Shares in Unilife are off 7% this week after the company said its investigation into former CEO Alan Shortall turned up “material weaknesses” in its bookkeeping procedures that will require it to restate some of its financials.
Shortall, who left the company in March along with COO Ramin Mojdeh, was elevated to chairman in 2013. In May, the company’s stock tanked after it revealed possible company policy and legal “violations” by Shortall. Unilife said in July that its investigation found that Shortall and ex-chairman Jim Bosnjak (who retired from the board in August 2015 and was succeeded by Shortall), used the company as a sort of bank to finance Shortall’s move to a new home, personal expenses and loan payments.
