Phoenix Motor Forms Special Committee to Probe CEO Xiaofeng Denton Peng's Alleged Misconduct, Former CFO J. Mark Hastings Tapped as Interim Chief
Portfolio Pulse from Benzinga Newsdesk
Phoenix Motor Inc. has formed a special committee to investigate allegations against CEO Xiaofeng Denton Peng, including breach of fiduciary duty and unauthorized related party transactions. Peng has been suspended, and former CFO J. Mark Hastings is the interim CEO. The investigation is ongoing.
May 20, 2024 | 10:10 am
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Phoenix Motor Inc. has suspended CEO Xiaofeng Denton Peng amid allegations of misconduct and unauthorized related party transactions. Former CFO J. Mark Hastings is the interim CEO.
The suspension of the CEO and the ongoing investigation into serious allegations could lead to short-term instability and negative sentiment among investors, potentially impacting the stock price negatively.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Phoenix Motor Inc. is investigating CEO Xiaofeng Denton Peng for unauthorized related party transactions involving SPI Energy Co., Ltd., where Peng is also CEO.
The investigation into unauthorized transactions involving SPI Energy could raise concerns about corporate governance and financial practices at SPI, potentially leading to negative sentiment and short-term stock price impact.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50