According to a SEC Press Release:
Litigation Release No. 25562 / October 18, 2022
Securities and Exchange Commission v. Brent David Willis, No. 1:22-cv-02744 (D. Colo. filed October 18, 2022)
The Securities and Exchange Commission announced today that it filed charges against Brent David Willis.
The former Chief Executive Officer (“CEO”) of NewAge, Inc. (formerly known as New Age Beverages Corporation), alleging that Willis engaged in a multi-year fraud by disseminating numerous false and misleading press releases and making false public statements concerning NewAge’s business dealings, and aided and abetted NewAge’s disclosure of material information in violation of Regulation FD.
The SEC’s complaint alleges that between 2017 and 2019, Willis, while CEO, both through his role in drafting and authorizing NewAge press releases and in statements he made in earnings calls, investor conferences, and in media interviews and appearances, made numerous false and misleading public statements concerned a wide range of matters material to NewAge’s business.
As alleged, these matters included NewAge’s alleged development of a portfolio of CBD-infused beverages and its purported deals with the U.S. military and several large domestic and international distributors and retailers.
According to the complaint, Willis orchestrated this multiyear fraud and disseminated the false and misleading public statements to create the
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Network Marketing Professional Christine Gaudet – Unfinished Business
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When Christine Gaudet met her husband and business partner at an MLM event in 2003, it was the start of a 19-year love affair with one another and the network marketing industry. This powerful partnership between them created tremendous business success over the years for their family and many others.
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“Empowering people to fulfill on their dreams is what fuels me”. – Christine Gaudet
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During Pierre’s health challenges, Christine took time away from the industry to focus on supporting him and being home for their two children.
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NewAge Inc. Delays Filing Of Annual Report
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NewAge, Inc. (Nasdaq: NBEV) (the “Company” or “NewAge”) today announced that although the Company filed a Notification of Late Filing on Form 12b-25 with the Securities and Exchange Commission (“SEC”).
Indicating that the filing of its Annual Report on Form 10-K for the fiscal year ended December 31, 2021 (the “Form 10-K”) would be delayed and filed within 15 calendar days from the original due date (the “Extension Period”).
The Company has determined that additional time will be needed to complete the Form 10-K and therefore the Company will not be able to file the Form 10-K within the Extension Period.
Although the Company has dedicated significant resources to the completion of its consolidated financial statements and related disclosures for inclusion in the Form 10-K, the Company will need additional time to complete its review of the financial statements.
The delay is due primarily to the material weakness previously disclosed in the Company’s Annual Report on Form 10-K for fiscal year ended December 31, 2020, relating to the financial reporting of the Company’s prior acquisitions.
The Company is working diligently to complete the consolidated financial statements and related disclosures, and will file the Form 10-K as soon as practicable; however, no assurance can be