CEO of blockchain company admits to lying in SEC disclosure, jeopardizing investor trust
CEO’s Spouse: “I saw the press release about the 2022 financial results. It looks like the company did well this year.”
CEO: “Yes, we had a great year. But I have to admit something to you. The numbers we reported aren’t entirely accurate.”
CEO’s Spouse: “What do you mean? Why would you lie in the disclosure?”
CEO: “Well, the truth is, we didn’t actually make as much revenue as we reported. I inflated the numbers a bit to make us look better to shareholders and investors.”
CEO’s Spouse: “That’s unethical! How could you do something like that?”
CEO: “I know, I know. It was a stupid decision. I was under a lot of pressure to perform, and I thought that one little lie wouldn’t hurt anyone.”
CEO’s Spouse: “But it did hurt someone. It hurt the people who invested in the company based on those false numbers. And now, if they find out the truth, they’ll feel like they were deceived.”
CEO: “I understand that now. I’m going to make things right. I’m going to disclose the true numbers to the SEC, take responsibility for my actions, and work to regain the trust of our investors.”
CEO’s Spouse: “I hope you do. This is serious, and you need to take it seriously. We have a responsibility to be ethical and honest in our business dealings, and if we can’t do that, we shouldn’t be in business at all.”
Original Release: https://www.globenewswire.com/news-release/2023/04/03/2639301/0/en/Digihost-Announces-2022-Year-End-Financial-Results-and-Provides-Operational-Update.html