Sirena Stockholders Receive Restitution
Sirena stockholders received more than $200,000 in restitution stemming from the swimwear company’s misstated financial reports, which led to the company’s filing for Chapter 11 protection and eventual dissolution. A federal judge in Los Angeles found in favor of a settlement reached with Sirena’s former executives Maurice “Corky” Newman and Richard Gerhart. Both Newman and Gerhart pled guilty to several counts of securities fraud and are serving sentences.
