David J. Neuzil, CFA, ASA

David J. Neuzil, CFA, ASA
Director
708.383.9050
DNeuzil@TheGriffingGroup.com

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David J. Neuzil, CFA, ASA is a Director at The Griffing Group. Mr. Neuzil provides valuation and damages analyses for purposes of commercial litigation, ERISA litigation, estate and gift taxation, employee stock ownership plan compliance, and marital dissolution. Mr. Neuzil has provided litigation support in a number of high-profile matters in the Delaware Court of Chancery. Mr. Neuzil’s experience covers a wide range of industries, including software, technology, financial services, energy, heavy manufacturing, communications, retail, distribution, real estate, food services, and others.

Prior to joining the firm in 2014, Mr. Neuzil was a Senior Analyst at Neuma, Inc., where he valued and acquired alternative investments for institutional investors.

  • Bachelor of Science, Finance, Northern Illinois University, 2009
  • CFA® Charterholder, CFA Institute
  • Accredited Senior Appraiser (Business Valuation), American Society of Appraisers

EXPERT TESTIMONY EXPERIENCE

State of New York

New York County Supreme Court

Vector Media Holding Corp. v. Miami Double Decker, 2020.

  • Provided opinions regarding the economic damages resulting from a breach of contract.

Arbitration

FINRA Arbitration

Dale Zalusky and Sharon Blum, et al. v. Kovitz Securities, LLC, et al., Case No. 19-02839, 2022.

  • Provided opinions regarding the economic damages resulting from a breach of fiduciary duty, breach of contract, and breach of duty to supervise.

LITIGATION SUPPORT EXPERIENCE

State of Delaware

Delaware Court of Chancery

The Frederick Hsu Living Trust v. ODN Holding Corporation, et al., C.A. No. 12108-VCL, 2019.

  • Provided analysis regarding the fair value of ODN Holding Corporation, an internet advertising company in the domain monetization space, and the economic impact to minority shareholders resulting from certain actions of the controlling shareholder.

QuietAgent, Inc. on behalf of Findly Talent, LLC v. Symphony Technology Group, LLC, et al., C.A. No. 10813-VCZ, 2018.

  • Provided analysis regarding the fair value of Findly Talent, LLC, a SaaS company in the talent acquisition space, and the economic impact to minority shareholders resulting from a series of preferred equity raises.

Neil Smith and NTS, LLC v. PGI Financial Group, LLC, et al., C.A. No. 11255-VCG, 2018.

  • Provided analysis regarding the fair value of Promontory Growth and Innovation, a consulting firm.

Earl P. Galleher, III, et al. v. Georgetown Basho Investors, LLC, et al., C.A. No. 11802-VCL, 2017.

  • Provided analysis regarding the economic impact to minority shareholders resulting from a series of financing transactions conducted by a controlling shareholder.

Blueblade Capital Opportunities LLC, et al. v. Norcraft Companies, Inc., C.A. No. 11184-VCS / 2016-2017.

  • Provided analysis regarding the fair value of Norcraft Companies, Inc., a cabinet maker that was acquired by Fortune Brands Home & Security Inc.

In Re SWS Group, Inc. Appraisal Litigation, C.A. No. 10554-VCG / 2015-2016.

  • Provided analysis regarding the fair value of SWS Group, Inc., a bank holding company.

In Re ISN Software Corporation Appraisal Litigation, C.A. No. 8388-VCG / 2014-2016.

  • Provided analysis regarding the fair value of ISN Software Corporation, a software-as-a-service company.

City of Miami General Employees’ and Sanitation Employees’ Retirement Trust, et al. v. C&J Energy Services, Inc., et al., C.A. No. 9980-VCN / 2014-2016.

  • Provided valuation analysis in connection with this lawsuit that sought to enjoin the proposed merger of oilfield services provider C&J Energy Services with a subsidiary of Nabors Industries Ltd.

Charles Kusnyer, et al. v. Platinum Energy Resources, Inc., et al., C.A. No. 7063-VCMR / 2015.

  • Provided analysis regarding the fair value of Platinum Energy Resources, Inc., an oil and gas production company that was taken private by its majority owner.

In Re Globe Specialty Metals, Inc. Stockholders Litigation / C.A. No. 10865-VCG / 2015

  • Provided analysis regarding economic damages incurred in the stock-for-stock merger of Globe Specialty Metals, Inc. and Grupo FerroAtlántica, S.A.U.

In Re Physicians Formula Holdings, Inc. Shareholder Litigation / C.A. No. 7794-VCL / 2014-2015

  • Provided analysis regarding the value of cosmetics company Physicians Formula in connection with this lawsuit regarding fiduciary duties that company directors allegedly breached in approving the sale of the business.

State of California

Superior Court of the State of California, County of Los Angeles

In re MRV Communications, Inc. Stockholder Litigation, Lead Case No. BC 669601, 2019

  • Provided analysis regarding the fair value of MRV Communications, an IT consulting company focused on the telecommunications industry.

United States District Court

Southern District of Florida

Frederick Siegmund v. Xuelian Bian, et al., 2018

  • Provided analysis regarding the financial damages resulting from a cash-out merger.

Northern District of Illinois, Eastern Division

Bruce Rush, Segerdahl Corporation Employees Stock Ownership Plan, et al., Plaintiffs, vs. GreatBanc Trust Company, Segerdahl Corp., et al., Defendants, Case No. 1:19-cv-00738.

  • Provided analysis regarding economic damages, ESOP corporate transaction dispute.

Gregory Godfrey, et al., Plaintiffs, v. GreatBanc Trust Company, et al., Defendants, Case No: 1:18-cv-07918; 2020.

  • Provided analysis regarding economic damages, ESOP corporate transaction dispute, valuation of a business enterprise and economic damages.

Central District of Illinois, Peoria Division

Jackie Lysengen, Morton Buildings, Inc. Leveraged Employee Stock Ownership Plan, Plaintiff, vs. Argent Trust Company, et al., Defendants; Case No. 1:20-cv-01177

  • Provided analysis regarding economic damages, ESOP corporate transaction dispute.

Eastern District of Texas, Sherman Division

Jessica Casey, on behalf of the RVNB Holdings, Inc. Employee Stock Ownership Plan v. Reliance Trust Company / Case No. 4:18-cv-00424-ALM-CMC / 2019

  • Provided analysis regarding the value of a national moving company in connection with this ERISA lawsuit brought by ESOP participants following the sale of the company to its ESOP.
  • “Providing a Framework for Testing the Reasonableness of Terminal Period Cash Flow Investments,” Business Valuation Review, Volume 39, Issue 1 (Fall 2020).
  • “Alternate Valuation Methods in the Era of COVID-19,” Business Valuation Update, Vol. 26, No. 6., June 2020.
  • “Valuing Bonus Depreciation Under the New Tax Law,” Business Valuation Review, Volume 37, Issue 1 (Spring 2018).
  • “Adjusting Tech Company Financial Statements When Applying the Value Driver Formula,” Business Valuation Review, Volume 41, Issue 3 (Fall 2022).
  • “Alternate Valuation Methods in the Era of COVID-19”, Business Valuation Resources, June 2020.
  • “Providing a Framework for Testing the Reasonableness of Terminal Period Cash Flow Investments,” 2020 ASA International Conference, October 13, 2020.
  • “Valuing Tech Companies: Adjusting Financial Statements for the Value Driver Formula,” 2021 ASA International Conference, October 26, 2021.
  • Continuing Legal Education Program. Business Valuation Controversy: Fair Value Case Studies. October 2022.