The BBIG community has raised $42,935 to fight the board in court this year.
On social media, investors have been calling the Board of Directors to step down, claiming the BoD are not qualified to serve investors.
Shareholders also raised concerns last week when Vinco Ventures (NASDAQ:BBIG) announced it had approved a new COO and CFO.
The company has big plans to dilute shares but investors heavily disapprove the proposals.
The proposals would increase the number of outstanding shares and issue a reverse stock split, similar to what AMC Entertainment is currently going through.
Dilution will certainly help Vinco Ventures raise the capital it needs to stay afloat, but at what cost for its shareholders?
BBIG stock is down more than -60% this year-to-date and nearly -90% in the past year alone.
Shad Vick, a plaintiff in the Vinco Ventures lawsuit says his committee just 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.
Here are the latest BBIG news and updates.
Latest BBIG News and Updates
Vinco Ventures is facing strong scrutiny from retail investors.
The BBIG community has organized themselves and have begun taking matters into their own hands through litigation.
Shad says they have two legal teams which are comprised of three shareholders who are actual attorneys; one being a civil attorney, the other a patent attorney, and the third a criminal defense attorney.
“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.
The BBIG community has raised nearly $43K to take on the Vinco Ventures board.
“$BBIG has failed to meet deadlines and compliance with Nasdaq, failed to hold a shareholder meeting in 2022, failed to provide transparency into finances and company initiatives and has failed to provide regular communication as to the status of the company and roadmap for the future.
In order to communicate with our board – we need legal assistance,” says the official Go Fund Me page.
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You can support the BBIG community and their campaign here.
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