BBIG investors have now signed and published a new declaration to inspect and audit the company’s (“Vinco Ventures”) books and financial records.
As of July 26, nearly 900 BBIG investors have signed the declaration which confirms an individual is indeed a Vinco Ventures investor and gives consent to have their name added to any future lawsuits by the BBIG Family (not affiliated to the actual company).
“Our overseas #bbig family came through last night!! We’re at 893 now. Another record,” said Shad Vick (investors and plaintiff) in a statement on Twitter.
BBIG stock is currently at risk for delisting, to which Vick says many investors in the community are quite concerned about.
“The board once again shows the negligence and lack of fiduciary duty.
They received notice from the Nasdaq on July 14th, they sat on that notice and didn’t file until after our hearing.
They withheld material information from the court and from shareholders and from the judge.
And they could have filled those three board seats but chose not to so that they would delist.
They could have made a plan with Nasdaq, but now because of this mess they will have to reapply for Nasdaq which is a more onerous endeavor considering they will have to become compliant with all the other problems, not just the board member problems.
This was intentional in my opinion. And we’re going to be more aggressive than ever before now that we’ve hired a new attorney, Mark Basile.”
In early July, Vinco Ventures announced 3 new board resignations as the company’s stock had plunged more than -95% in the past year, was at risk of delisting, and as it faced a big lawsuit from its investors.
Mark Basile’s Take on the BBIG Scandal
The Vinco Ventures (NASDAQ:BBIG) ‘BBIG Family’ announced last week that they have 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,” stated Mark.
Investors hired Mark Basile, who is also working on the MMTLP motion, after a Receiver was denied in court.
“We are just getting our feet wet on this matter, but do have a lot of colorful background supplied to us by the great BBIG community.
The recent Board resignations are troubling, perhaps directly connected with the local Nevada State Court action brought by a few shareholders looking for information on board activities.
But if they think that the State court action is the end of it, well, they may have another thing coming.
I cannot comment on the substantive issues just yet, but we are looking into the entire scope of potential wrongdoing that may result in a feral lawsuit under certain Securities and/or RICO laws.
Our investigation is not limited to the Board of VINCO.
We are looking at everyone involved including the funders, the subsidiaries, as well as professionals and consultants in order to understand the scope and depth of this matter,” Mark Basile commented exclusively for FrankNez.
BBIG investors have been able to raise more than $64,000 for litigation costs.
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Also Read: New Data Shows BBIG Dark Pool Volume Skyrocket
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