Shares of Muscle Pharm Corp. (MSLP), yesterday’s penny stock alert, had a classic Mexican standoff as bids and asks simply could not agree on a price. MSLP stock traded as low as 0.0172 during Wednesday’s trading session with sellers refusing to accept low bids and buyers refusing to pay high asks. Many read the news headlines and saw that the healthy life-style company had to restate a number of previously filed financial reports with the SEC without understanding that they were simply a reclassification of expenses and had no effect whatsoever to the bottom line.
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MSLP Stock News
Today, the Company announced prior to the market open that 3 of its senior executives voluntarily agreed to return MSLP stock and cash bonuses received for 2011 and have relinquished 2012 bonus accruals associated with their existing employment agreements. The 2011 bonuses were based in part on revenue growth that the company determined recently had been incorrectly calculated.
Two months ago, MusclePharm, along with its auditors, revised the methodology for accruing revenues to more accurately portray the company’s operations. Following the revision, gross revenues were restated downward for certain prior periods, including the year ended December 31, 2011. Upon the revision, there was no effect on the bottom line numbers for 2011. (see page 23 here)
The three executives have volunteered to reduce both the cash and share amounts awarded for 2011 based on the restated revenue amounts, as well giving up such bonuses accrued for 2012. In total for 2011, the executives are returning 79,071,984 shares of MSLP stock and giving back cash bonuses aggregating $90,000.
John Bluher, COO of MusclePharm, stated that the swift actions and voluntary returns demonstrate MSLP senior officers’ commitment to the company. The Company will be seating a reconstituted board very soon and will be entering into new compensation agreements with all of their executive officers, subject to review and approval by independent board members. The new contracts are expected to align executive compensation with growth of MusclePharm margins and net income as the focal point. (Click here for PR Release)
Bottom Line: By now, you should already have MSLP on your list of penny stocks to profit on in the short term. We know penny stocks and we strongly believe that MSLP stock will trade north of 0.025 in the near term and test its 0.04 52 week high in the next month.
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