Investors are raising concerns about Vinco Ventures (NASDAQ:BBIG) new board members after the company announced on Thursday it had approved a new COO and CFO.
The company is naming 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.
But investors shared their thoughts on social media and strongly reject the proposals.
“Today marks a critical moment for Vinco Ventures as we shift our focus from the navigation of legacy roadblocks to assertive strategic growth initiatives that will further diversify our business and enhance the opportunities for new avenues of revenue growth,” said Vanderbilt.
“The Board’s unanimous approval of James and Chris underscores our commitment to moving forward and developing sound strategies and opportunities to generate new and innovative revenue streams for the Company.”
Shareholders raise concerns as the company stock continues to drop this year and new members join the board without shareholder approval.
Investors say Vinco Ventures is jumping from project to project without actually accomplishing something sound and proven.
You can read more about the executive’s background on the official press release.
BBIG stock is currently down more than -46% this year-to-date.
BBIG Stock News Today
The latest Vinco Ventures news comes a day prior to a court hearing happening on Friday, April 21st.
BBIG investors are suing 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.
Shadwrick and Christopher were two of the nominees elected by shareholders in March to join Vinco Venture’s Board of Directors.
The idea sprouted from investors wanting to help the board any way possible from an investor’s standpoint.
The initiative did not succeed, but shareholders are now taking a different approach.
Why is Vinco Ventures being sued by its investors?
BBIG investors believe that the company is failing everyday shareholders and must be held accountable.
Many investors allege fraud could be at play as they’ve seen their investments tumble with no sign of relief.
This is a developing story – join the newsletter below to receive the latest BBIG stock news and updates.
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Lost almost all of my gains from the $72 AMC run on BBIG. Stock was severely manipulated and company poorly managed. I don’t think the company amounts to anything going forward with their new CEO. Even if Tik Tok gets ban, BBIG won’t stand to benefit without Lomotif being the front and center focus of the company.
Leave your thoughts below.