The Vinco Ventures (NASDAQ:BBIG) ‘BBIG Family’ has now retained Mark Basile’s law firm to investigate the last 4 years of corporate board actions.
Some of these actions include claims of self-dealing and self-enrichment, diversion of assets, unlawful funding transactions, and breach of numerous possible laws and violations.
“This investigation is not being limited to the Board of Directors, but will also include all funders, professionals and consultants that have counseled, approved, recommended or facilitated the above,” said Mark in a statement.
BBIG stock fell more than -61% on Friday as delisting of the security is now pending according to Nasdaq’s listing center.
Yahoo is showing BBIG will be delisted effective today, July 28th; however, the security is only merely suspended per Nasdaq records.
Last week, Plaintiff’s request to appoint a Receiver in the BBIG lawsuit was denied.
Investors allege that the Board of Directors have defrauded shareholders as shares have fallen more than -87% in the past year with absolutely no progress or accountability to broken promises in the business.
The BBIG Family has raised more than $61,000 for litigation services this year and has now retained the services of Mark Basile.
Basile has also been involved with the MMTLP case, which was unfortunately dismissed in mid-June, though it is important to note that the petition is currently under appeal.
However, investors continue to march forward with sights on new solutions that will provide not just answers, but justice.
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Vinco Ventures Board Members Resign
During the first week of July, Vinco Ventures announced the resignation of 3 board members.
On June 27, 2023, Richard Levychin resigned as a Board member effective immediately.
On June 27, 2023, Lisa King resigned as a Board member effective on June 28, 2023.
On June 29, 2023, Brian Hart resigned as a Board member effective immediately.
Street Insider reports that none of the resignations were as the result of any disagreement with the Registrant, its management, the Board or any committee of the Board, or with respect to any matter relating to the Registrant’s operations, policies or practices.
The news comes after the BBIG fraud lawsuit successfully gained more attention as more media outlets have picked up the story.
“We believe the board of directors intentionally failed their fiduciary responsibility and have colluded to execute harmful and self-dealing actions that have caused a 99 percent decrease in shareholder value,” Christopher Muntz, one of the shareholders named in the lawsuit, told the Las Vegas Review-Journal.
Clark County Republican Party Chairman Jesse Law is also tied to the BBIG fraud lawsuit as a member of a company’s board of directors accused of defrauding shareholders and furthering their own self-interests.
Jason Dick, vice president of NO RINO Nevada, a political action committee that says it is dedicated to exposing corruption and removing corrupt Republicans from office, told the Review-Journal his committee is endorsing Bruchhagen instead of Law due to the lawsuits.
“We believe that what has happened here is an example of someone becoming a politician to further themselves financially, instead of furthering the interests of the Republican Party,” Dick said.
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