Allied Gaming & Entertainment files lawsuit against Knighted Pastures, Roy Choi

Allied Gaming & Entertainment announced that it has filed a lawsuit in the United States District Court for the Central District of California, against Knighted Pastures and its managing partner, Roy Choi, as well as Naomi Choi, Choi’s mother, and Yiu-Ting So, a long time business partner of Choi. The suit seeks, among other things, to enjoin the Knighted Group from misleading stockholders and acting as an undisclosed “group” in connection with their involvement in Choi’s bid to replace the company’s board of directors with his hand-picked designees. In its suit, AGAE asserts that Knighted and Choi have been engaged in a year-long scheme to amass large quantities of AGAE’s stock without disclosure to AGAE or its stockholders including by the filing of deceptive and deficient Schedule 13D materials with the Securities and Exchange Commission in a coordinated effort to secure Knighted and Choi’s control over the board at the annual meeting in August. AGAE said it was left with no other option than to take legal action to enjoin the Defendants from continuing to allegedly violate federal securities laws and misleading stockholders for their own benefit.