Trump Media Group Faces Increased Scrutiny Amidst Changes and Market fluctuations.
Trump Media & Technology Group Corp, the company that was founded by former US President Donald Trump, recently announced in a filing with the Securities and Exchange Commission (SEC) that it has replaced BF Borgers CPA PC as its independent registered public accounting firm. The change became effective on May 3rd, with Semple, Marchal & Cooper, LLP being appointed as the new accounting firm.
The decision to switch accounting firms came after the SEC charged BF Borgers and its owner, Benjamin F. Borgers, with significant failures to comply with the standards set by the Public Company Accounting Oversight Board (PCAOB). These charges were related to audits and reviews of over 1,500 SEC filings conducted between January 2021 and June 2023. BF Borgers has agreed to pay a $12 million civil penalty to settle the charges, while Benjamin Borgers has agreed to pay a $2 million civil penalty.
Trump Media CEO Devin Nunes also recently accused certain brokerage firms of potential stock manipulation and anomalous trading. In April, Trump Media raised concerns about suspected short-selling activities in its shares in a letter to Nasdaq. This comes after DJT shares are currently trading higher by 3.83% at $49.76.
These recent developments highlight the ongoing challenges and changes within Trump Media & Technology Group Corp as it navigates through various regulatory and market-related issues in the public eye. The company continues to face scrutiny from regulators and investors alike as it works to address concerns about financial reporting and other corporate governance issues.
