New data shows Vinco Ventures (NASDAQ:BBIG) dark pool volume is skyrocketing as more than 75% of trading is now happening off the lit exchange.
The dark pool statistic by Chart Exchange shows us Vinco Ventures was averaging between 50%-60% dark pool trading for the month of June.
However, Wednesday saw the biggest surge in off-exchange trading, reaching approximately 75.64%.
It’s important to note that not all off-exchange volume is dark pool trading as there are multiple off-exchange venues.
Dark pool volume can be interpreted as overall non-lit exchange volume.
BBIG stock is currently down more than -86% this year-to-date and more than -95% in the past year.
Short interest is currently sitting at 12.50% according to Ortex data, so the company is certainly a target for short sellers.
Investors today are looking at the Board of Directors for answers which has led a group of shareholders to file a lawsuit against the company.
BBIG investors believe that the company is failing everyday shareholders and must be held accountable for the significant losses seen in the market.
Many investors allege fraud could be at play by the board itself.
BBIG stock became close to getting delisted when shares traded between $0.15-$0.16.
The only solution by the company was to undergo a 1-for-20 reverse stock split.
Will Vinco Ventures Address Today’s Falling Share Price?
Shareholders have criticized the Board of Directors for their lack of commitment and communication to their investors.
“We wish to thank our investors for their continued support as we work to refocus Vinco’s operations.
The approval of the reverse split under the Company’s plan to maintain its Nasdaq listing, together with our ongoing refocusing efforts, better positions us to realize the great potential we see ahead,” stated CEO James Robertson during the BBIG split.
The BBIG community raised more than $42K to support the plaintiffs in this court case.
Shad Vick, a plaintiff in the Vinco Ventures lawsuit says his committee used $25,000 from the fund raiser for a retainer fee for Hutchison & Steffen Attorneys in the state of Nevada.
“We are not seeking any compensation on this case, only to get control of our company and investment from this corrupt board in collusion with Theodore Farnsworth,” said Shad Vick back in May.
Sources say they’ve uncovered alarming information on the company which could lead to a bigger case.
As of now, that information is confidential.
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Also Read: Veteran Investor Predicts Biggest Bear Market in His Lifetime
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