A Las Vegas man, Mykalai Kontilai, receives a 51-month prison sentence and a $6.1 million restitution order for a multi-million dollar investment fraud. Separately, the SEC charges Kiromic BioPharma’s former CEO and CFO with failing to disclose material information before a public offering.
Faruqi & Faruqi, LLP, a leading securities law firm, is investigating potential claims against Allarity Therapeutics, Inc. (ALLR) following a series of events involving the company’s Dovitinib NDA and SEC investigations. Investors who suffered losses exceeding $50,000 between May 17, 2022 and July 19, 2024 are encouraged to contact Faruqi & Faruqi to discuss their legal options.
Billionaire investor Carl Icahn, known for his outspoken criticism of corporate boards and their oversight of CEOs, finds himself in the spotlight as the SEC investigates his company’s financial practices. This situation echoes concerns he raised in 2009 about the lack of accountability in corporate governance, which he blamed for the financial crisis. Icahn’s own company, Icahn Enterprises, faces scrutiny for its disclosure practices and use of company shares as collateral for personal loans, highlighting the very issues he previously criticized.
B. Riley Financial Inc. (RILY) stock has taken a significant hit this week, plummeting over 50% on Monday and continuing to decline on Tuesday. This comes after the company delayed its quarterly financial results due to an investigation by the U.S. Securities and Exchange Commission (SEC) into whether B. Riley properly disclosed risks associated with some of its assets. The SEC’s investigation, which includes scrutiny of B. Riley’s investment in Franchise Group Inc. (FRG), has fueled concerns about the company’s financial health and prompted harsh criticism from short sellers.
SunPower Corporation (SPWR) has disclosed misstatements in its audited financial statements, leading to a multiyear low in its stock price. The company plans to restate nearly two years of results, primarily due to incorrect capitalization of deferred costs and misclassification of sales commissions. The revisions are expected to reduce 2022 and 2023 income from continuing operations by $15 million to $25 million. SunPower also raised concerns about its ability to continue as a going concern, potentially impacting its loan agreements.
