Just when Memphis Grizzlies fans thought they had heard all they wanted about the ownership situation, another strange twist has risen.
Majority owner of the Grizzlies Robert Pera and his company Ubiquity Networks were issued subpoenas on February 13th. The subpoenas cover a wide range of topics including metrics relating to the Ubiquity community, accounting practices, financial information, auditors, international trade practices and relationships with distributors and various other third parties.
The company has stated “they are in the process of responding to the requests and intends to cooperate fully with the SEC.”
The complaint is pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934.