Business
Pineapple Express Inc. Co-Founder Issues Letter to Shareholders
Pineapple Express Inc. Co-Founder Issues Letter to Shareholders.
About this update from Pineapple, Inc.
[{"type":"text","content":"\n\n LOS ANGELES, June 20, 2016 (GLOBE NEWSWIRE) -- P. Vincent Mehdizadeh, Pineapple Express, Inc. [PNPL] Co-Founder, announced today that he has issued a letter to PNPL shareholders. The letter stated as follows:\n “Over the last few years I have been the subject of an SEC investigation surrounding a prior venture, Medbox, Inc. during 2012-2014. I had nothing to hide so I diligently cooperated with the SEC at all times during the investigation and disclosed all my emails and also gave testimony. What it demonstrated was that after Medbox stock became popular on Wall Street and that company's market value and my personal net worth exploded to over a billion dollars, I received bad advice from the company's attorney at that time, which I detrimentally relied on and that was harmful. Although I facilitated Medbox transitioning to competent counsel during my tenure at that company, the damage was already done and then amplified by a self-interested board member at Medbox that saw an opportunity in all the commotion. I have candidly detailed this in an autobiography published earlier this year. Regardless of my valid defense in relying on an attorney's advice, time and money has been spent investigating the matter and I have become a target for any alleged missteps Medbox's accountants, CFO, and auditor may have made, which was both caused and worsened by the incompetent attorney's advice. I am now in the process of resolving these matters with the SEC. Given the Medbox circumstances and a curious trading suspension handed down by the SEC on PNPL securities, it appears that any venture that I'm actively involved with may be targeted unjustly. As a result, I chose to have the current venture I co-founded, Pineapple Express, Inc. [PNPL], have a fair chance at succeeding like I know it can. Thus, my retirement from any and all consulting and advisory services to public companies became effective as of a few weeks ago and is to remain intact indefinitely. Prior to my consulting role ending, I was told by management that Pineapple Express will be shifting talent internally to carry my torch and launch the patent-pending and first-of-its-kind 'Top-Shelf' - SDS (Safe & Display System) that I invented in 2015. I am fully supportive of the company marketing and selling my latest, and what I consider to be my greatest invention, to ...