the ceo is either ignorant or intentionally trying to distract from the real issues
I doubt he's trying to do anything intentional.
While there are a slew of possibilities, my gut tells me the whole problem is the way he handled the buyback results. However, I can understand him not wanting to release the results until after the summer was over and the market was back to full swing. Best best for the buck. Unfortunately though, the SEC isn't interested in business plans, and after 4 full months, luck just had it that they gave up on waiting sooner than investors did.
In the event I'm right, and it was simply the Buy Back Program that fell into question (which can easily be seen as a possibly fraudulent PR, and as MMG repeatedly insinuated was), proof of buying during May-July would be extremely easy to prove. Simple matter of producing broker account records.