An update - Delaware Court denies Ecofibre's motion to keep most of the complaint allegations confidential. A new version of the complaint was filed today:
Still digesting, but remarkable allegations, now revealed, suggest:
- allegations supporting shareholder fraud and book cooking by this publicly traded company (EOF Bio valuation "made up" by Eric Wang, executives acknowledge falsity and announce to market anyway) - Wang hides half a mil in Ecofibre expenses on EOF Bio books, out of public view - Wang uses Ecofibre funds to by a condo to have an affair with an unnamed person (an employee?) - Wang sexually harassed Capano repeatedly - Capano blows whistle, Wang "resigns" following investigation, and Vanessa Wallace gives Wang a glowing goodbye message, publicly thanking him, patting him on the back, and paying him a $150k (WOW!) severance package after he drives business into ground and wastes it's money (with no apparent objections from Wallace since joining board in 2021) - Capano discovers Wang's financial manipulation, raises issues, and Board fires Capano to cover up evident fraud?
Paragraphs 123 to 168, roughly?
More thoughts after I review in greater detail but...Wang ruins business, gets severance. Capano tries to fix, gets fired. And yet the major shareholders keep this awful group in place. Encourage everyone to read. Disturbing. Corrupt.
EOF Price at posting:
5.3¢ Sentiment: Hold Disclosure: Held
