MusclePharm being investigated by the Securities and Exchange Commission
by Anthony Roberts on Oct 16, 2013
It?s totally not shady that MusclePharm continues to screw people out of money owed, pay people late, and otherwise conduct themslves like children who shouldn?t have been given a raise on their allowance. And it?s totally not shady that they change auditors like other people change their running shoes. Not at all. Except, I suppose, if you?re the SEC?because they?re the ones investigating MusclePharm right now. This isn?t a great situation for their president (or whatever) Jeremy DeLuca, who is on probation at the moment?
This is from MusclePharm?s latest filing;
Form 8-K for MUSCLEPHARM CORP
30-Sep-2013
Other Events
ITEM 8.01 OTHER EVENTS
MusclePharm Corporation, a Nevada Corporation (the ?Company?), following requests for information received by the Company from the Denver Regional Office of the Securities and Exchange Commission (the ?Staff?), is reviewing its reports for the 2010 and 2011 fiscal years, which were included in financial statements issued for the 2010 and 2011 fiscal years. The Company and its auditors for the fiscal years 2010 and 2011 have voluntarily provided information to the Staff and are cooperating with Staff requests. The principal areas of the Company?s internal review relate to internal controls, disclosures of related party transactions, settlements of claims including share issuances, executive compensation, and disclosure of perquisites. The Company was recently informed that the Staff has issued a formal order of investigation of the Company. There can be no assurance that these are the only subject matters of concern, what the nature or amounts in question will be, or that these are the only periods under review.
Anyway, details are sketchy at the moment, and the following is all the mainstream media has turned up, which is little more than confirmation of the fact that there is an SEC investigation going on:
BOISE ? The Securities and Exchange Commission is investigating MusclePharm, a company with major operations in Boise.
MusclePharm is a nutritional and sports supplement company started by a former NFL player and a fitness model. Jeremy Deluca, co-founder of Meridian-based Bodybuilding.com, is also an executive.
According to SEC filings obtained by KTVB, MusclePharm informed shareholders it?s doing an internal review of finances from the 2010 and 2011 fiscal years. It is doing the review following requests for information from the SEC.
MusclePharm says in the document it recently was given a formal order of investigation by the SEC. According to the filing, the company doesn?t know what the total extent of the investigation.
The document by CEO and President Brad Pyatt reads, in part: ?The Company [MusclePharm] was recently informed that the Staff [SEC Denver Regional Office] has issued a formal order of investigation of the Company. There can be no assurance that these are the only subject matters of concern, what the nature or amounts in question will be, or that these are the only periods under review.?
The company?s internal review includes looking at records related to internal controls. disclosures of related party transactions, settlements of claims including share issuances, executive compensation, and disclosure of perquisites.
A company spokesperson emailed KTVB saying, ?Thanks for your interest in MusclePharm. Unfortunately, the MusclePharm executive team is not available for comment.?
by Anthony Roberts on Oct 16, 2013
It?s totally not shady that MusclePharm continues to screw people out of money owed, pay people late, and otherwise conduct themslves like children who shouldn?t have been given a raise on their allowance. And it?s totally not shady that they change auditors like other people change their running shoes. Not at all. Except, I suppose, if you?re the SEC?because they?re the ones investigating MusclePharm right now. This isn?t a great situation for their president (or whatever) Jeremy DeLuca, who is on probation at the moment?
This is from MusclePharm?s latest filing;
Form 8-K for MUSCLEPHARM CORP
30-Sep-2013
Other Events
ITEM 8.01 OTHER EVENTS
MusclePharm Corporation, a Nevada Corporation (the ?Company?), following requests for information received by the Company from the Denver Regional Office of the Securities and Exchange Commission (the ?Staff?), is reviewing its reports for the 2010 and 2011 fiscal years, which were included in financial statements issued for the 2010 and 2011 fiscal years. The Company and its auditors for the fiscal years 2010 and 2011 have voluntarily provided information to the Staff and are cooperating with Staff requests. The principal areas of the Company?s internal review relate to internal controls, disclosures of related party transactions, settlements of claims including share issuances, executive compensation, and disclosure of perquisites. The Company was recently informed that the Staff has issued a formal order of investigation of the Company. There can be no assurance that these are the only subject matters of concern, what the nature or amounts in question will be, or that these are the only periods under review.
Anyway, details are sketchy at the moment, and the following is all the mainstream media has turned up, which is little more than confirmation of the fact that there is an SEC investigation going on:
BOISE ? The Securities and Exchange Commission is investigating MusclePharm, a company with major operations in Boise.
MusclePharm is a nutritional and sports supplement company started by a former NFL player and a fitness model. Jeremy Deluca, co-founder of Meridian-based Bodybuilding.com, is also an executive.
According to SEC filings obtained by KTVB, MusclePharm informed shareholders it?s doing an internal review of finances from the 2010 and 2011 fiscal years. It is doing the review following requests for information from the SEC.
MusclePharm says in the document it recently was given a formal order of investigation by the SEC. According to the filing, the company doesn?t know what the total extent of the investigation.
The document by CEO and President Brad Pyatt reads, in part: ?The Company [MusclePharm] was recently informed that the Staff [SEC Denver Regional Office] has issued a formal order of investigation of the Company. There can be no assurance that these are the only subject matters of concern, what the nature or amounts in question will be, or that these are the only periods under review.?
The company?s internal review includes looking at records related to internal controls. disclosures of related party transactions, settlements of claims including share issuances, executive compensation, and disclosure of perquisites.
A company spokesperson emailed KTVB saying, ?Thanks for your interest in MusclePharm. Unfortunately, the MusclePharm executive team is not available for comment.?
