Irwin Naturals Sued By East West Bank Over $40M Loan Default
Irwin Naturals Inc. (OTC:IWINF), a well-known supplements company, is facing significant financial and legal challenges after being sued by East West Bank (EWB) for failing to make payments on a $40 million loan. As reported by Green Market Report, the lawsuit comes after Irwin Naturals, led by CEO Klee Irwin, allegedly defaulted on the loan and engaged in actions that EWB claims involved self-dealing and the diversion of company funds.
What happened: The situation took a turn earlier this year when Irwin Naturals stopped payments on the loan, prompting EWB to take legal action. The bank’s complaint reveals that the company owes over $18 million, with Irwin personally liable for an additional $7.6 million. In response to the alleged misconduct, EWB sought to exercise its voting rights, which resulted in the removal of Irwin from the company’s board and appointment of Michael …