Investors are now fighting to keep BBIG (Vinco Ventures) listed on Nasdaq after the ticker was suspended on July 28.
BBIG stock fell more than -61% that Friday as delisting of the security became pending according to Nasdaq’s listing center.
Complete delisting of BBIG stock will effectively erode all shareholder value, wiping out accounts as recently seen with AMC’s competitor, Cineworld/Regal.
In early July, Vinco Ventures disgracefully announced the resignation of three board members in the midst of multiple scandals, which have involved failure to file Form 10-K and 10-Q, broken company promises, and overall failure to hold its fiduciary obligations to shareholders.
A hearing will now take place on Thursday, August 3rd where Plaintiffs will fight to keep BBIG stock listed on the Nasdaq exchange as they attempt to hold board members accountable.
A petition to support the emergency motion is now gaining momentum on social media.
“We believe that prompt intervention by the Court is necessary to protect the value of our investments and to enable Vinco Ventures to regain compliance with NASDAQ rules.
The appointment of custodians and board members will facilitate transparent and diligent management, fostering confidence among shareholders and potential investors.
We entrust the Court’s wisdom and authority to consider the urgency of the situation and act in the best interest of the company and its shareholders.
We respectfully request that this petition be presented to the Court in conjunction with the Emergency Motion to demonstrate the united support of shareholders seeking the appointment of custodians and board members,” states the petition.
Comments from The Community
Shad Vick, an investor and Plaintiff in the BBIG lawsuit is urging retail investors to sign the petition in efforts to strengthen the emergency motion.
“This will show support for the motion for custodian/board members and receiver to strengthen our chance to get on NASDAQ. The court will be able to see your support.”
Nearly 1,000 investors have already signed the petition in support of the BBIG Family.
Backing up BBIG investors is Mark Basile, who was recently hired 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.
“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 federal lawsuit under certain Securities and/or RICO laws,” Basile commented exclusively for FrankNez.
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