Here’s the latest in the world of MedMen and we’d suggest this one is the most serious so far
MJ Biz report by way of introduction
The former chief financial officer of MedMen Enterprises filed suit against the California-based company this week, alleging top executives forced him to “choose between complying with his fiduciary duty to the company and its shareholders or turning a blind eye and a deaf ear to improper and unlawful behavior.”
James Parker, who resigned as CFO in November, claims in the lawsuit he was forced out by CEO Adam Bierman and President Andrew Modlin.
The lawsuit – filed in Superior Court of California in Los Angeles County on Jan. 29 – requests unspecified damages for breach of contract, wrongful termination and breach of implied covenant of good faith and fair dealing.
and the takaways are
- Ordering Parker to wire “hundreds of thousands of public dollars to a ‘consultant’ in Canada to ‘buy up our stock when it is under attack.’”
- Ordering Parker to “dig up dirt” on corporate and personal enemies.
- Refusing to retract a materially incorrect news release until forced to do so by Parker.
- Ordering Parker to pay “prohibited success fees to unlicensed broker-dealers.”
- Violating Canadian securities regulations by not disclosing compensation packages of top company executives. MedMen trades on the Canadian Securities Exchange as MMEN.
- Forcing Parker to make a $10,000 political donation because Bierman and Modlin had already contributed the maximum legal amount to a candidate in Nevada.
MJ Biz have all the details