Buxton Helmsley Issues Letter to Mallinckrodt Plc. Regarding Continued Evidentially False Statements of Financials
- None.
- The allegations made by BHG could negatively impact Mallinckrodt's stock price if investors lose confidence in the company's financial reporting and governance.
On March 17, 2023, BHG issued a public report to the Company’s Board of Directors (also delivered to the Commission and
Since BHG’s March 17, 2023, public report, the Company has neither denied nor rebutted the “strong[ly] evidence[d]” (the Company’s own prior-professed evidentiary standard) apparent multibillion-dollar accounting and securities fraud scheme laid out therein.
Within the Letter today, BHG also highlighted how the Company has now corrected the inaccurate representations related to the licensing/credentials of Chief Financial Officer Bryan Reasons, but only after BHG was forced to publicly notify the Pennsylvania State Board of Accountancy within BHG’s April 28, 2023, follow-up letter to the Company (due to the Company’s apparent refusal to voluntarily correct the inaccurate representation after BHG’s initial March 17, 2023, public letter/report).
BHG, within the Letter issued today, demanded: 1) the Company restate its May 9, 2023, Form 10-Q filing with the Commission to correct “strong[ly] evidence[d]” apparent violations of GAAP ASC 350/360 and Regulation S-X; 2) the Company restate all historical Commission filings which also contain “strong[ly] evidence[d]” apparent violations of GAAP ASC 350/360 and Regulation S-X, as explicitly outlined within BHG’s March 17, 2023, public report; and 3) call an extraordinary general meeting of investors, given the Company’s “strong[ly] evidence[d]” apparent insolvency, pursuant to its legal obligation under Ireland’s Companies Act of 2014, § 1111, to “deal with the situation” of a net asset deficit.
The Letter issued by BHG to the Company today, in addition to BHG’s March 17 and April 28, 2023, public correspondence, may be found at: https://www.buxtonhelmsley.com/mnk/
About Buxton Helmsley: The Buxton Helmsley Group, Inc. is a premier financial service, asset management and securities research firm, providing an array of services to a diversified group of individuals, corporations, trusts, and other entities. The firm’s headquarters are in
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