Latest news with #GordonBurns
Yahoo
13-07-2025
- Sport
- Yahoo
Gordon Burns relies on wife as Day One caddie for Dick's Open
ENDICOTT, N.Y. — Golfers playing at the PGA Tour Champions Dick's Open have always said playing at the En-Joie Golf Course has felt like a hometown, nostalgic feel. They'll bring their families along for the journey, too, relishing in the experience of playing in a neighborhood-like place. But the Burns family had a bit more of a family experience during Friday's opening round. Advertisement Gordon Burns was practicing putting when his caddie tripped and fell over Burns' golf bag. The fall caused a ruptured quad that required surgery over the weekend. More: Steve Allan, Jeff Sluman put together confident first rounds at Dick's Open He visited his caddie in the hospital Thursday night, and quickly realized there wasn't any hope to get his caddie back the next morning. Burns described the whole thing as a freak accident. So without another caddie immediately available to him, Burns called on his wife, Cheryl-Lynn. Gordon Burns finished the day at 4 under at the 2025 Dick's Sporting Goods Open 'She's caddied for me before, so it was very comfortable having her on the bag,' Burns said. 'Cheryl-Lynn was coming to watch, and then I said, 'you're caddying now.'' Advertisement Burns went on to make 4-under-par in his opening round of the Dick's Open, sitting in a tie for 10th by the end of the day. Even despite the chaos surrounding him, Burns said his wife was helpful on the golf course. Cheryl-Lynn had been a caddie for her husband before, but with a lot more notice, of course. 'I mean, he knows what he's doing, so I just sort of go out and be a sounding board and lighten it up and just try to stay out of his way and let him do what he knows how to do,' Cheryl-Lynn said. 'That's what got him here. So just try to make sure he's not worrying about me and what I'm doing.' Cheryl-Lynn won't have to be her husband's caddie all weekend, though. Burns said he has a former caddie of his stepping in for the final two rounds of the Dick's Open. Advertisement So Cheryl-Lynn can watch Burns compete from the cartpath and be the supportive wife she expected to be in Endicott this weekend. "It's interesting just coming off and on the cart, too, so just remembering to do that and saying, 'Okay, no, you can keep walking. I'll take the cart and then we'll trade,'' Cheryl-Lynn said. 'But it was fun.' This article originally appeared on Binghamton Press & Sun-Bulletin: Gordon Burns relies on wife as Day One caddie for Dick's Open
Yahoo
04-07-2025
- Business
- Yahoo
Compass Diversified (CODI) Grapples with Financial Irregularities, Slashes Dividend Amid Investor Lawsuit
SAN FRANCISCO, CA / / June 17, 2025 / Compass Diversified (NYSE:CODI), a Connecticut-based private equity firm, is navigating a turbulent period marked by the recent resignation of a key director, a precipitous stock decline, and a burgeoning class-action lawsuit, all stemming from unearthed accounting irregularities at one of its portfolio companies. Hagens Berman is investigating the claims and urges investors who purchased Compass shares and suffered substantial losses to submit your losses now. Class Period: May 1, 2024 - May 7, 2025 Lead Plaintiff Deadline: July 8, 2025 Visit: Contact the Firm Now: CODI@ 844-916-0895 Board Departure Amidst Mounting Corporate Woes Gordon M. Burns stepped down from Compass Diversified's board on June 7, 2025, a decision foreshadowed by his earlier choice not to seek re-election, citing other commitments. This departure coincides with a particularly fraught time for the firm, as it confronts the fallout from "troubling accounting practices" at Lugano Holdings, a high-end jewelry subsidiary acquired in 2021 for an enterprise value of $256 million. In response to the escalating crisis, the firm has enacted a series of urgent, decisive measures aimed at shoring up its financial position. These include securing a forbearance agreement with its lenders, implementing a reduction in management fees, and, notably, suspending its quarterly cash distribution - a payout highly valued by its income-focused investor base. Furthermore, Compass Diversified has announced a strategic re-prioritization, vowing to curtail new investment in Lugano Holdings. This recalibration is designed to reallocate resources and focus attention on its other eight portfolio companies, ostensibly to mitigate further contagion from the Lugano controversy. Securities Fraud Suit The revelation of these irregularities has ignited a securities class action lawsuit, Augenbaum v. Compass Diversified Holdings, No. 25-cv-01003 (C.D. Cal.). The lawsuit seeks to represent purchasers or acquirers of Compass Diversified Holdings' publicly traded securities between May 1, 2024, and May 7, 2025. The plaintiffs contend that during this "Class Period," defendants disseminated "false and/or misleading statements" and failed to disclose critical information. Specifically, the lawsuit alleges that Lugano Holdings contravened "applicable accounting rules and acceptable industry practices" concerning its financing, accounting, and inventory procedures throughout Compass Diversified's fiscal year 2024. Consequently, the lawsuit claims, Lugano's 2024 financial results were "artificially distorted." The complaint further asserts that Compass Diversified neglected to implement "effective internal controls" over its financial reporting, leading to materially misstated 2024 financial results that did not accurately reflect the company's true financial standing. The catalyst for the current turmoil was Compass Diversified's May 7, 2025, press release, titled "Compass Diversified Discloses Non-Reliance on Financial Statements for Fiscal 2024 Amid an Ongoing Internal Investigation into its Subsidiary, Lugano Holding, Inc." In this disclosure, the firm revealed that it had "preliminarily identified irregularities in Lugano's non-CODI financing, accounting, and inventory practices." Following discussions with senior leadership and investigators, the Audit Committee of CODI's Board concluded that "previously issued financial statements for 2024 require restatement and and should no longer be relied upon." The company also announced its intention to delay the filing of its first-quarter 2025 Form 10-Q. The market's immediate response was severe, with the price of Compass Diversified's stock plummeting by more than 62% on the news. The class action lawsuit charges Compass Diversified Holdings, Compass Group Diversified Holdings LLC, Compass Group Management LLC, and certain current and former top executives with violations of the Securities Exchange Act of 1934. Hagens Berman's Investigation Hagens Berman, a national investor rights law firm, has announced it is conducting its own investigation into potential securities violations by Compass Diversified. "The cascade of events, from the restatement of financials to the drastic measures to conserve cash, suggests a deeply entrenched issue at Lugano that Compass Diversified seemingly failed to adequately oversee," said Reed Kathrein, the partner at Hagens Berman leading the firm's probe. If you invested in Compass Diversified and have substantial losses, or have knowledge that may assist the firm's investigation, submit your losses now » If you'd like more information and answers to frequently asked questions about the Compass Diversified case and our investigation, read more » Whistleblowers: Persons with non-public information regarding Compass Diversified should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email CODI@ # # # About Hagens BermanHagens Berman is a global plaintiffs' rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman's team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at Follow the firm for updates and news at @ClassActionLaw. Contact:Reed Kathrein, 844-916-0895 SOURCE: Hagens Berman Sobol Shapiro LLP View the original press release on ACCESS Newswire Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Guardian
31-05-2025
- Business
- The Guardian
Gambling company offered Melbourne man $25,000 on condition he withdraw complaint to regulator and be liable for ‘adverse media'
A Melbourne man says he was offered $25,000 by a gambling company on the condition that he withdraw a complaint to an industry regulator, agree to confidentiality provisions and indemnify them, including against adverse media coverage. Gordon Burns, 23, argues his 2022 betting frenzy with two bookmakers showed 'consistent patterns of addictive behaviour' and alleges that no one from either company checked on him to minimise gambling harm. Burns, who lodged a complaint with the Northern Territory Racing and Wagering Commission (NTRWC), which regulates most online gambling companies in Australia, also alleges no one checked the source of his funds. The commission requires bookmakers 'identify and respond to red flag behaviours' that indicate someone may be experiencing gambling harm. These red flags include someone increasing the amount and frequency of their deposits. Burns was 21 at the time of gambling with BetNation and BetDeluxe. Transaction data shows he made deposits of $10,000, $25,000 and $35,000 within eight minutes. Later the same day, he lodged three deposits worth $120,000 during a 17-minute period. Sign up for Guardian Australia's breaking news email Shortly after lodging his complaint with the regulator in mid-March 2024, Burns received a WhatsApp message from a representative of the two bookmakers' parent company, Amused Group. 'Are you free for a brief call now?' the message said. 'I wanted to discuss a settlement for your account.' When Burns asked how the representative had found his phone number, he was told someone at the regulator had shared it with them. BetDeluxe and BetNation were acquired by Amused Group in March 2023, a few months after the gambling in question, and Amused have said they did not acquire Burns' account or 'any liabilities associated with the conduct of the business before that date'. After the acquisition, Burns said he received an offer from Amused Group to settle his claims for $25,000, honouring an offer made to him under the previous owner, on the condition that he withdraw his complaint by the end of the day and agree to make no further complaints to the NTRWC or any other regulator. He also said the gambling company had told him that if the complaint proceeded with the regulator, the agreement and the financial offer would be void. He said he was told he would need to provide the company with an indemnity from all claims in relation to the subject of the dispute, including any adverse media. An Amused Group spokesperson did not comment on the specific allegations made by Burns nor the offer made to him 'due to confidentiality and privacy considerations'. But they said the group 'takes all customer complaints seriously and handles each matter in accordance with applicable laws'. The Consumer Action Law Centre's chief executive, Stephanie Tonkin, said conditional settlement negotiations were common in many industries but expressed concern that they could be used to 'silence victims and avoid scrutiny'. 'In my view, [they] should be used in limited circumstances and should not prevent a complaint to a regulator,' Tonkin said. Lauren Levin, who has spent decades researching the harms of the gambling industry, said 'in the majority of cases, the offer of quick cash proves overwhelming for people in difficult financial circumstances'. The Amused Group spokesperson said 'confidentiality provisions are standard in many industries to provide finality and protect the privacy of all parties to a dispute'. Sign up to Breaking News Australia Get the most important news as it breaks after newsletter promotion 'They are not intended to silence individuals or avoid regulatory oversight,' the spokesperson said. 'In fact, such provisions often facilitate the resolution of complex and sensitive matters without the need for prolonged adversarial processes. 'Amused Group remains committed to transparency, accountability, and the fair treatment of all our customers.' The company also said it was 'committed to responsible gambling and customer wellbeing' and had 'a dedicated team, systems, and policies in place to help identify and respond to potential indicators of gambling harm'. 'We have invested heavily in responsible gambling measures, and believe our commitment in this area would compare favourably to any other operator in the market,' the Amused spokesperson said. Burns argues BetNation and BetDeluxe should have done more to protect him and that he did not withdraw his complaint because he wanted the regulator to investigate why, in his view, 'so many red flags were ignored'. 'The $25,000 might help me, but it is not going to help the next person that has suffered,' Burns said. Burns did not accept the settlement offer and says his complaint is still before the NTRWC. In a statement, a spokesperson for the regulator said it understood settlements were commonly offered by gambling companies. But they said this did not automatically prevent it from investigating serious allegations. 'When the commission receives advice that a complaint is withdrawn due to the parties reaching a confidential settlement concerning the complaint, the commission undertakes an assessment to determine whether the subject matter of the complaint is sufficiently serious to warrant investigation and disciplinary action,' the spokesperson said. 'There are a number of examples where the commission has disciplined a licensee after a complaint has been withdrawn.'
