- A court granted Xtreme One Entertainment a Temporary Restraining Order against its lender.
- The underlying lawsuit alleges fraud, breach of contract, and conversion.
- The dispute centers on the alleged fraudulent transfer and sale of XONI stock.
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Xtreme One secures 1 TRO against lender over alleged stock fraud
Xtreme One Entertainment Inc. (OTCQB: XONI) obtained a Temporary Restraining Order on April 7 against a lender over alleged fraudulent transfers of company stock.
The diversified media and live-event sports company announced the order in a statement. The legal action stems from a lawsuit alleging fraud, breach of contract, conversion, and wire fraud filed by the company against investor and lender Williamsburg Venture Holdings, LLC, and its Managing Member Ronald Glenn.
The TRO halts Williamsburg Venture Holdings from what Xtreme One describes as the fraudulent transfer and sale of the company's stock. The specific number of shares or their dollar value involved in the alleged transfers was not disclosed in the announcement. Xtreme One is the parent company of the Xtreme Fighting Championships (XFC).
The legal action introduces significant uncertainty for investors, halting the alleged improper stock sales but also signaling a potentially costly and lengthy dispute. The outcome of the lawsuit will be a key factor for the stock's future performance on the OTCQB market.
This article is for informational purposes only and does not constitute investment advice.
