Reported about 5 hours ago
Cornell Capital LLC is contesting a lawsuit alleging that its $345 million dividend contributed to the bankruptcy of Instant Brands, the company behind the Instant Pot. The firm's founder, Henry Cornell, stated that the dividend and related transactions were approved by lenders, and attributed Instant Brands' financial issues to external factors like high interest rates and supply chain disruptions. He asserted that the lawsuit's claims are unfounded and vowed to vigorously defend against them in court.
Source: YAHOO