Chapter 334: The Acquisition
Carter Group’s brand, Mrs. Carter Cooking Oil, was exposed for using recycled waste oil in its production. This scandal expanded as more of their food products were revealed to pose serious health risks.
For Carter Group, this was a catastrophic blow. Just two minutes after the scandal broke, the company’s stock plummeted, wiping out $500 million in value in those few minutes.
Outraged and alarmed, Carter Group’s shareholders immediately convened an emergency meeting, instructing a thorough investigation and ordering that key figures be held accountable.
The next day, Carter Group held a press conference to issue a public apology to consumers nationwide.
Despite Frank’s tearful apologies, the damage was done. Supermarkets pulled all of Carter Group’s food products from their shelves.
Carter Group, already in poor financial health, now faced a crisis it would not recover from.
Sean, overwhelmed with anger and stress, fell gravely ill. Meanwhile, more scandals surrounding the Carter family emerged in the public eye.
It was revealed that Sean had manipulated the lives of his own children, swapping his legitimate child with his mistress’s and sending his rightful heir to live with a poor family. Additionally, Sean had collaborated with Mason to frame his granddaughter. The onslaught of these sordid revelations turned Carter Group into a pariah in the business world.
Even so, Ella and Charles did not withdraw their lawsuit, awaiting their day in court.
A month passed, and Carter Group had become a hollow shell. Eric moved forward with plans to acquire the company.
Ella retained a 15% share in the company, but under the acquisition terms, she would not be able to access it until she turned 25.