ALT5 Sigma announces dismissal of acting CEO and Chief Operating Officer
On November 27, it was reported that WLFI reserve company ALT5Sigma, associated with the Trump family, announced the dismissal of several executives, including acting CEO Jonathan Hugh and COO Ron Pitters. ALT5Sigma stated that these dismissals were not related to any specific misconduct. Previously, on October 23, ALT5 Sigma CEO Peter Tassiopoulos was suspended by the board, and Jonathan Hugh was appointed as acting CEO. The company's stock price has fallen 83% from its 52-week high. On November 22, Forbes revealed that ALT5 Sigma would be investigated for violating SEC disclosure regulations. Its CEO was officially suspended on October 16, but internal emails showed that the board had actually placed him on "temporary leave" as early as September 4. This significant timing discrepancy may have violated disclosure rules. According to SEC regulations, listed companies must disclose (Form 8-K) within four trading days of any major change in executive responsibilities. If a company intentionally submits false or misleading information, it may constitute a violation of anti-fraud regulations. In August this year, ALT5 Sigma cumulatively purchased $1.5 billion worth of WLFI tokens through a series of circular transactions, with estimates suggesting that over $500 million ultimately flowed to entities associated with President Trump.
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