BBIG investors are calling for the board of directors to step down on social media.
Shareholders claim the board of directors are not qualified to serve investors.
Investors raised concerns last week when Vinco Ventures (NASDAQ:BBIG) announced on it had approved a new COO and CFO.
The company named James Robertson Chief Executive Officer and President and Chris Polimeni Chief Financial Officer and Chief Operating Officer.
The announcement follows a letter to shareholders from Vinco Ventures Executive Chairman of the Board of Director Rod Vanderbilt that outlined the multi-faceted strategic plan for driving growth and shareholder value.
In that letter, Vanderbilt urges investors to approve its new dilution proposals at the upcoming shareholder meeting taking place on April 27.
“Your Board is highly engaged, extremely qualified and is currently overseeing the effective execution of the Company’s strategy to generate significant long-term value.
The Board collectively possesses the right marketing and technology expertise, prior public board and C-suite experience and financial acumen to oversee the successful execution of the Company’s strategy to unlock value for shareholders,” said the letter.
But investors are scrutinizing the company’s comments.
Here’s what investors are saying.
Investors Shame Vinco Ventures Board of Directors’ Incompetence
BBIG investors sued company executives, including former co-CEOs Theodore Farnsworth and Lisa King in a new lawsuit.
The plaintiffs in the case are Shadwrick Vick, Christopher Muntz, and Darryl Wayne Genis.
“You were voted to serve on the BoD on Oct 14, 2021. On Oct 15 2021 the share price had a high of $9.06. Today, the share price closed at .23, for a 97.4% decrease,” said Muntz on Twitter when referring to Vanderbilt.
“There has not been one success during your tenure, while your time as Chairman has been an epic disaster full of drama and embarrassment.”
Here are just but a few of the concerns retail investors have with Vinco Ventures:
- Failed to PR executive/director turnover in Oct 2021.
- Delayed $TYDE spin-off to 3 times
- Changed $TYDE distro date after locking it in for reasons unknown.
- Gave Ted $6.75M kickback on adrizer for no consideration.
- Colucci lawsuit.
- Failed shareholder vote in 2022, no meeting.
- Replaced 2 independent directors with 2 Zash employees.
- Q2 noncompliance
- Q3 noncompliance
- Fired court appointed CEO and didn’t replace for 5 months.
- $1 noncompliance
- Shareholder meeting noncompliance
- 10-K noncompliance
BBIG stock is currently down -49% this year-to-date.
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