Tag: Vinco Ventures Stock News (Page 1 of 2)

BBIG Investors Now Take On Toxic Lenders in New Lawsuit

BBIG investors now take on toxic lenders in a new lawsuit which seeks rescissionary damages in excess of $250 million.

This action is led by Shadwrick Vick on behalf of VINCO shareholders.

The lawsuit alleges that Hudson Bay Master Fund Ltd., Sander R. Gerber, Yoav Roth, BHP Capital NY, Inc., and Bryan Pantofel, have engaged in “predatory lending practices in violation of federal securities law,” according to a new press release.

The lawsuit was filed in the United States District Court for the Southern District of New York and accuses the defendants of violating Section 15(a) of the Securities Exchange Act of 1934 by failing to register as “dealers,” despite engaging of the practice of buying and selling securities for their own benefit.

“Defendants practices are demonstrated by the fact that they have made similar unlawful, predatory loans to publicly traded companies, including VINCO, that caused the issuance of millions, if not billions, of newly-issued shares to the to the company and its shareholders,” the press release states.

Mark Basile’s The Basile Law Firm P.C. has helped lead several retail cases involving fraud, including that of Vinco Ventures.

“One problem with our markets are the unregistered broker-dealers issuing toxic funding to all to willing over-paid executives who forget their fiduciary duty to the company & stake holders,” says @MemeStockMillyz on X.

“BBIG shareholders are making headway in fighting for justice. I’ve personally been financially devastated by bad actors,” says another user.

This is a developing story — for more market news and updates like this, follow me on Twitter or join the popup newsletter.

Also Read: Missing MMTLP Certificates Now Back Up Possibility of Illegal Trading

Other Market News Today

Market News Today - BBIG Investors Now Take On Toxic Lenders in New Lawsuit.
Market News Today – BBIG Investors Now Take On Toxic Lenders in New Lawsuit.

South Korea now speaks on the impact of illegal short selling after the illicit practice accounted for 20% of daily transactions.

Financial watchdogs have vowed to continue rooting out the malpractice in the markets.

“The FSS found that the violation rate exceeded 20% in some cases, which suggests that illegal transactions have a big impact on a certain stock,” the financial regulator said in a statement late Tuesday.

“It’s necessary to consider the impact of illegal short sales on an individual stock as such trades hinder fair pricing and increase short-term volatility,” it said.

Bloomberg reports the South Korea’s financial watchdogs derived the 20% figure by dividing the amount of violated orders on a certain stock by its daily trading value.

The FSS did not identify the equities that saw illegal trades and declined to say how frequently the trades exceeded that ratio.

In November, South Korea imposed a ban on short selling through mid-2024, a decision that drew big celebration from retail investors in the country.

Professional investors on the other hand are skeptical, seeing the move as being politically motivated ahead of the election.

Financial authorities have defended the decision, describing illegal trades such as naked short selling — an act of selling shares without borrowing them first — as “rampant” and hurting fairness in the market, reports Bloomberg.

Furthermore, Bloomberg reported on Monday that investigators have turned up just 110 billion won worth ($83 million) of alleged naked short selling by four global investment banks.

In the U.S., naked short selling continues to be a big problem.

Citadel Securities is currently under heavy scrutiny for marking short sales as long sales over a period of five years.

Investors in the AMC, MULN, GTII, FNGR, and MMTLP communities are just a few of many who have been raising awareness of the malpractice happening in the U.S stock market.

Also Read: SEC Commissioner Now Says Securities Lending Facilitates Illegal Trading

Market News Published Daily 📰

Market News Today - BBIG Investors Now Take On Toxic Lenders in New Lawsuit.
Market News Today – BBIG Investors Now Take On Toxic Lenders in New Lawsuit.

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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.

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.

Other Market News Today

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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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.

For more BBIG stock news and updates, join the newsletter below.

Market News Published Daily

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.

Market News Published Daily

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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