Re/Max Holdings Inc. said today it's delaying its third-quarter earnings release and conference call because of an "internal investigation," citing possible "allegations of wrongdoing."
The Denver-based real estate franchise company said it's investigating a $2.375 million personal loan at "a below market interest rate" from company founder, Chairman and co-CEO David Liniger to co-CEO Adam Contos.
Contos, formerly the company's COO, was named co-chief executive in May.
In addition to the loan, the company said it's investigating "certain other personal transactions in the form of cash and non-cash gifts."
The company said in a statement it is also investigating "allegations of wrongdoing in employment practices and conduct. These matters could constitute violations of the company's codes of ethics and business conduct and policies."
Read more at the Denver Business Journal: http://bit.ly/2AgQjEE