Here's what happened imo
although none of us can know all the details right now. The Mashburn declaration says that RPH was initially contacted by the SEC on August 23 for informal inquiries. He had 8 weeks, or until October 22, before they went to court. Rather than cooperate, as any other CEO would have done, he basically stonewalled and wanted a court fight. The BOD, having seen Rufus endanger the corporation, shareholders and their own livelihoods in this way, finally removed him - they really had no choice. I see it as positive for shareholders because I think the SEC would likely have required RPH removal as part of any settlement anyway. This paves the way for some kind of settlement and comeback imo, particularly if the new CEO's credentials are impressive -
