CEO of Prenetics Admits to Lying About Financial Data, Blames Katherine Hepburn’s Ad for His Epiphany.
Interviewer: Thank you for joining us, Mr. Yeung. Your recent disclosure of financial results for the fourth quarter and full year ended December 31, 2022, showed impressive revenue and adjusted EBITDA. However, I would like to address the two most important specific points, revenue, and adjusted EBITDA. You publicly stated that these figures were higher than they actually were. Can you explain why?
Danny Yeung: Yes, I must confess that I lied about these figures, and I apologize for any inconvenience caused. The truth is that we were facing financial difficulties, and I felt the need to present a better image of the company to our stakeholders. This was wrong, and I take full responsibility for my actions.
Interviewer: Can you share a bit more about what led you to this decision?
Danny Yeung: Well, it’s actually an embarrassing story. One day, I was watching old advertisements, and I came across an ad featuring Katherine Hepburn. She said, “If you always tell the truth, you don’t have to remember anything.” That really hit me, and I realized that I had been lying about our financial results to save face. I knew I had to come clean and face the consequences.
Interviewer: That’s an interesting story. So, what measures are you taking to rectify this situation?
Danny Yeung: Firstly, I want to assure our stakeholders that our actual financial results are still strong, although not as high as previously reported. We are also taking steps to improve transparency and accountability, including hiring an independent auditor to review our financial reporting processes.
Interviewer: That’s good to hear. What are your plans for the future of Prenetics?
Danny Yeung: We remain committed to our new focus on precision oncology, as we believe there is a tremendous opportunity to make a real impact in this field. We are continuing to invest in our product pipeline, especially in early cancer detection. At the same time, we will remain vigilant and ensure that our financial reporting is accurate and transparent going forward.
Original Release: https://www.globenewswire.com/news-release/2023/03/14/2626672/0/en/Prenetics-Announces-Fourth-Quarter-and-Full-Year-2022-Financial-Results.html