I believe MPIX shareholders should file a class action lawsuit against the former Chairman of MPIX, Roxanna Weber, aka Roxanna Green for fraud and embezzlement of company funds in 2012.
Specifically, on page 5 of the Annual Report note that MPIX paid out $5,735,800 in executive compensation in 2012. Furthermore, Roxanna grossly overstated the value of MPIX's music licensing rights, revenues, operating expenses, and grossly under reported MPIX's net losses.
If you read page 11 of the report, MPIX had to issue a major restatement based on the fraudulent filings Roxanna had filed with OTC.
Roxanna asserted in publicly filed OTC filings that the music library was worth $40,000,000 when in reality auditors valued the music library at just $9,995....resulting in a restatement after Roxanna left the company.
In addition, Roxanna filed that MPIX had revenues of $134,300 and the company had to issue a restatement that MPIX had revenues of $0.
Roxanna also reported operating expenses of $1,182,072 and then after Roxanna left, the company had to make another restatement reporting operating expenses were $5,735,800.
Finally, Roxanna reported a net loss of $1,047,772 and again after Roxanna left, the company had to issue a restatement reporting net losses were really $5,011,789.
People need to read page 11 of the Annual Report filed today and you will see the blatant fraud and misrepresentations made by Roxanna (Weber) Green. It's theft, pure and simple.
It's my opinion for the reasons outlined above, MPIX shareholders who were harmed would have a very solid case against Roxanna (Weber) Green, and they should file a class action lawsuit against her to recover the millions of dollars she stole from the company via blatantly false corporate disclosures. In addition, Jonathan Leinwand should be included in the lawsuit as a relief defendant because he was MPIX's general council and he wrote MPIX's opinion letters. Shareholders were totally scammed I'm sorry to say.
News 
Market Data 
Discover 
