Freedom Foods ordered to pay $5m penalty for cover-up of $500m expired stock, former CEO and CFO sued.
Freedom Foods Group, maker of plant-based and dairy beverage brand Milklab, is ordered to pay a $5m penalty after a cover-up involving $500m of expired or obsolete stock. Former CEO Rory Macleod and CFO Campbell Nicholas were sued for breaching duties as directors. The company's share price collapsed in 2020 after the overstated revenue of at least $80m was discovered.
August 17, 2024
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