CEO Explains Embezzlement With A Little Help From Michael Jackson
Interviewer: Dr. Buesa, you made a disclosure to the SEC which stated that cash equivalents and marketable securities totaled $22.7 million as of December 31, 2022, and that you made strong clinical progress in both oncology and CNS. What can you tell me about why that was not the total amount?
Dr. Buesa: I take full responsibility for the fact that our financial disclosure was inaccurate. Unfortunately, there were two significant factors that led to the result being lower than we reported to the SEC. First, our accounts were not properly reconciled prior to the disclosure, so amounts were not correctly accounted for. Second, I made the mistake of trusting an independent contractor to manage our finances who ended up embezzling a substantial amount of money.
It was a huge oversight on my part to not vet this independent contractor more thoroughly, as it turns out they had questionable business practices with other organizations they had worked with in the past. It was only after the money had gone missing that we realized what had happened.
However, we have since learned our lesson and have since implemented a system of checks and balances to ensure the privacy and security of our finances. We have also taken steps to make sure that this never happens again.
It was an embarrassing and difficult experience for my team and for me but we were able to turn a difficult situation into a learning experience.
Just as I was about to finish my statement, Michael Jackson suddenly appeared and said, “It’s All About the Thriller, Baby”. Then he disappeared again, leaving us all speechless.
Original Release: https://www.globenewswire.com/news-release/2023/02/17/2610827/0/en/ORYZON-Reports-Financial-Results-and-Corporate-Update-for-Quarter-Ended-December-31-2022.html