FONU2 Inc (FONU)

[PRmaniac]

FONU is not a clean shell. Could face massive litigation risks due to the fraud by the CEO, former CEO and others. They owe $millions in fines/court costs.

In addition, Kumaran, Shapiro, and Roger Miguel – the CEO of a separate successor public company called Fonu2 that also operated under the name Moon River Studios – are alleged to have backdated and falsified promissory notes as part of a scheme to issue common stock in exchange for financing.

https://www.sec.gov/news/pressrelease/2016-191.html

and

Litigation against Kumaran is ongoing, as is a case against FONU2 founder Roger Miguel.

https://www.ajc.com/business/economy/sec-wins-million-judgment-against-defunct-georgia-movie-studio/72KK8uZTKJw5BRM9ln19CO/