Tag: BBIG Stock News (Page 1 of 2)

Vinco Ventures Now Faces Painful Litigation From Investors

Vinco Ventures will now face painful litigation from investors in the next phase of shareholder action to protect their investments.

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.

Investors fought the company in court to keep Vinco Ventures listed on the NASDAQ after the ticker was suspended on July 28.

Regrettably, an emergency motion was denied in August according to the court hearing.

This emergency motion aimed to appoint custodians for the company or to comply with Nasdaq rules to avoid permanent delisting or alternatively, appointment of a receiver.

Now a collective of over 2,800 shareholders known as bbigfamily.com, announced on Thursday that they officially engaged Mark R. Basile and his securities litigation firm, The Basile Law Firm P.C. to immediately commence an action against certain former and current Board of Directors of Vinco Ventures, other complicit individuals, as well as several of VINCO’s prior dilution funders for alleged violations of various federal and state laws.

After a thorough three-month investigation into potential unlawful conduct by Vinco’s Board of Directors and other third parties, the BBIGFamily.com community of retail investors is ready to begin litigation.

“Basile and his team have proven themselves during this investigation by validating our allegations with a concrete correlation between the bad actors complicit actions, their shell entities, the paper trail of self-enrichment and the overwhelming statutes violated,” stated Shadwrick Vick, a shareholder organizer.

Basile has also been involved with the MMTLP case, which was unfortunately dismissed in mid-June, though it is important to note that the petition has been under appeal.

This is a developing story – for more market news and updates, opt-in for push notifications, join the newsletter, or follow me on social media below.

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Market News Today - Vinco Ventures Now Faces Painful Litigation From Investors.
Market News Today – Vinco Ventures Now Faces Painful Litigation From Investors.

The SEC’s Director of Enforcement is now under investigation for corruption according to a new case in Trenton, New Jersey.

Senator Michael Testa has called for immediate legislative action to investigate the New Jersey Attorney General’s Office and its handling of a 2019 prosecution involving a businessman with ties to U.S. Senator Bob Menendez.

Gurbir Singh Grewal is an American attorney and prosecutor who is currently the Director of the Division of Enforcement for the Securities and Exchange Commission.

He served as the sixty-first attorney general of the State of New Jersey from January 2018 until July 2021.

Prior to that, he served as the Bergen County Prosecutor, the chief law enforcement officer for New Jersey’s most populous county.

Earlier in his career, Grewal served as an Assistant United States Attorney for the District of New Jersey, where he was Chief of the Economic Crimes Unit, and an Assistant United States Attorney for the Eastern District of New York, where he was assigned to the Business and Securities Fraud Unit.

Testa, a member of the Senate Judiciary Committee, urged the Legislature to return to Trenton to authorize subpoena power for the committee and to retain special counsel, reports Shore News Network.

This move is aimed at facilitating a comprehensive investigation into the Attorney General’s Office under the administration for former Attorney General Gurbir Grewal.

“When you have allegations of elected officials pressuring our State attorney general’s office to influence the outcome of a prosecution, the State must demand answers,” said Testa.

“We cannot ignore the alleged corruption and influence peddling that occurred within our State offices.”

New Jersey Attorney General Matt Platkin said that his office will begin an investigation into the claim.

Also Read: The SEC Now Charges Citadel For Illegal Short Selling Violations

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Market News Today – Vinco Ventures Now Faces Painful Litigation From Investors.

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Investors Are Now Fighting to Keep BBIG Listed

Market News Daily - Investors Are Now Fighting to Keep BBIG Listed.
Market News Daily – Investors Are Now Fighting to Keep BBIG Listed.

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.

Plaintiffs in the BBIG lawsuit have filed an emergency motion after the request for a Receiver was denied.

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

Market News Daily - Investors Are Now Fighting to Keep BBIG Listed.
Market News Daily – Investors Are Now Fighting to Keep BBIG Listed.

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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Market News Today – Investors Are Now Fighting to Keep BBIG Listed.

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BBIG Shareholders File an Emergency Motion in New Update

Market News Daily - BBIG Shareholders File an Emergency Motion in New Update.
Market News Daily – BBIG Shareholders File an Emergency Motion in New Update.

BBIG shareholders have filed an emergency motion in the Vinco Ventures lawsuit according to a new update provided by Plaintiffs.

“Plaintiffs Shadwrick J Vick, Christopher L Muntz, and Daryl Wayne Genis, by and through their attorneys of record, Hutchison & Steffen, PLLC, hereby submit their EMERGENCY MOTION TO APPOINT CUSTODIANS FOR THE COMPANY OR TO COMPLY WITH NASDAQ RULES TO AVOID PERMANENT DELISTING OR ALTERNATIVELY, APPOINTMENT OF A RECEIVER,” said the motion filed.

On July 14, shareholders requested for a Receiver, an agent of the court that is appointed by the judge (usually at the request of one of the parties.)

The Receiver’s responsibility is to ensure that property is protected or the business operates without interference or influence from the lawsuit parties.

However, the request for a Receiver was denied a week later.

Now Plaintiffs have hired the services of Mark Basile, who is also working on the MMTLP motion, 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,” said Mark in a statement.

“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.

Vinco Ventures Fails Its Shareholders

Market News Daily - BBIG Shareholders File an Emergency Motion in New Update.
Market News Daily – BBIG Shareholders File an Emergency Motion in New Update.

The emergency motion states that Vinco Ventures has failed on numerous occasions to file its From 10-K and 10-Q.

“The Company has only seven (7) days in which to comply with the violated rules and/or request a review of the delisting determination by a hearings panel.

Otherwise, the Company will be unable to voluntarily correct its delisted status and will have to re-apply for permission to be listed on NASDAQ which is a difficult and time-consuming process, and has no guaranteed outcome.”

Plaintiffs argue that the court should appoint custodians over the Company to ensure that the Company complies with its obligations and avoid permanent delisting.

“The failure by the remaining Board members to comply with NASDAQ’s requirements, including the requirement to appoint three (3) disinterested directors, constitutes a further breach of the Board’s fiduciary duties and is tantamount to irreparable harm.

The harm from the Board’s wrongful actions to both the Company and its shareholders, including the Plaintiffs, cannot be overstated.

Without the ability to be traded on NASDAQ – the second largest trading platform in the United States – the Company is relegated to a so-called “quotation market” which means that institutional investors such as Goldman Sachs, Morgan Stanley, etc., are not allowed to invest or fund the Company, and the Company cannot even become involved financially with the over-the-counter (“OTC”) markets,” states the BBIG emergency motion.

Plaintiffs also argue that Vinco Ventures is at risk of losing all of its ‘white papers’ on its technology, which in turn is detrimental to the company and its shareholders.

BBIG stock is currently down more than -94% this year-to-date and more than -96% in the past year.

Mark Basile on New BBIG Emergency Motion

“This new motion has a decent chance of success as the BOD failures pile up.

Judge is going to be PISSED the BOD and their attorneys withheld material information during the Receiver oral argument, releasing it officially the next day while sitting on it for several.

They filed the very last day they could regarding SEC disclosure requirements. That doesn’t change the fact they mislead the court because THEY HAD THIS INFORMATION at the hearing.

Dirty tricks – Now the double delisting, $120m vanished, fraudulent Preferred Shares – looks like a major financial raid and cover up.

A specific former Board Member should consider being part of the solution because right now, it’s just doesn’t look good,” said Mark on Twitter.

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Also Read: New Data Shows BBIG Dark Pool Volume Skyrocket

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Vinco Ventures Announces New 1-for-20 Reverse Stock Split

Market News Today - Vinco Ventures Announces New 1-for-20 Reverse Stock Split.
Market News Today – Vinco Ventures Announces New 1-for-20 Reverse Stock Split.

Vinco Ventures (NASDAQ:BBIG) announced a new 1-for-20 reverse stock split on Wednesday.

The company announced that on May 4, 2023 it filed a Certificate of Change with the State of Nevada for a 1-for-20 reverse split of its issued and outstanding shares of common stock.

This reverse split was approved by its Board of Directors, and the shares of its common stock will begin trading on a split-adjusted basis at the commencement of trading tomorrow, May 11, 2023.

The common stock shares will trade on the Nasdaq Capital Market under the same symbol “BBIG”.

BBIG stock fell more than -11% during the announcement.

If the stock closes anywhere between $0.15-$0.16, shares will trade around $3-$3.20 on Thursday.

However, shares will be converted to 1 share for every 20 shares held.

For example, if a shareholder holds 100 shares of BBIG stock, starting Thursday they will now hold 5 shares.

Mullen Automotive (NASDAQ:MULN) also announced a reverse stock split last week, 1-for-25.

AMC Entertainment (NYSE:AMC) is currently fighting a lawsuit against shareholders who oppose the proposals to dilute the stock, convert APE in common shares, and issue a 1-for-10 reverse stock split.

Vinco Ventures stock is down more than -65% this year-to-date.

Vinco Ventures Statement on Reverse Stock Split

Market News Today - Vinco Ventures Announces New 1-for-20 Reverse Stock Split.
Market News Today – Vinco Ventures Announces New 1-for-20 Reverse Stock Split.

“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 James Robertson, Chief Executive Officer.

The amount of common stock outstanding will be reduced from approximately 260 million shares to approximately 13 million shares.

Proportional adjustments will be made to the number of shares of common stock issuable upon exercise of the Company’s outstanding stock options and warrants, as well as the applicable exercise price.

The Company expects that the reverse stock split, which was approved by shareholders at its shareholder meeting on April 27, 2023, will increase the market price per share of the Company’s common stock, bringing the Company into compliance with The Nasdaq Capital Market’s $1.00 minimum bid price requirement.

“No fractional shares will be issued in connection with the reverse stock split.

Any fractional shares created as a result of the reverse stock split will be rounded up to the nearest whole share for each stockholder.

The reverse stock split impacts all holders of Vinco’s common stock proportionally and will not impact any shareholders’ percentage ownership of common stock (except as to rounding up changes).”

Latest BBIG Stock News

Like most investors who face reverse stock splits from a company, most investors hope the company will organically be able to overcome the challenges in the market without resorting to a split.

Recently, BBIG investors took Vinco Ventures Board of Directors to court in efforts to stop the reverse stock split and dilution.

The BBIG community raise 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.

He says some money has also been used for a previously opened pro per case (self-representation) in the 8th judicial court.

“That amendment to our articles of incorporation and addition of preferred shares without shareholders vote was illegal.

We are attempting to stop the reverse split and dilution that we believe was rammed through an illegal proxy and invalid shareholders meeting.

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.

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Market News Today - Vinco Ventures Announces New 1-for-20 Reverse Stock Split.
Market News Today – Vinco Ventures Announces New 1-for-20 Reverse Stock Split.

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BBIG Investors Call Board of Directors to Step Down

Market News Daily - BBIG Investors Call Board of Directors to Step Down.
Market News Daily – BBIG Investors Call Board of Directors to Step Down.

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 VickChristopher 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:

  1. Failed to PR executive/director turnover in Oct 2021.
  2. Delayed $TYDE spin-off to 3 times
  3. Changed $TYDE distro date after locking it in for reasons unknown.
  4. Gave Ted $6.75M kickback on adrizer for no consideration.
  5. Colucci lawsuit.
  6. Failed shareholder vote in 2022, no meeting.
  7. Replaced 2 independent directors with 2 Zash employees.
  8. Q2 noncompliance
  9. Q3 noncompliance
  10. Fired court appointed CEO and didn’t replace for 5 months.
  11. $1 noncompliance
  12. Shareholder meeting noncompliance
  13. 10-K noncompliance

BBIG stock is currently down -49% this year-to-date.

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Market News Today - BBIG Investors Call Board of Directors to Step Down.
Market News Today – BBIG Investors Call Board of Directors to Step Down.

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