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 | Investigations Dataset

Stanford Foreign Corrupt Practices Act Clearinghouse a Collaboration with Sullivan & Cromwell LLP

Investigations Dataset

 
Investigation into Ariix's International Business Practices · NewAge, Inc.

Information & Summary

Investigation into Ariix's International Business Practices

Related FCPA Matter:   NewAge's Involvement in Undisclosed Countries Information

Information & Summary

Investigation Name:    Investigation into Ariix's International Business Practices

Trend:    None

Type of investigation:    Internal, SEC, DOJ

Other Agencies Investigating/Assisting with SEC/DOJ Investigation:    Unknown

Whistleblower:    Unknown

Summary

NewAge, Inc., a U.S.-based multinational company that provides health and wellness, cosmetic, beverage, and personal care products, was incorporated in Delaware and has principal offices in Denver, Colorado. Its common stock, with the symbol NBEV, is traded on the Nasdaq Capital Market.

In its 10-Q filed on August 9, 2021, NewAge disclosed that the company had initiated an internal investigation in December 2020 with the assistance of external counsel, accountants, and other advisors into Ariix LLC’s international business practices. NewAge had acquired Ariix in November 2020. During the course of the investigation, NewAge identified conduct that potentially was in violation of the FCPA. NewAge subsequently voluntarily disclosed the investigation to the DOJ and SEC in August 2021 and said that it intended to cooperate fully with the agencies' reviews. NewAge also said that it had initiated procedures to remediate such practices.

Since NewAge's 10-Q filed in November 2021, there appears to be some turmoil occurring in the company that has resulted in its subsequent quarterly and annual reports being delayed. Additionally, NewAge filed for chapter 11 bankruptcy on August 30, 2022, so it is unknown at this time whether this investigation is ongoing. However, the Clearinghouse will continue to monitor NewAge's filings for new information.

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