MICS - Disharmony in the Tune: Ault Alliance Strikes a Chord with Lawsuit Against Singing Machine Over Share Sale Controversy | Benzinga
Ault Alliance Inc (AMEX: AULT) subsidiary Ault Lending, which owns around 28.2% of Singing Machine Co Inc (NASDAQ: MICS) shares, filed a derivative lawsuit against Singing Machine CEO Gary Atkinson and other directors.
Notably, Ault Lending alleged a breach of fiduciary duties related to MICS' recent sale of around 2.197 million shares (representing 34% of the outstanding shares) to Regalia Ventures, LLC and Stingray Group, Inc.
The complaint alleges that the Director defendants violated their fiduciary duties in ...