Brewer Client Former CFO Files Suit Alleging Corporate Valuation Fraud by CBIZ/Marcum and AmeriTex Leadership

July 1, 2025 – A high-stakes lawsuit filed yesterday in federal district court sheds light on how manipulated valuation reports can distort financial outcomes and erode trust across capital markets.  

Filed in the U.S. District Court for the Southern District of Texas, Houston Division, the case of former AmeriTex CFO Christopher Podlasek v. CBIZ Inc., CBIZ MAG LLC (NYSE:CBZ; formerly Marcum LLP) exposes how valuations can be used to whitewash unsavory business practices.  

At the heart of this suit is an accusation that Marcum knowingly produced a backdated valuation report to justify significantly undercutting the value of Podlasek’s equity in AmeriTex — a major infrastructure supplier whose rapid rise was engineered, in large part, by his leadership. As valuation professionals, CBIZ and its predecessors are specifically charged with upholding fair valuation practices that underpin both private and public markets.  

According to the complaint, “Independent valuations act as the surrogate for arm’s length negotiation in our economy. When that process is corrupted, it undermines the very confidence that underpins our financial markets. This case is not about a difference of opinion. It is about betrayal of duty, distortion of fact, and the failure of a firm that claims to stand for integrity. The public interest demands accountability.”  

Podlasek’s legal counsel, William A. Brewer III of Brewer, Attorneys & Counselors, states: “When a firm like Marcum abandons that responsibility, it undermines the credibility of every arms-length transaction across public and private markets.”

With trillions in public-market assets relying on accurate valuations, each flawed report chips away at investor confidence. 

The complaint alleges that Marcum, under pressure from AmeriTex leadership, rubber-stamped financial projections that violated appraisal standards — ultimately valuing the company at $789 million despite earlier internal estimates of up to $3 billion. 

Brewer adds, “This case carries significant implications beyond the parties involved. It highlights broader concerns about the integrity of valuation services in private equity, public infrastructure, and capital markets at large.” 

This case urges regulators, investors, and industry participants to insist on the highest standards of professional integrity. 

Famed Texas Company AmeriTex Faces Lawsuit for Allegedly Falsifying Projections and Breaching Its Obligations to Equity Holder

Dallas, TX … October 3, 2024 – Brewer, Attorneys & Counselors announced today that its client, a former C-Suite executive of AmeriTex Holding, LLC (“AmeriTex”), the parent of AmeriTex Pipe & Products, filed claims against the company, its CEO Kevin Thompson, and director Thomas Murphy, alleging that key executives conspired to contrive financial information to avoid paying him “fair value” for his stake in the company. The filing also names the national accounting firm Marcum LLP and the law firm Kelly Hart & Hallman – both of which allegedly played a role in the claimed conspiracy.

Filed in the 456th Judicial District of Guadalupe County, Texas, on October 3, 2024, the claims lay bare the inner workings of a scheme to deny the executive, Christopher Podlasek, financial benefits to which he is entitled by creating phony projections which understate the multi-billion value of AmeriTex. According to the filing, defendants “manufactured a set of false financial projections (that wildly diverged from the projections AmeriTex recently used in the ordinary course of its business) to avoid paying Podlasek for his 1.5% equity interest.”

Founded in 2009, AmeriTex manufacturers water drainage products used in commercial construction and public works projects. The company rose to prominence as the largest player in Texas’ reinforced concrete pipe industry – which is key to the state’s exploding infrastructure needs and accounts for more than $1.2 billion in economic output.  According to the company, its three campus operations are larger than all its competitors’ storage areas combined.

The lawsuit claims that the phony financial projections were created at the same time AmeriTex presented differing, bullish forecasts to the most significant credit rating agencies in the world, including S&P and Moody’s, multinational financial institutions Bank of America and U.S. Bancorp, and institutional investors when it raised $530 million in an October 2023 high yield bond offering.  Months later, AmeriTex used the same bullish outlook to secure a new $155 million credit facility from Bank of America.

“Our client believes he was victimized by a scheme to avoid paying him ‘fair value’ for his stake in the company he helped build,” says William A. Brewer III, partner at Brewer and counsel to Mr. Podlasek. “Apparently, AmeriTex and its principals seek to keep financial benefits to which they are not entitled. Lost in the story of this Texas company is the way it attempted to devalue its worth and what it owes a former member of the company. It’s a disturbing tale for those in Texas who have witnessed AmeriTex secure state-funded projects, dominate key markets, and realize astronomical growth.”

The legal claims allege that AmeriTex recruited Podlasek to be Chief Financial Officer during a time of fiscal turmoil – to help it stabilize its back office and finance function, raise capital, and open new facilities. He did so successfully. During Podlasek’s tenure, AmeriTex grew its annual revenue from approximately $100 million to over $320 million. It also secured massive projects and embarked upon new markets – earning a glowing endorsement from Texas Governor Greg Abbott.