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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.

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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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BBIG Shareholders Nominate Retail Investors for Board of Directors

Market News Today – BBIG Shareholders Nominate Retail Investors for Board of Directors.

On Thursday, a group of shareholders announced the nomination of three new “retail investor” candidates to the board of directors of Vinco Ventures (NASDAQ:BBIG), citing the company’s lack of transparency. 

The move comes in response to concerns about Vinco Ventures’ compliance with Nasdaq rules and regulations, including the company’s failure to file quarterly reports for Q2 and late filings of Q3 of 2022, as well as its failure to hold an annual meeting in 2022, according to the community’s website.

“There’s a lot of people hurting”, says Lorne Ross, one of the three retail investor candidates in a Twitter space call.

Shares of BBIG stock have fallen more than -22% this year-to-date alone and more than -77% in the past year, hitting a record all-time low.

The three nominees are Lorne Ross, Shadwrick Vick and Christopher Muntz.

I was able to hop on a space call and hear about what they had to say.

“This is just a little phase, this doesn’t guarantee anything, but it’s an action we’re taking”, says Vick, who also hosted the meeting.

The BBIG community wants to place retail investors on the Vinco Ventures Board of Directors in efforts to improve communication between the company and its shareholders, as well as help turn the company around.

BBIG Retail Investor News Today

Vinco Ventures - BBIG Stock
BBIG Stock News Today – Franknez.com.

Investors are supporting the effort to help the business go through what shareholders believe is much needed change.

Here are some comments from the BBIG Family press release:

“As a worldwide community of retail investors, we are deeply concerned about the recent Nasdaq deficiency notices received by Vinco Ventures and lack of transparency into our investment” said Shadwrick Vick, a shareholder of Vinco Ventures and a community nominee.

“It’s time to consider additional leadership that will prioritize transparency, accountability, and compliance.

Real people have put their hard-earned dollars into this company and deserve a roadmap, filings and basic communication”.

Shareholders feel the current board of directors are not serving retail investors’ best interests but rather those potentially of another party.

The retail investors plan to file their nomination materials with Vinco Ventures today, in accordance with the company’s bylaws and rules governing shareholder nominations. 

“We are confident that our nominees have the skills and expertise needed to help guide Vinco Ventures through these challenging times and position the company for long-term success,” said Austin Gilmore – Nominator. 

The nomination letter outlines the qualifications and experience of each nominee and highlights their commitment to creating value for all shareholders. 

The election of new board members is anticipated to take place at Vinco Ventures’ upcoming annual meeting.

Vinco Ventures Shareholder Meeting 2023

A filing shows Vinco Ventures will be holding an annual shareholder meeting on April 18, 2023 at 10:00am Eastern time.

The company is asking its investors to vote for a variety set of proposals that would dilute the company stock in order to raise more cash.

One of the proposals authorizes shares of common stock from 249,000,000 to 750,000,000 and to increase preferred stock from 1,000,000 to 5,000,000.

A reverse stock split in a range of 1:2-1:20 is also being proposed in the filing — similar to what AMC Entertainment shareholders have approved and to what Mullen Automotive will undergo should they fail to meet Nasdaq’s $1 bid per share compliance.

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Market News Today - BBIG Shareholders Nominate Retail Investors for Board of Directors.
Market News Today – BBIG Shareholders Nominate Retail Investors for Board of Directors.

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