Former NutraMax Execs Misstated Financials, Class Action Lawsuit Alleges
This article was originally published in The Tan Sheet
Executive Summary
Two former NutraMax executives materially misstated the OTC private labeler's revenues, income and earnings from January 1998 to November 1999, shareholders allege in a class action lawsuit filed May 15 in Boston federal court.
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Chapter 11 bankruptcy terms confirmed, Gloucester, Mass.-based marketer announces Nov. 7, enabling shareholders to purchase new stock in the reorganized company. Capital raised by offering will go to pay off $18 mil. debt. Company increases debt to CIT Group/Business Credit from $30 mil. to $40 mil. to maintain operations; the bankruptcy plan was submitted to Wilmington, Del. federal court in May (1"The Tan Sheet" May 22, p. 5)
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Chapter 11 bankruptcy terms confirmed, Gloucester, Mass.-based marketer announces Nov. 7, enabling shareholders to purchase new stock in the reorganized company. Capital raised by offering will go to pay off $18 mil. debt. Company increases debt to CIT Group/Business Credit from $30 mil. to $40 mil. to maintain operations; the bankruptcy plan was submitted to Wilmington, Del. federal court in May (1"The Tan Sheet" May 22, p. 5)