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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Other Market News Today
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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