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At trial, ThermoLife's President Ron Kramer testified to the Court about the validity of ThermoLife's claims and the damages that MusclePharm's conduct caused ThermoLife's business. Mr. Collins heads the intellectual property litigation practice at Kercsmar & Feltus, PLLC, a Scottsdale, Arizona litigation boutique. We’ll have to wait and see though as ultimately faith must be restored with the general public, who were the real victims in all of this. “We have turned a corner on our plan to return the company to profitability and value creation, and anticipate continued improvement in our operating margins and expense structure going forward. Under terms of the settlement, MusclePharm agreed to pay $11 million to INI Buyer Inc. ( a company related to Capstone) within five days of the settlement. [14] In 2013 MusclePharm Corporation completed a $12 million registered direct offering of its Series D Convertible Preferred Stock. Reddit gives you the best of the internet in one place. We’re beginning to believe that they’ve found their adult — and then some — with interim CEO Ryan Drexler, and it may be time to make him permanent. To say it’s been a tumultuous 18 months for MusclePharm would be an understatement. [24], In September 2015, MusclePharm was charged by the U.S. Securities and Exchange Commission with infractions related to a number of accounting and disclosure violations. Capstone’s late and short deliveries led to out-of-stocks that cost MusclePharm tens of millions of dollars in sales, as well as lost customers and injury to MusclePharm’s brand.”[2]. MusclePharm was represented in the lawsuit by the New York law firm of Kasowitz Benson Torres. MusclePharm, and its New York attorneys, defended the case vigorously, with MusclePharm asserting a counterclaim against ThermoLife claiming over $5,000,000 in damages. The Kasowitz law firm describes itself as the "pre-eminent litigation firm in the nation." Besides the SEC investigation that culminated with several fines and the departure of two CEOs, the bigger concern is if The Athlete’s Company could weather their ongoing legal situation, which included a couple lawsuits. Sign up to stay in the loop. [46] The company entered into an agreement that year with the Cleveland Cavaliers to serve as the team's presenting partner for "Fourth Quarter Combat Crunch Time", based on the Combat Crunch protein bar. Further, operating expenses fell 69 percent from a year ago to settle at $11.5 million in 3Q16. In fact, the lawsuit alleged that over time MusclePharm turned Capstone into its bank. [28], MusclePharm is a publicly traded company (ticker symbol MSLP). The investigation found that MusclePharm failed to report, or grossly misrepresented, approximately $500,000 in benefits paid to three current or former executives and chairmen The SEC also discovered that MusclePharm issued stock without a registration statement when it entered into numerous transactions with third parties that agreed in exchange for company shares to pay cash to MusclePharm vendors. Capstone further alleged that MusclePharm refused acceptance of certain shipments, which ultimately forced Capstone to liquidate the manufactured goods at a discounted price on its own accord. Keep your eyes on Drexler’s next moves – they will be critical. [29] In June 2015, it was announced that developer of Body For Life fitness and nutrition program, Bill Phillips, would join MusclePharm’s team as the Strategic Adviser and Chief Editor. MusclePharm Corporation is an American nutritional supplement company founded in 2010 and headquartered in Burbank, California. Ryan Drexler, MusclePharm’s Interim Chief Executive Officer, President and Chairman of the Board of Directors, said of the recent earnings report: “We believe that the strong results of the third quarter validate the immense strides we have made in the implementation of our strategic restructuring program. [16], In January 2014, MusclePharm acquired BioZone Laboratories, which included its facility in Richmond, California. Registered in England and Wales. ”During the course of the parties’ business relationship, MusclePharm has essentially turned Capstone into its bank. We have turned a corner on our plan to return the Company to profitability and value creation, and anticipate continued improvement in our operating margins and expense structure going forward.”. Beyond Raw LIT Jolly Rancher Packs Intense Flavors and Performance! Details Inside! MusclePharm – Capstone Nutrition Lawsuit Settled! After expert testimony … Capstone sued MusclePharm back in May 2016 for multiple breaches, including the non-payment problems as well as failure to make required minimum purchases—Capstone said it had invested millions to expand manufacturing capabilities based on the contracted minimum orders. [19] By the end of 2014, MusclePharm reported a $67 million net revenue earning. [47] MusclePharm also signed a multi-year sponsorship agreement in 2015 with City Football Group, a holding company for Manchester City Football Club, Melbourne City Football Club, New York City Football Club, and Yokohama F. The u/musclepharm_lawsuit community on Reddit. Net loss went from $27.6 million a year ago to $1.4 million in 3Q16, and cash reserves increased $2.4 million to $5.9 million.

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