Lawsuit Update: Allied Gaming & Entertainment, Inc. has received positive updates regarding its lawsuit against Knighted Pastures, LLC and associated parties, with the court granting preliminary relief to block a vote on the company's Board of Directors.
Court Findings: The court found that Allied is likely to succeed in proving that the Knighted Group acted in concert to gain control over the company without proper disclosure to shareholders.
Allegations Against Knighted Group: Allied alleges that Knighted and Roy Choi have been involved in a year-long scheme to acquire AGAE stock while failing to disclose their actions to the company and its shareholders.
Company's Commitment: Allied's leadership expressed satisfaction with the court's ruling, emphasizing their commitment to protecting shareholder rights and maintaining a strong Board of Directors.
AGAE
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About AGAE
Allied Gaming & Entertainment, Inc. is a global experiential entertainment company. The Company is focused on providing gamers and concertgoers with experiences through assets, products and services. Its segments include E-sports, Casual mobile gaming, and Concerts. E-sports, provided through Allied Esports, including video game events and tournaments. Casual mobile gaming, provided through Z-Tech. Live concert promotion and event organizing are provided by Skyline. Its subsidiaries include Allied Esports International, Inc., which operates global competitive e-sports properties designed to connect players and fans via a network of connected arenas; and Esports Arena Las Vegas, LLC, which operates a flagship gaming arena located at the Luxor Hotel in Las Vegas, Nevada. It also owns an upper secondary education institution that provides enrolled students with a specialized vocational study while working toward a high school graduation qualification through a corresponding high school.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
