Rennova Health Inc (RNVA)

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Old news. Nothing will come of it. The CEO keeps good books. The subsidiary was part of the merger that formed Rennova.

“It has been discovered that certain filling requirements of the company’s operating subsidiaries were incomplete or contained errors that did not accurately reflect the expenditure of provider relief funds received,” Rennova said in its filing. “The company believes that PPP loans were accurately forgiven after the provision of information to the lending bank detailing their use within the parameters permitted.”

Rennova added it believes providing the information requested by the DOJ and the auditor’s review will show the company spent the relief funds in accordance with the rules.

The whistleblower lawsuit was filed by Clifford Barron, a former employee of wholly owned subsidiary CollabRx, Rennova stated. Barron has not been employed by the company since January 2018 and “has no knowledge of the company’s operations, financial status, or controls,” it continued.