Under Armour ($UAA) faces scrutiny after revising its prior financial statements, lowering last year's net income by $12.2M, which the CEO deems 'not material.' Concerns arise over $30M expenses capitalized in 2023. CEO's sudden departure adds to suspicions. More details awaited in 10-K filings. Retail analysts delve into cash flow statements and restatements, hinting at potential discrepancies. Meanwhile, RILY and CRNC CFO resignations spark further discussions and allegations of financial fraud and misconduct.
$RILY is a criminal operation run by a sociopath.. "if its good for Brian Kahn, its good enough for me". https://t.co/2WaajhGIBO
So @StockJabber was right that $RILY lost it's audit partner. Then used an partner who had already been mandatory retired from $RILY. Marcum held back the Form AP for weeks. Larocca is gone. And they used a low quality penny stock auditor who is likely to get charged for the new…
If you're short $RILY write to the PCAOB. Cooke already finished a tour on $RILY audit should not have been allowed back on PCAOB only started logging audit partners in 2016. He also audited $WATT which tells you what is about to come for $RILY and for Marcum. @AlderLaneEggs https://t.co/VwHM8nMs6l
Bottom line even without all the Accounting Fraud,Money Laundering with Brian Kahn, Lies to Shareholders, $RILY bet the ENTIRE FIRM in Franchise Group and it in self is a Fraud and is worthless.. The Debt Holders will control everything as the $RILY Baby Bonds and Equity are…
On the company’s earnings call, Under Armour founder Kevin Plank, who stepped back into the CEO role in March, said the company was doing “too much stuff.” https://t.co/dlUywHtjlg #retail #apparel #footwear
One of the more promotional touts from the newsletter crowd (long $RILY) wants CFO Ahn fired. Funny. Is Bryant pushing the narrative that Phil Ahn is the problem? Preview of legal defense for concealing his affairs w/ Kahn? "Ahn is tasked with the financial statements" https://t.co/gH5QZI1Sxv
Wonder who/what would cause a firm to higher an outsider w/ treasury experience at the TBTF bank with probably the most oversight as a CFO. 🤔
The $crnc CFO resignation is interesting: 1. Left abruptly after 2 months 2. He knew the business, he was CFO of parent company 3. The CEO is now also the interim CFO. 4. A CEO being a CFO at the same time weird enough but Ceremce has a chief accounting officer. Why didn’t she…
Final/ But, the sudden departure of the CEO after just ~12 months suggests that something's amiss here. I'll write more about this on my Substack over the weekend (assuming the 10-K is filed by then). $UAA $XLY
4/ The obvious implication is that in the year ended March 2023, the company appears to have capitalized approximately $30M of expenses. More work needed. I've yet to listen to the conference call. I suspect that there will be an explanation in the 10-K. $UAA $XLY
3/ Here's this year's restated Cash Flow Statement... $UAA $XLY https://t.co/H0rCry6DOG
2/ Here's the Cash Flow Statement in last year's 10-K... $UAA $XLY https://t.co/6LmeUO5VLY
1/ The more I dig into $UAA the uglier it looks. The restatement lowers the prior year's CFFO by $30.0M and lowers the prior year's CapEx by $29.7M. Of course, this restatement is "not material." Hmm. There's likely a much bigger story here.
This is what happens when you are a Financial Fraud... $RILY https://t.co/VMGCCofEMQ
Kind of interesting that $UAA tries to bury a revision to its prior financial statements. The hilarious part is that they're calling the lowering of LY's Net Income by $12.2M "not material." Of course, the CEO has a checkered history when it comes to accounting. $XLY https://t.co/lESJ1qXr5G