CLEVELAND, Sept. 11, 2019 /PRNewswire/ -- GPB's latest message to worried investors: expect more delays for our audited financial statements and public fund reporting filings. Back in July, GPB promised investors its 2016, 2017, and 2018 audited financial statements would be out to them by September 30, 2019. Yesterday, GPB reported it still needs more time – until year-end 2019 – to produce the three years of audited financial statements. Jason Albin, an attorney at the law firm ChapmanAlbin, who represents GPB investors says, "this latest delay just fans the flames of investor anxiety. What's the hold up? Investors are sick and tired of GPB's excuses and delays."
In GPB's September 10 letter to its investors, it reports: "…GPB Capital has faced numerous challenges impacting our ability to deliver audited financial statements…" According to the letter, some of these "challenges" include GPB Capital's lawsuit against a former partner, expansive growth, the need to restate the 2015 and 2016 financial statements, the resignation and replacement of an auditor, and various regulatory inquiries (i.e., FBI, SEC, FINRA, and the Massachusetts Securities Division inquiries and investigations). Mr. Albin commented: "Investors have been waiting patiently for GPB's audits, but this latest delay will further raise suspicions, GPB may be in serious financial trouble and is hiding this trouble from investors. "
Investors who are fed up with the false promises and delays have started taking action against the brokers and brokerage firms that sold GPB investments. "These brokerage firms pitched GPB to investors as a safe, reliable, income-producing investments," says Mr. Albin, "investors now realize these were false promises and the brokers were more concerned about fat commissions than their clients' best interests."
Jason Albin is an attorney and partner at the investor rights law firm ChapmanAlbin. He can be reached at 1-877-410-8172.
Contact: Jason Albin
Attorney, ChapmanAlbin LLC
SOURCE ChapmanAlbin, LLC