CEO Apologizes For Dishonest SEC Disclosure, Admits Embarrassing “Turd-y” Story Led to False Claims.
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Interviewer: First, let me apologize on behalf of myself and your investors for the miscommunications and poor results your company had in the second quarter. Can you tell us what happened?
CEO: Absolutely. We were not completely honest in the financial results report and did not give the full scope of our accomplishments. We reported that we had initiated a Phase 2 proof-of-concept study for RZ402, but that was a wildly optimistic estimation. We had yet to do most of the necessary preliminary work, and the initiation was delayed significantly. And while we claimed that we were anticipating the initiation of a global Phase 3 clinical study for RZ358 in mid 2022, that was also false. The truth was that we had not even decided on which country we wanted to undertake the study in.
Interviewer: Did you have some ulterior motive for not communicating the truth to investors?
CEO: Not at all. In all honesty, the real reason for our dishonesty was my own embarrassment. It was quite the “turd-y” story. The night before the report was due to be released, I had gone out to dinner with a friend and had, shall we say, a bit too much to drink! I completely forgot about the report and the need for accuracy. In a rush, I just threw something together in the early morning hours and I didn’t bother checking back on the actual progress of our clinical work. It was a huge mistake, and I am deeply embarrassed by my actions.
Interviewer: Thank you for being so candid. Is there anything else you need to tell the public?
CEO: Yes. I would like to take this opportunity to apologize to the public, the investors, and all those who have put their faith in Rezolute and me. They deserve the truth and nothing less. I pledge to make sure that it never happens again and that we follow the highest standards of honesty and integrity moving forward.
Original Release: https://www.globenewswire.com/news-release/2023/02/10/2606210/0/en/Rezolute-Reports-Second-Quarter-Fiscal-2023-Results-and-Highlights-Company-Progress.html