MusclePharm

MusclePharm Corporation is an American nutritional supplement company founded in 2010 and headquartered in Los Angeles County, California.

MusclePharm
TypePublic
OTCQB: MSLP
IndustryDietary supplement
FoundedDenver, Colorado, USA 2010
Headquarters
Burbank, California
,
United States
Key people
Ryan Drexler (CEO)
Allen Sciarillo (Chief Financial Officer)
Revenue$102.16 million (2017)[1]
WebsiteMusclePharm Official Website

History

MusclePharm Corporation was incorporated on August 4, 2006. On February 18, 2010, the company acquired Muscle Pharm, LLC, and as a result, MusclePharm became a wholly owned subsidiary.[2]

2020

MusclePharm subleased its Burbank, CA office and legally relocated to Calabasas, CA.

2018

In 2018, MusclePharm announced that it was relocating its headquarters from Denver, CO to Burbank, CA as part of a restructuring deal.[3]

2016

Protein supplement maker Hi-Tech Pharmaceuticals sued MusclePharm for artificially inflating the level of protein in its Arnold Schwarzenegger Series Iron Mass product - claiming MusclePharm lied to consumers about the amount of actual protein in the product, violating federal competition and state consumer protection laws.[4]

MusclePharm was sued by Capstone Nutrition for breach of contract. Capstone alleged that MusclePharm has breached the parties' manufacturing contract and is seeking $65 million in damages.[5]

2015

MusclePharm signed a development and manufacturing supply agreement with Capstone Nutrition and purchased a 20% interest in Capstone's parent company (INI).[6]

MusclePharm was charged by the U.S. Securities and Exchange Commission with infractions related to a number of accounting and disclosure violations. The investigation found that MusclePharm failed to report, or grossly misrepresented, approximately $500,000 in benefits paid to three current or former executives and chairmen The SEC also discovered that MusclePharm issued stock without a registration statement when it entered into numerous transactions with third parties that agreed in exchange for company shares to pay cash to MusclePharm vendors. MusclePharm owed vendors approximately $1.1 million in outstanding invoices and was short on funds to pay them.[7]

2014

MusclePharm acquired BioZone Laboratories, which included its facility in Richmond, California.[8] This acquisition included BioZone's QuSomes, HyperSorb and EquaSome technologies, as well as various lines of products including the Arnold Schwarzenegger series in 2013. The acquisition was finalized in late 2013. MusclePharm sold Biozone to Valencia, CA-based Flavor Producers for $9.8 million in April 2016.[9]

2013

MusclePharm Corp. announced plans to buy back $5 million of all common stock in December 2013.[10] In 2013 MusclePharm Corporation completed a $12 million registered direct offering of its Series D Convertible Preferred Stock.[11] The Frost Group, LLC, headed by Miami entrepreneur, billionaire, Phillip Frost, was the lead investor in the offering and elected to increase its previously announced investment in the offering to a total of $2.9 million.[12]

2012

Marina Ventures sought to force MusclePharm's sale of 21 million shares of common stock.

Inter-Mountain Capital sued MusclePharm for alleged failure to sell, seeking damages of $4 million.[13]

John's Lone Star Distribution alleged in a suit that MusclePharm entered into illegal price discrimination contracts with a Lone Star competitor with the intention of removing Lone Star from the market.[14]

NSF International notified the public that a MusclePharm product improperly bore the "NSF Certified for Sport" mark.[15] In December 2013, NSF launched a lawsuit against MusclePharm[16] and declared that MusclePharm is not authorized to use any NSF certification marks, to claim that any of its products are certified by NSF or to claim that they have been manufactured in an NSF GMP certified or registered facility.[17]

The Tawnsaura Group sued MusclePharm for patent infringement.[18]

2011

Environmental Research Center (ERC) filed a notice of intent to start litigation against over 200 nutrition and supplement companies, including MusclePharm, alleging violations of California Proposition 65.[19]

ThermoLife claimed in a lawsuit that MusclePharm infringed ThermoLife's patent on amino acid compounds including creatine nitrate.[20]

2006

MusclePharm first incorporated.

Ownership

MusclePharm is a publicly traded company (ticker symbol MSLP). Its controlling shareholder, chairman and CEO is Ryan Drexler.[21]

Sponsorship agreements

MusclePharm has entered into endorsement deals with various athletes and sporting organizations.

The company signed NFL San Francisco 49ers Super Bowl quarterback, Colin Kaepernick as a brand representative in 2013.[22] In 2014 MusclePharm signed endorsement deals with USA Wrestling,[23] and golfer Tiger Woods.[24][25] Some of the companies other paid endorsers have included NFL players Patrick Willis [26] and Chris Johnson;[27] the UFC[28] and mixed martial artists Anderson Silva,[29] Lyoto Machida[30] Jake Shields,[31] Patrick Barry,[32] and Robbie Lawler;[33] MLB player Bryce Harper;,[34] The Bachelor (American TV series) contestant Colton Underwood;[35] and bodybuilder Obi Obadike[36]

MusclePharm signed a two-year agreement in 2015 with United World Wrestling (UWW) to provide products for athletes affiliated with the organization.[37] The company entered into an agreement that year with the Cleveland Cavaliers to serve as the team's presenting partner for "Fourth Quarter Combat Crunch Time", based on the Combat Crunch protein bar.[38] MusclePharm also signed a multi-year sponsorship agreement in 2015 with City Football Group, a holding company for Manchester City Football Club, Melbourne City Football Club, New York City Football Club, and Yokohama F. Marinos.[39][40]

References
  1. "MusclePharm revenue Company Profile". Craft. Retrieved 23 October 2019.
  2. Company Info at Reuters.com; published February 9, 2009; retrieved August 15, 2012
  3. Schultz, Hank. "With restructuring charges put to rest, MusclePharm's turnaround plan gains credence". NutraIngredients. Retrieved August 7, 2018.
  4. Supplement Co. Says Rival's Protein Quality Claims Are False
  5. Capstone files $65 million breach of contract suit against MusclePharm
  6. Capstone Nutrition and MusclePharm Sign Strategic Supply Agreements Archived 2015-03-13 at the Wayback Machine at The Herald; published March 4, 2015; retrieved March 16, 2015
  7. "SEC Charges Sports Nutrition Company With Failing to Properly Disclose Perks for Executives". SEC.gov. Retrieved 9 September 2015.
  8. MusclePharm to acquire BioZone Pharmaceuticals, bring faster absorption of nutrition products at InnovatioNews; by InnovatioNews; published November 14, 2013; retrieved August 8, 2014
  9. House, Douglas W (April 27, 2016). "MusclePharm jettisons BioZone for as much as $9.8M". Seeking Alpha. Retrieved July 22, 2017.
  10. MusclePharm Announces New $5 Million Share Repurchase Program at The Wall Street Journal; published December 10, 2013; retrieved August 8, 2014
  11. MusclePharm Completes $12 Million Offering of Series D Convertible Stock at Yahoo! Finance; published February 5, 2013; retrieved August 8, 2014
  12. MusclePharm Closes $4.1m Offering at Reuters PE Hub; published January 29, 2013; retrieved August 8, 2014
  13. Marina Ventures LLC v. MusclePharm Corporation
  14. John's Lone Star Distribution, Inc. v. MusclePharm Corporation
  15. NSF Public Notice
  16. NSF International, a Michigan Not-for-Profit Corporation v. Musclepharm Corporation, a Nevada Corporation Archived 2014-01-03 at Archive.today
  17. Certification Enforcement Actions
  18. The Tawnsaura Group, LLC v. Musclepharm Corporation
  19. Excerpt from a S-1 SEC Filing, filed by MUSCLEPHARM CORP on 10/26/2012
  20. ThermoLife International LLC v. MusclePharm Corporation
  21. https://seekingalpha.com/symbol/MSLP/earnings
  22. MusclePharm Announces Deal With NFL Super Bowl Quarterback Colin Kaepernick at Yahoo! Finance; published March 21, 2014; retrieved August 8, 2014
  23. USA Wrestling names MusclePharm as its exclusive official nutritional supplement provider at USA Wrestling; published March 5, 2014; retrieved August 8, 2014
  24. Tiger Woods signs bag endorsement with MusclePharm at Associated Press; published June 18, 2014; retrieved August 8, 2014
  25. "Archived copy". Archived from the original on 2015-02-16. Retrieved 2015-02-16.CS1 maint: archived copy as title (link)
  26. PRNewsWire. "MusclePharm Inks Deal With NFL Superstar, 49er All-Pro Patrick Willis". Retrieved 12 January 2011.
  27. StockMarketWatch. "MSLP is our New Research Report! Details Inside!". Retrieved 13 June 2011.
  28. "UFC and MusclePharm Ink New Deal". Ufc.com. 22 September 2011. Retrieved 15 August 2012.
  29. GlobeNewsWire. "MusclePharm(R) to Sponsor MMA Champion Anderson Silva at UFC 126 Main Event". Retrieved 1 May 2011.
  30. GlobeNewsWire. "MusclePharm to Sponsor MMA Star Lyoto Machida at UFC 123 Main Event". Retrieved 1 May 2011.
  31. GlobeNewsWire. "MusclePharm to Sponsor MMA Star Jake Shields at UFC 121 Co-Main Event". Retrieved 1 May 2011.
  32. PR.com. "VFD Sports Announces MusclePharm Sponsorship Deal for Pat Barry". Retrieved 30 April 2012.
  33. [money.cnn.com/news/newsfeeds/articles/marketwire/1205501.htm MusclePharm Announce Signing UFC Fighters Robbie Lawler, Luke Rockhold and Paige VanZant] at CNN Money; published July 8, 2015; retrieved July 21, 2015
  34. "MusclePharm Signs Rookie Bryce Harper". Retrieved 6 July 2014.
  35. "MusclePharm Announces Signing of this Season's The Bachelor star Colton Underwood for its Natural Series". Retrieved 2 December 2020.
  36. GlobeNewsWire. ""The World's Most Ripped Fitness Model - Obi Obadike" Signs Endorsement Contract with MusclePharm". Retrieved 1 May 2011.
  37. United World Wrestling sign two-year sponsorship deal with sports nutrition company MusclePharm at Inside The Games; by Michael Pavitt; published April 7, 2015; retrieved May 1, 2015
  38. It’s Crunch Time in Cleveland! at NBA.com; published April 24, 2015; retrieved May 1, 2015
  39. Man City Football Group partner Sports Nutrition Company at Tribal Football; by Ian Ferris; retrieved July 21, 2015
  40. Man City and City Football Group beef up sponsor deals with MusclePharm at Inside World Football; by David Owen; published June 15, 2015; retrieved July 21, 2015
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