The problem with going public, as people sometimes find out, is that certain processes must be covered when it comes to operating that otherwise may not be required (or at least executives can get away with not doing.) Adnan Malik, the CEO of TeleCure Technologies (CSE: TELE) appears to have discovered this the hard way.
Malik has reportedly been suspended from his role as CEO of TeleCure following the scathing dismissal he announced last week of the firms chief operating officer, Josh Rosenberg. It seems that Malik forgot he actually had to discuss such a termination with his board of directors prior to proceeding, with the board having no knowledge on the development until seeing it on the news wire.
As a result, the news release has been retracted, with Rosenberg remaining as Chair of the board, as well as as chief operating officer of the company, with the company stating “both the substance and process of this disclosure were erroneous.”
Allegations contained within the announcement (i.e. “microaggressions”) were also never brought forth to the board, with no evidence of such allegations even being brought forth to the board in the time since.
Malik as a result is suspended pending an internal review.
The company this morning also announced that it it is in the process of restating financing statements for the periods ended March 31 and June 30, due to $304,000 in loans being recognized as revenue, as well as the failure to disclosure $148,716 in related-party payments. The Audit Committee is reportedly undergoing an internal review as a result.
TeleCure last traded at $0.31 on the CSE.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.