CFO left, Chief counsel left.
Last years allegations by Gotham Research chicken’s are coming home to roost. Marty was cooking the books.
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I'll bet Marty is genuinely shocked. Afterall, he's been getting away with fraud for over a decade. This was just BAU in his entitled world. Greed always breeds carelessness. Sooner or later they always go too far. Let's hope the feds get it right this time.
Who would have known Martin was likely cooking the books Enron-style? Martin promised the numerous previous private fraud investigations were nonsense!
From the SEC Filing
“ In connection with the filing of the Quarterly Report, when made, the Company anticipates reporting material weaknesses in the Company’s internal control over financial reporting for the period covered in the Quarterly Report, as well as for the full fiscal year ended March 31, 2025, and the first two fiscal quarters of fiscal year 2026, which are expected to include, but may not be limited to, the effectiveness and strength of certain functions at the Company, including with respect to controls related to information and communication and tone at the top. As a result, the Company notes that its assessment of internal control over financial reporting and the related opinion of PricewaterhouseCoopers LLP only with respect to the effectiveness of the Company’s internal control over financial reporting as of March 31, 2025 included in the Company’s Annual Report on Form 10-K for the full fiscal year ended March 31, 2025 should no longer be relied upon.
The Company is developing a remediation plan that will be described further in the Quarterly Report.”
You only run when you did something wrong. Wishbone and Seabiscuit are undoubtedly headed for the boarder. There was intentional misconduct and personal enrichment. The whistle blowers are tuning up. This is going to get good. Orange suits are being tailored.
The SEC chickens are coming home to roost for the dirty trifecta - Marty- Elly and David . Their epic fraud scam is coming or an end affecting 80k employees.
When the execs started to provide unsubstantiated numbers, it was easy to understand something was seriously wrong.