FOR IMMEDIATE RELEASE
BBIG Shareholders Retain Hutchison & Steffen, PLLC to Fight for Vinco Ventures Success
United States –Today, BBIG retail shareholders Shadwrick J. Vick and Christopher L. Muntz retained Hutchison & Steffen, PLLC with the intent to save Vinco Ventures, Inc. from continued decline.
Vick and Muntz are among over 1500 shareholders that have raised concerns regarding Vinco's Board's inability to maintain compliance with NASDAQ and deliver transparency into finances.
Retail investors see an imminent TikTok ban on the horizon and desperately want to see their main asset, Lomotif, become the replacement.The two retail shareholders were recently representing themselves Pro Per in a preliminary hearing where they litigated in front of the Honorable Judge Nancy Allf of Nevada's 8th Judicial Court.
Hutchison & Steffen has sent a letter to Vinco Ventures, Inc. alleging violations of Nevada state law and the company's bylaws related to recent amendments to the Articles of Incorporation, the filing of an incorrect Certificate of Designation, and failure to provide a shareholder list for inspection. The letter demands that the company not proceed with its shareholder meeting scheduled for April 27, 2023, and warns that the shareholders will take legal action to nullify the company's actions and hold board members, officers, and the chairman personally liable if the demands are ignored.
According to the letter, the amendments to the Articles of Incorporation were filed after the issuance of stock in the company, in violation of NRS 78.380 & 78.390. The attempted creation of Preferred Shares and revised voting rights are rendered null and void unless approved by shareholders, as required by NRS 78.390. The letter also alleges that an incorrect Certificate of Designation was filed with the state of Nevada on February 9, 2023, and that the company failed to provide a shareholder list for inspection within 10 days, as required by NRS 78.105 and the company's bylaws.
"Should you decide to hold a meeting based upon the contention that you must attempt to regain NASDAQ compliance, then we demand that you not conduct a vote on any of the proposed numbered items," the letter states. "Should you ignore this demand, we further object to any board member acting as proxy for casting of votes held by shareholders in street name, as there is a conflict of interest that cannot be waived."
The letter concludes by warning that "the shareholders will take such legal action as is necessary to nullify your actions, and hold each complicit member the Board of Directors, the officers, and chairman, personally liable pursuant to applicable laws."
Vinco Ventures, Inc. has not yet responded to the allegations.
Shareholders interested in taking part in the organizing and fundraising efforts can join at www.bbigfamily.com.
The full letter is can be found at the same website or here attached