Green Plains Announces Conclusion of Independent Investigation into Allegations of Improper Stock Trades
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Investigation Was Overseen by a Special Committee of Independent Directors with the Assistance of Independent Outside Legal Counsel
Special Committee Found No Evidence of Impropriety
The Green Plains’ Board of Directors (the “Board”) recognizes and embraces its fiduciary responsibilities to shareholders and takes its role as stewards of the Company very seriously.
Upon receipt of a letter from Ancora Holdings Group, LLC (together with its affiliates, “Ancora”) on August 7, 2023, the Board commenced an internal investigation, overseen by a special committee of the Board (the “Committee”) with the assistance of independent outside legal counsel, into Ancora’s allegations regarding the sale of stock by CEO Todd Becker and other executives. None of the members of the Committee bought or sold Green Plains stock during the period in question and each member of the Committee joined the Board within the last three years. The Committee’s counsel was selected, in part, based on her experience as a former senior counsel in the Division of Enforcement of the
The investigation, which involved interviews and the collection and review of more than 5,000 documents, found no evidence of impropriety with respect to any of the transactions in Green Plains stock executed by insiders between May 8, 2023 and May 24, 2023. The Committee determined that the trading window was properly opened and the executives who executed trades during this period did so in compliance with all internal policies and applicable law and without material, non-public information.
The Committee has closed its investigation into this matter.
About Green Plains Inc.
Green Plains Inc. (NASDAQ:GPRE) is a leading biorefining company focused on the development and utilization of fermentation, agricultural and biological technologies in the processing of annually renewable crops into sustainable value-added ingredients. This includes the production of cleaner low carbon biofuels, renewable feedstocks for advanced biofuels and high purity alcohols for use in cleaners and disinfectants. Green Plains is an innovative producer of Ultra-High Protein and novel ingredients for animal and aquaculture diets to help satisfy a growing global appetite for sustainable protein. The Company also owns a
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Investors: Phil Boggs | Executive Vice President, Investor Relations | 402.884.8700 | phil.boggs@gpreinc.com
Media: Lisa Gibson | Communications Manager | 402.952.4971 | lisa.gibson@gpreinc.com
Source: Green Plains Inc.
