BOISE -- The Securities and Exchange Commission is investigating MusclePharm, a company with major operations in Boise.
MusclePharm is a nutritional and sports supplement company started by a former NFL player and a fitness model. Jeremy Deluca, co-founder of Meridian-based Bodybuilding.com, is also an executive.
According to SEC filings obtained by KTVB, MusclePharm informed shareholders it's doing an internal review of finances from the 2010 and 2011 fiscal years. It is doing the review following requests for information from the SEC.
MusclePharm says in the document it recently was given a formal order of investigation by the SEC. According to the filing, the company doesn't know what the total extent of the investigation.
The document by CEO and President Brad Pyatt reads, in part: "The Company [MusclePharm] was recently informed that the Staff [SEC Denver Regional Office] has issued a formal order of investigation of the Company. There can be no assurance that these are the only subject matters of concern, what the nature or amounts in question will be, or that these are the only periods under review."
The company's internal review includes looking at records related to internal controls. disclosures of related party transactions, settlements of claims including share issuances, executive compensation, and disclosure of perquisites.
A company spokesperson emailed KTVB saying, "Thanks for your interest in MusclePharm. Unfortunately, the MusclePharm executive team is not available for comment."