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Shares of online music platform Akazoo have fallen 54% since last Easter Monday, when QCM released a report on the company’s “inflated” virtual data.
A day after the establishment of an independent committee to investigate the financial and operational dimensions of the Akazoo online music platform, David Ross and Alexandros Makridis resigned. Both were independent members of the Akazoo board of directors and resigned last Friday (April 24).
Both the Akazoo administration and the two resigning board members are trying to minimize development. According to them, the two resignations are the result of discussions that have taken place in the past and that only now are taking place. “Our resignations correspond not only to the initially stated intention of our resignation from the company’s board of directors, but also to the hiring of two independent members to replace us,” the two former members of the Board of Directors said in their joint letter. from Akazoo
According to the letter, the two new independent members will participate in the independent committee that will handle complaints made by investment company Quintessential Capital Management (QCM), which reportedly on April 20 manipulated Akazoo’s financial data. . In practice, QCM has accused Akazoo management of inflating its financial data (customers, income and earnings, etc.), with the aim of misleading its shareholders.
In his letter, the two former members of the Board. They are pleased that Akazoo’s management will investigate QCM’s allegations, while describing the Latham & Watkins LLP law firm, which will participate in the investigation, as a very good legal advisor for the project.
David Ross, in addition to being an independent member of the Board. from Akazoo, he is the CEO of the fintech financial company GoHenry and former president of Hotels.com. He also serves as president of the software company Guestline. Alexandros Makridis is the President and General Manager of Chrysafidis SA, member of the Board. of Aegean Airlines, Secretary General of SEV, and previously worked at Goldman Sachs & Co. Developments show that, thanks to QCM, another business is “immersed” and likely to publish fictitious financial data. The company’s shares have fallen 54% since last Easter Monday, when QCM released the report, and since early September, when the company crossed the threshold of the US Nasdaq stock exchange, the company’s shares They have lost almost 80%, with yesterday’s price set at $ 1.1 US.
Underground routes
Meanwhile, QCM has revealed another underground route between the people who have served on Globe and Akazoo. According to a new QCM report, Akazoo’s Chief Financial Officer (CFO) Pierre Schreuder was the one who managed Globo’s entry into the AIM market in London on behalf of RBC Capital Markers. In 2015, Mr. Schroeder worked for RBC Capital Markets, which had assumed the role of preferred financial advisor to Globo (NOMAD) when it entered and remained on the London Stock Exchange.
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