BBIG - Vinco Ventures stock slumps amid 'hostile takeover' allegations

Vinco Ventures ( NASDAQ: BBIG ) shares fell to a 52-week low on Tuesday after publishing allegations of an attempted hostile takeover by its short-lived CEO.

In a press release published late on Monday , the company announced it had terminated Ted Farnsworth, its former co-CEO, less than 72 hours after he was appointed. Additionally, the company terminated co-CEO Lisa King, Chief Security Officer Erik Noble, and Board Chair Roderick Vanderbilt.

The stock fell 20.5% in the waning minutes of Tuesday’s trading, falling to a record low.

A company statement accused the group, particularly Farnsworth, of having “materially misrepresented” company intentions within SEC filings and seeking control of the company without full board approval.

“I was willing to step in as the Company enters into a new phase to stabilize the Company and implement immediate cost-savings plans and aggressively pursue revenue generating programs with strategic partners,” newly minted CEO John Colucci said. “The Company believes it thwarted a hostile takeover attempt for no consideration by the Farnsworth Group, and we are in the process of stabilizing the Company to move forward and continue to achieve its goals that are in the best interest of the shareholders.”

The company also postponed its annual shareholder meeting, originally set for Tuesday, until August 23 .

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