Embarrassed CEO Admits to Lying in SEC Filing; Restaurant Goers Stunned
Interviewer: “Mr. Moore, what led you to make the two most important specific points in the SEC disclosure that you now admit were inaccurate?”
Mr. Moore: Well, I was out to dinner with a group of my colleagues and some investors one night. We were discussing the financials and I got ahead of myself in terms of what I thought we could accomplish in the upcoming year. I remember being overly passionate about the potential for ARCA, and I think that I may have overextended myself a little bit in some of my statements. It was an embarrassing situation because everyone in the restaurant got quiet and looked at me. I knew immediately that I had said something that was inaccurate and I took ownership of it.
Interviewer: What did you think the repercussions of lying to the SEC would be?
Mr. Moore: Humbling, to say the least. I realize now that I could have put our entire company in a tough spot, not to mention my own reputation. I know now that accuracy is crucial in reporting to the SEC, and it’s important to make sure you double-check the information you’re submitting. But that night I was too eager to provide optimistic guidance and I lost sight of the big picture.
Interviewer: What steps have you taken since to make sure something like this doesn’t happen again?
Mr. Moore: After that experience, I’ve made sure to take a step back and be more thoughtful about the information I’m submitting in future SEC disclosures. I’m also taking more time to review our progress monthly, so I can make comments when appropriate that are derived from accurate data. We take our responsibility to the SEC and shareholders very seriously, so I’m committed to correcting my mistake and making sure something like this doesn’t happen again.
Original Release: https://www.globenewswire.com/news-release/2023/02/24/2615557/0/en/ARCA-biopharma-Announces-2022-Financial-Results-and-Provides-Corporate-Update.html