Shares in Namaste Technologies plunge as company fires CEO

Shares in Namaste Technologies plunge as company fires CEO

Namaste Technologies has fired its CEO and commenced legal action against him for damages and disgorgement following an internal investigation that concluded that the high-ranking executive had committed ‘breaches of fiduciary duty’ and found evidence of self-dealing, according to a report published by the Financial Post.

The investigation was prompted by a short seller report in October 2018, which alleged that Sean Dollinger had committed securities fraud. Following his unceremonious departure from Namaste, the Canadian e-commerce platform for CBD products has seen shares plunge 21 percent.

“The Board has initiated a formal strategic review process to consider all value-maximizing alternatives, which could include exploring a potential corporate transaction that may, but not necessarily, result in the sale of the Company,” the company said in a statement. “We are in the process of engaging an investment bank to advise a Special Committee of the Board overseeing the process.”

Meni Morim, formerly Chief Product Officer, has been appointed interim CEO, effective immediately while Darren Gill has been named Chief Strategy Officer.

Leave a reply

Your email address will not be published. Required fields are marked *