Video River Networks Named Defendant in SEC Complaint

Video River Networks, Inc. (OTCMKTS:NIHK) recently found itself in a legal tussle as it was listed as a defendant in a Complaint filed by the U.S. Securities and Exchange Commission on November 18, 2024, in the Central District of California. This lawsuit targets Givemepower Corporation (“GMPW”), along with individuals Frank Igwealor and Patience Ogbozor, as well as entities including Alpharidge Capital LLC (“Alpharidge”), American Community Capital, LP (“AMCC”), Los Angeles Community Capital (“LACC”), Kid Castle Educational Corporation (“KDCE”), and Video River Networks, Inc. (“NIHK”).

The SEC’s legal action includes seeking various injunctions, such as an officer and director bar and a penny stock bar against Igwealor and Ogbozor. Frank Igwealor serves as an officer and director of Video River Networks, while Ms. Ogbozor is a director of the company. In response to the allegations made in the SEC Complaint, Mr. Igwealor maintains his innocence and believes that he is not in violation of the allegations.

The Company is currently assessing the complaint with its legal advisors to devise an appropriate strategy. The unfolding scenario signifies a potential legal hurdle for Video River Networks and its key executives.

Cautionary Statement Regarding Forward-Looking Statements

It is important to note that certain information contained in this report may constitute forward-looking statements as per the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on current expectations and beliefs about future developments and their potential impact on the company. Actual results may vary significantly from these expectations due to a variety of factors. For a detailed understanding of the risks associated, readers are encouraged to refer to the “Risk Factors” and “Forward-Looking Statements” sections in the Company’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.

This report does not make any commitment to update any forward-looking statement contained herein.

Item 9.01 Financial Statements and Exhibits

As part of the regulatory filing, Video River Networks has provided Exhibit 99.1 – Video River Networks, Inc. Named as Defendant in an SEC Complaint, dated November 25, 2024.

The Company’s President and CEO, Frank I Igwealor, signed the report on November 29, 2024, to meet the disclosure requirements as mandated by the Securities Exchange Act of 1934.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Video River Networks’s 8K filing here.

Video River Networks Company Profile

Video River Networks, Inc, a technology holding company, operates and manages a portfolio of electric vehicles, artificial intelligence, machine learning, and robotics assets, businesses, and operations in North America. Its target portfolio businesses and assets include operations that design, manufacture, install, and sell electric vehicles, power controls, battery and wireless technologies, residential utility meters and remotes, and mission-critical devices.