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Re: PeonyVMW post# 80841

Thursday, 06/29/2023 9:30:37 AM

Thursday, June 29, 2023 9:30:37 AM

Post# of 80868
And for those who wish to read the SEC's formal complaint filing against Drexler:
Securities and Exchange Commission vs. Ryan C. Drexler, Case No. 2:23-cv-05102

"Drexler, during his tenure as Chairman, President, and Chief Executive Officer (“CEO”) of MusclePharm, a publicly-traded nutritional supplement company, engaged in a scheme to defraud MusclePharm’s investors about the strength of the company’s controls over financial reporting and disclosures and the devastating impact of MusclePharm’s debt default in the third quarter of 2022. His conduct also ran afoul of critical rules regarding the processes, controls, and procedures that public companies, like MusclePharm, must have in place to provide assurance that their accounting and public reports are accurate."

Followed by:

"Drexler’s fraudulent and deceptive conduct manifested itself in two specific ways. First, Drexler failed to ensure that, and made false statements about whether, MusclePharm had basic processes, controls, and procedures in place to ensure that its accounting for revenue, profit, and other important financial metrics –all of which was reported to and relied on by investors – was correct."

It continues, and it's just as grim. I'll leave the reader to follow the link above if they wish to learn more.