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NBEV.US
id: 492

NewAge (NBEV) SEC Investigation Case

D. Colorado
Court
1:22-cv-03161
Case number
18 Jan 2018
Class period Start
18 Oct 2022
Class period End
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.
Alleged Offence
Misleading Statements
Financial Misrepresentation
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
19 October 2022
Filing date
07 December 2022
Judge
Hon. Daniel D. Domenico
Collecting participants…

Newage Inc

NewAge, Inc. develops, markets, sells, and distributes healthy products in the United States, Japan, China, and internationally. The company operates in two segments, Direct / Social Selling and Di...

    Ticker
    NBEV.US
    ISIN
    US6501941032
    CIK
    1579823
    Sector
    Consumer Staples
    Industry
    Personal Products
    Country
    USA
    Address
    2420 17th Street, Denver, CO, United States, 80202-2507