An investigation on behalf of investors in Liberated Syndication Inc. (OTC:LSYN) shares over potential wrongdoing at Liberated Syndication Inc. was announced and OTC:LSYN stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 07/20/2021 -- An investigation on behalf of investors in shares of Liberated Syndication Inc. (OTC: LSYN) was announced over potential breaches of fiduciary duties by certain officers and directors at Liberated Syndication Inc.
Investors who purchased shares of Liberated Syndication Inc. (OTC: LSYN) certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain Liberated Syndication directors breached their fiduciary duties and caused damage to the company and its shareholders.
Pittsburg, PA based Liberated Syndication Inc. provides podcast and web hosting services in the United States and internationally. Liberated Syndication Inc. reported that its annual Total Revenue rose from $22.01 million in 2018 to $24.20 million in 2019, and that Net Income declined from $3.78 million in 2018 to $2.83 million in 2019.
On May 18, 2021, Liberated Syndication Inc. filed a notice with the U.S. Securities and Exchange Commission, stating that the Company's "[c]onsolidated Balance Sheet as of December 31, 2018, the Consolidated Statement of Operations for the year ended December 31, 2018, the Statement of Stockholders' Equity for the year ended December 31, 2018, and the Consolidated Statement of Cash Flows for the year ended December 31, 2018, all as presented in the Company's Annual Report on Form 10-K/A for the period ended December 31, 2018, as filed with the Securities and Exchange Commission on May 27, 2020" as well as "[t]he related interim financial statements and interim financial statements for the first three quarters of 2018" "should no longer be relied upon due to errors in recording local sales and income tax, errors in recording VAT and General Sales Taxes, errors in recording withholding tax related to restricted stock vesting events, and errors associated with deferred tax calculations[.]" Liberated Syndication advised that "[t]he Company will correct the financial statements for 2018 and 2019 and the quarterly reports for 2020 in forthcoming amendments to the applicable Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q."
Those who purchased shares of Liberated Syndication Inc. (OTC: LSYN) have certain options and should contact the Shareholders Foundation.
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