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id: 492, Created by Stan Vick, Scout
NewAge (NBEV) SEC Investigation Case
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On October 18, 2022, the SEC announced that it was taking legal action against NewAge’s former CEO, Brent Willis. The SEC alleged that he engaged in a “multi-year fraud by disseminating numerous false and misleading press releases and making false public statements concerning NewAge’s business dealings”.
The allegations focused on numerous false statements made by NewAge’s CEO and other NewAge officers stating that the Company, among other things, had developed a line of CBD-infused beverages, had a business relationship with the U.S. military, and distribution agreements with various major retailers around the world.
The SEC followed up on October 19, 2022, by announcing that it had instituted legal proceedings against NewAge, enjoining it from further violations of the relevant securities laws. In anticipation of these proceedings, NewAge submitted a settlement offer, which the SEC has accepted.
On all this news, NewAge’s stock plummeted 93% on October 20, 2022, seriously damaging investors.
Failure to Disclose,
Shock Event Date
19 October 2022
07 December 2022
Hon. Daniel D. Domenico