BBIG Family Community
FOR IMMEDIATE RELEASE
Vinco Ventures Shareholders from BBIGFamily.com Engage The Basile Law Firm P.C. for Federal Action Against Alleged Misconduct
United States, 10/05/2023 - Shareholders of Vinco Ventures, Inc. (OTCM: BBIG), led by a collective of over 2,800 shareholders known as bbigfamily.com, are pleased to announce the next phase in shareholder action to protect their investment. Today they officially engaged Mark R. Basile and his securities litigation firm, The Basile Law Firm P.C. The firm is set 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. "Mr. Basile is a seasoned securities attorney, and his firm understands the negative impacts of dilution funding and certain board actions on the company’s value, and in turn, retail shareholders. The support from tipsters has bolstered our case and increased our confidence."
Vick, along with prior co-plaintiffs Christopher Muntz and Darryl Genis filed a lawsuit in the 8th Judicial Court of Nevada alleging illegal share issuance, self-dealing, and illegal loans. On July 31, 2023 an emergency motion was filed in attempt to save the company from permanent delistment from the NASDAQ. This case is currently paused with a motion to dismiss without prejudice. Vick, Muntz, and Genis, along with numerous other shareholders, have worked tirelessly to compile research and deliver crucial evidence to ensure a comprehensive investigation by the Basile Law Firm “We continue to work diligently on behalf of the BBIGFamily.com to build our case against the bad actors,” said Muntz. “Shareholders have suffered extensive financial harm and we remain extremely motivated to fight for our investments by holding the board and dilution funders accountable.”
In September 2022, Vinco’s former CEO, Theodore Farnsworth was charged by the Securities and Exchange Commission, accusing Farnsworth of making false statements or misleading statements covering key aspects of MoviePass’s business model. The SEC’s complaint also charged Farnsworth with creating or approving false invoices that allowed certain execs of MoviePass to receive more than $310,000 for personal benefit. https://www.sec.gov/litigation/litreleases/lr-25525 .
The SEC’s complaint, filed in the Southern District of New York, charges Farnsworth with violating Section 17(a) of the Securities Act of 1933 (“Securities Act”) and Section 10(b) of the Securities Exchange Act of 1934 (“Exchange Act”) and Rule 10b-5. Farnsworth was the CEO of MoviePass just prior to taking on the role of CEO of Vinco Ventures. A copy of the SEC’s complaint against Farnsworth can be found here.
Mr. Basile, a former law school professor and nationally recognized securities attorney, has been at the forefront of battling unlawful dilution funding. In 2021, his firm secured a landmark decision against a toxic dilution funder, setting a precedent that has saved numerous public companies significant sums. His firm has also pursued several RICO actions against known dilution funders and has consistently advocated for shareholders' rights against fraudulent actions by Boards of Directors. More about the firm: https://www.thebasilelawfirm.com/blog
For more information about this case and these shareholder actions, please visit www.bbigfamily.com .
Because of shareholder donations this is possible.
Please continue to donate here.