In a filing with the Securities and Exchange Commission, Root Inc. (NASDAQ: ROOT), the parent company of Root Insurance, announced the Audit, Risk and Finance Committee of its Board of Directors has engaged outside counsel to conduct an internal investigation into a series of marketing services transactions that a former senior marketing employee entered into in 2022.
According to the filing, “This internal investigation is ongoing, but the preliminary results indicate that, with respect to one vendor, these transactions involve payments from the Company of at least $9.5 million, which the Company now believes was subsequently transferred at such former
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