David G. Clarke, ASA

Managing Principal

David G. Clarke, ASA has 40 years of experience in providing valuation opinions and expert witness testimony in a broad range of industries for a variety of purposes including commercial litigation, corporate transactions, estate and gift taxation, intellectual property valuation, employee stock ownership plan compliance, purchase price allocation, and impairment testing.

Mr. Clarke has provided expert valuation services, opinions, and testimony for plaintiffs and defendants in a number of jurisdictions, including the Delaware Court of Chancery and the United States District Court. His testifying experience includes providing opinions of fair value for shareholder appraisal actions and fiduciary cases (including entire fairness and derivative shareholder actions) and opinions of economic damages related to intellectual property infringement and contract disputes. He has also provided expert consulting and testimony in preliminary injunction matters. Mr. Clarke has provided professional services in a wide variety of industries.

Prior to founding The Griffing Group in 1990, Mr. Clarke was a Senior Valuation Analyst at Willamette Management Associates, Inc. from 1989 to 1990, where he managed valuation engagements for the purposes of litigation, ESOPs, and fairness opinions in industries such as financial services, energy, health care, and commercial aviation. Prior to his work with Willamette, he was a Senior Manager of Price Waterhouse Valuation Services Group from 1985 to 1989. During his time at Price Waterhouse, he opened the New York valuation services practice and headed the firm’s national financial services valuation practice. His areas of concentration included mergers & acquisitions, financial services, and intangible asset valuations. Prior to his affiliation with Price Waterhouse, Mr. Clarke was a Manager with Arthur D. Little Valuation, Inc. from 1983 to 1985.

  • Provided expert reports and testimony in more than 40 cases, including 20 in the Delaware Court of Chancery, and others in U.S. District Court and various state courts and arbitration venues. Please refer to CV for details.
  • Master of Business Administration, Finance, University of Chicago, Booth School of Business, 1979
  • Bachelor of Arts, Economics, University of Washington, 1976
  • Accredited Senior Appraiser, certified in Business Valuation, American Society of Appraisers
  • Former Chicago Chapter President and Illinois State Director, American Society of Appraisers
  • Former Director, Illinois Coalition of Appraisers
  • Contributing Author, Shannon Pratt’s Lawyer’s Business Valuation Handbook, Third Edition
  • Contributing Author, Valuing a Business: The Analysis and Appraisal of Closely Held Companies, Sixth Edition
  • Contributing Author, Cost of Capital: Applications and Examples, Fourth and Fifth Editions
  • Panelist, Program on Valuation at The Institute for Law and Economics, with Vice Chancellor Vice Chancellor Leo E. Strine, Jr., Delaware Court of Chancery and Michael L. Wachter, William B. Johnson Professor of Law and Economics, University of Pennsylvania
  • Please refer to CV for additional articles and presentations

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