Brewer, Attorneys & Counselors: Former CFO Prevails – Judge Denies CBIZ Bid to Halt Valuation Fraud Lawsuit; Discovery to Proceed

DALLAS--(BUSINESS WIRE)--In a major development, a federal judge denied motions by CBIZ Inc. and CBIZ MAG LLC, a successor entity to Marcum LLP’s non-attest business (“Marcum”), to abate a lawsuit alleging Marcum conspired with others to produce a materially understated business valuation. The ruling allows the case to move into full discovery into the allegations of intentional breaches of duty. It also provides an inside look at the closely guarded world of corporate valuation services.

U.S. District Judge Alfred H. Bennett of the Southern District of Texas entered the ruling on Tuesday in Podlasek v. CBIZ Inc., CBIZ MAG LLC, Civil Action No. 4:25-CV-03047.

The lawsuit was filed June 30, 2025, by Christopher Podlasek, former chief financial officer of AmeriTex Holdings LLC, a major infrastructure supplier.

Podlasek alleges that Marcum produced an artificially low valuation of AmeriTex to deprive him of more than $25 million owed for his 1.5% equity stake. According to Podlasek, AmeriTex's internal estimates valued the company at up to $3 billion. Marcum valued AmeriTex at $789 million. The complaint alleges that, under pressure from AmeriTex leadership, Marcum abandoned its professional standards, producing a low-ball valuation based upon “backdated” projections that conflicted with contemporaneous bullish valuations given to lenders.

“The ruling clears the path to trial,” said William A. Brewer III, partner at Brewer, Attorneys & Counselors and lead counsel to Mr. Podlasek. “Mr. Podlasek will move immediately into discovery and a full debate regarding Defendant’s conduct.”

The complaint notes that the alleged conduct occurred during the same period in which Marcum was sanctioned by the SEC and Public Company Accounting Oversight Board for systemic quality control failures, resulting in millions of dollars in fines.

“Valuation professionals are supposed to be the independent arbiters that investors, executives and counterparties rely upon to ensure major transactions reflect reality,” Brewer added. “When that process is compromised – as we contend it was here – the damage extends far beyond any one deal. It strikes at the heart of professional accountability and the trust that underpins our financial markets.”

About Brewer, Attorneys & Counselors:

Founded in 1984, Brewer, Attorneys & Counselors has earned a reputation as one of the most successful law firms in the United States, practicing exclusively in the field of complex commercial litigation and dispute resolution. With offices in New York and Dallas, the Brewer firm represents a wide spectrum of industry leaders – from entrepreneurs to Fortune 500 corporations – facing the most challenging of legal issues.

Visit the firm at www.brewerattorneys.com.