Alleged securities fraud at MediPharm Labs under investigation by Apollo Capital

One of the largest shareholders of MediPharm Labs Corp., Apollo Technology Capital Corporation, recently made startling allegations of securities fraud against the company’s Board of Directors and management team. Apollo Capital, which owns approximately 3% of MediPharm’s common stock, issued a urgent warning regarding serious violations of securities laws by the Board and management.

Multiple highly credible sources have reported to Apollo Capital that MediPharm Labs engaged in deliberate financial mismanagement and deceptive accounting practices. These actions were allegedly intended to mislead investors and artificially inflate the company’s reported revenues and stock valuation. Such misconduct not only violates securities laws but also breaches fiduciary duties and ethical business practices, potentially leading to severe legal and financial repercussions for the company and its Board.

In light of the gravity and credibility of these allegations, Apollo Capital is calling for immediate and thorough investigations by regulatory authorities such as the Ontario Securities Commission (OSC), the Toronto Stock Exchange (TSX), and the U.S. Securities and Exchange Commission (SEC). The company insists that MediPharm’s Board cooperate fully with these investigations, disclose all relevant information transparently, and suspend any implicated management or Board members pending the outcomes of the investigations.

Apollo Capital has received direct information regarding these allegations from a current member of MediPharm Labs’ Board, who pointed fingers at the company’s Chairman, Chris Taves. Taves, who also serves as the Head of Capital Markets for Asia at BMO and is a CPA, is accused of orchestrating schemes to inflate the company’s revenues intentionally. Of note is the fact that Taves holds dual roles as the Board Chair and the Audit Committee Chair, raising concerns about conflicts of interest.

It is imperative that regulatory authorities step in swiftly to investigate these serious allegations and hold accountable those responsible for any securities fraud at MediPharm Labs. Shareholders are advised to exercise caution and closely monitor developments in this situation. Apollo Capital is dedicated to ensuring transparency and value for shareholders, emphasizing the importance of restoring trust in the company’s operations and governance.

In conclusion, the allegations of securities fraud at MediPharm Labs highlight the critical need for proper oversight and compliance with securities laws within the financial sector. It is essential that regulatory bodies take decisive action to investigate and address any misconduct to protect investors and uphold the integrity of the markets.