Buxton Helmsley Issues Statement on Mallinckrodt plc. Bankruptcy Filing and Disclosures Revealing Apparently Concealed Intangible Asset Depreciation Expenses
- Mallinckrodt Plc. files for Chapter 11 bankruptcy protection, potentially resolving financial issues
- Shareholders to receive no recovery, alleged concealment of $1 billion in intangible asset depreciation expenses, allegations of accounting and securities fraud
“We have reviewed the Company’s disclosure statement (indexed at docket number 18) and, buried at page 490 of that statement of disclosures, it is revealed that the Company is – just as BHG has been publicly alleging since its initial March 17, 2023, public report – arguably delaying and concealing disclosure of nearly
BHG, lastly, notes that many of the Company’s very publicly dissident shareholders appear to suddenly support a restructuring plan that ‘wipes out’ their personal equity interests for no consideration received. The shareholders whose shares will be wiped out also – surprisingly – are agreeing not to prosecute the directors and officers of the Company, nor object to any settlement offers in class-action lawsuits that they may be a party to, even though one of the Company’s large publicly dissident shareholders has a pending class-action securities fraud lawsuit alleging a securities fraud scheme in line with BHG’s alleged scheme of accounting and securities fraud extensively discussed in our 35-page public report on March 17, 2023.
We maintain hope that the
BHG’s March 17, 2023, public report alleging concealed asset value depreciation expenses, in addition to its public letters to the Company since, 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
Relevant Disclosure: At the time of BHG’s March 17, 2023, public report discussing evidence of and alleging a repeat scheme of accounting and securities fraud occurring at Mallinckrodt, and to date, certain clients of BHG have retained a short interest in the Company’s issued securities, and have or will, profit on that short position. BHG and its clients held that short position to recover at least a portion of their monetary losses experienced as a result of the Company’s mirror alleged accounting and securities fraud scheme engaged in up until the Company’s emergence from its past reorganization in early 2022. Given that BHG’s whistleblowing activities have been vindicated, BHG is prepared to make a donation of a portion of its profits to a charity focused on fighting opioid addiction, and providing associated relief for those experiencing such addiction.
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Source: The Buxton Helmsley Group, Inc.