$RVYL: Board Shakeup & CFO Contract Extension — But $300K Fraud Settlement Clouds Outlook

Court: S.D. California

Case: 23-CV-00185

Ryvyl RVYL has appointed Forest Ralph to its board and extended CFO George Oliva’s contract, signaling a push to stabilize governance after recent volatility. Shares are up 9% in the past week but remain down 74% year-over-year, leaving investors cautious despite signs of undervaluation. With new leadership moves and a recent $6M capital raise, Ryvyl is seeking to reset confidence — yet the $300K accounting fraud settlement continues to weigh on sentiment.

• Forest Ralph appointed as new board director with 25+ years in financial leadership.
• CFO George Oliva’s contract extended, with severance protections.
• $6M raised in public offering to support operations.
• S8 Global Fintech Fund acquires 10% stake, now largest shareholder.
• $300K settlement reflects past accounting fraud allegations.

Timeline Overview

• Jan 20, 2023 — Ryvyl disclosed accounting errors requiring restatements.
• Jan 23, 2023 — RVYL stock fell 14.63% on news.
• Mar 8, 2023 — CFO resignation sparked investor concern.
• Apr 28, 2023 — Investors filed lawsuit over financial misstatements.
• Feb 2025 — Company agreed to $300K settlement.

Allegations Include

• Inflating revenue and assets.
• Understating company losses.
• Misleading investors on financial health.
• Weak internal financial controls.

Investor Update

The $300K settlement resolves litigation but not reputational concerns. While board changes, fresh capital, and new shareholder backing may help recovery, investor trust hinges on Ryvyl demonstrating transparent financial reporting and regulatory compliance.

You can check more information about it HERE.