associations

  • Oregon Society of Certified Public Accountants
  • American Institute of Certified Public Accountants
  • American Society of Appraisers
  • Association of Certified Fraud Examiners
  • Multnomah Bar Association Committee for Judicial Review (past)

Community Organizations

Publications & News

  • Oregon Quarterly Magazine, “100 Ducks Who Made a Difference,” a 100-year anniversary publication honoring notable Duck alumni including Serena Morones, July, 2019
  • Serena Morones, Alina Niculita, and Paul Heidt, “Synergistic Values in the Organic and Natural Foods IndustryFinancial Valuation and Litigation Expert, Issue 71, Feb/March 2018
  • Buzz abounds on markets for trading startup shares” July 26, 2010, Portland Business Journal
  • Valuation expert can take the heat on witness stand,” June 4, 2010, Portland Business Journal
  • Associated Press, “Accountant says Boy Scouts have nearly $1 billion in assets as punitive damage phase of abuse trial opens,” and related articles, April 20, 2010
  • “Proving the Top Line: Supporting Lost Sales in a Lost Profits Case,” CPA Expert, a publication of the AICPA, Summer 2004
  • “Exclusive Autograph Deals: What Value to the Athlete and Their Fans?” Entertainment and Sports Lawyer, a publication of the American Bar Association, Volume 22 Number 1, Spring 2004
  • “Athlete Signature Lines: Maximizing Endorsement Value for the Professional Athlete,” Entertainment and Sports Lawyer, a publication of the American Bar Association, Volume 21 Number 3, Fall 2003
  • Jeff Manning, “Berkman Investors Seek $43 Million,” The Oregonian, May 30, 2008