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Kennett Sq., PA, August 26, 2022 — McapMediaWire — Good Gaming, Inc. (OTCQB: GMER) (the “Firm”), an progressive model main the gaming business throughout a number of segments within the area since 2008, is giving a response relating to a latest grievance filed by the SEC on August 15, 2022, in The USA District Court docket, relating to alleged fraudulent hacking scheme that befell in 2017 and 2018 involving Good Gaming securities not directly owned and managed by Glenn B. Laken, the CEO of CMG Holdings, Inc. Through the timeframe of the alleged scheme, CMG Holdings, Inc. managed a major share of Good Gaming shares.
The grievance alleges a complicated pump and dump scheme involving 18 people, a number of entities, and the hacking of retail brokerage accounts held by harmless third-party traders to promote Good Gaming securities owned by CMG Holdings at a major revenue. The grievance additionally alleges Mr. Laken’s failure to file required helpful possession reviews as outlined by The Securities Trade Act of 1934. The shares in query have been issued to Mr. Laken earlier than the present board and administration took management of the Firm in 2017.
Good Gaming Inc. and its administration first turned conscious of this grievance when the SEC revealed a press launch on this matter on August fifteenth, 2022. At the moment, the Firm, its board members, workers, or contracted companions haven’t obtained any requests for paperwork, interviews, correspondence, or every other materials from the SEC, FINRA, or every other associated celebration relating to the investigation into this matter. Nonetheless, the Firm is greater than prepared to cooperate by offering any related data that would doubtlessly be useful of their investigation or prosecution.
Good Gaming Inc. is considered one of a number of manufacturers owned by ViaOne Providers, a personal company doing greater than $100 million in annual income. Each transparency and compliance are a cornerstone of ViaOne Providers’ ethics. ViaOne Providers may be very accustomed to following the foundations of and answering to varied authorities and regulatory companies as it’s often required by the Lifeline divisions of their cellular telecommunications manufacturers.
To additional make clear, ViaOne Providers first got here into possession of Good Gaming Inc. after earlier administration defaulted on loans made to Good Gaming again in 2016. At no time was Mr. Laken, his household, or any of the opposite people named within the grievance an Officer, Director, or worker of Good Gaming Inc. after ViaOne Providers took management of Good Gaming in Might of 2017. Beforehand, his spouse was a director, and he acted as a member of administration of the Firm, which is when he got here to personal his shares of the Firm’s inventory.
After an inside investigation, it turned obvious that there have been no connections between present or former officers, administrators, or workers or insider buying and selling points as a result of CMG Holding’s conversion of most well-liked inventory into frequent inventory and subsequent alleged fraudulent exercise befell in and after August of 2017, simply months after ViaOne Providers took management of the Firm. As such, present administration would haven’t any direct data of CMG Holding’s securities buying and selling actions. Moreover, it’s famous in paragraph 120 of the grievance filed by the SEC, after Laken brought about CMGO to transform a few of its most well-liked inventory and search elimination of its restrictive legend together with his personal authorized opinion letter that “GMER’s exterior counsel objected to the elimination of the restrictive legend from Laken’s shares, and notified GMER’s switch agent that if CMGO owned 20,000,000 shares, it might then personal over 87% of GMER’s frequent inventory and, opposite to the opinion letter, be an affiliate of GMER.” Subsequently, any required SEC disclosures Mr. Laken did not file have been primarily based on the variety of shares he owned and have been his sole accountability to reveal publicly in accordance with The Securities Trade Act of 1934.
Moreover, since ViaOne Providers took over management of Good Gaming Inc., no Officer, Director, or worker of both firm has bought a single share of inventory in Good Gaming Inc. Within the occasion that any officer or director of the Firm sells any shares of the Firm’s frequent inventory, they’ll promptly file any and all mandatory securities filings.
Furthermore, The Firm has insulated itself with strict procedural pointers created by the perfect SEC attorneys, accountants, consultants, and auditors, to make sure they observe all guidelines and pointers set forth by the SEC, FINRA, and OTC Markets. The Firm implements these complete procedures, which embrace correct SEC submitting disclosures, ought to any insider need to promote shares of their inventory which has by no means occurred. Within the pursuit of fixed enchancment, The Firm frequently evaluates its insurance policies and procedures, sparing no expense, to make sure the utmost regulatory, authorized, and moral practices are in place.
David B. Dorwart, Good Gaming CEO, acknowledged, “We’re appalled to see Good Gaming’s identify seem on this grievance. Shareholders ought to have faith by figuring out that present administration is ethically and legally certain to abide by all guidelines, laws, and pointers set forth by the SEC, and as required as a totally reporting OTCQB firm. We spare no expense to rent the perfect expertise to maintain us compliant and clear by means of rigorous procedures, the best way a public firm needs to be run.”
About Good Gaming, Inc.
Good Gaming is an interactive leisure firm main the evolution of gaming from conventional gaming to creating digital playgrounds throughout an enormous array of interconnected platforms. Based in 2008, Good Gaming has continued to allow a robust sense of group, place, and goal inside our interactive experiences. Good Gaming believes its communities and experiences will redefine the digital collectibles area and be pivotal within the transition and notion of possession of digital items.
To be taught extra about Good Gaming at: https://good-gaming.com/
To be taught extra about Microbuddies at: https://microbuddies.io/
Protected Harbor: This launch accommodates statements that represent forward-looking statements throughout the which means of Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Trade Act of 1934, as amended. These statements seem in quite a lot of locations on this launch and embrace all statements that aren’t statements of historic truth relating to the intent, perception or present expectations of Good Gaming Inc., its administrators or its officers with respect to, amongst different issues: (i) financing plans; (ii) tendencies affecting its monetary situation or outcomes of operations; (iii) progress technique and working technique. The phrases “might,” “would,” “will,” “count on,” “estimate,” “can,” “consider,” “potential,” and related expressions and variations thereof are supposed to establish forward-looking statements. Traders are cautioned that any such forward-looking statements aren’t ensures of future efficiency and contain dangers and uncertainties, a lot of that are past Good Gaming Inc.’s capacity to manage, and that precise outcomes might differ materially from these projected within the forward-looking statements on account of varied components. Extra details about the potential components that would have an effect on the enterprise and monetary outcomes is and can be included in Good Gaming, Inc.’s filings with the Securities and Trade Fee, together with these set forth as “Danger Elements” in such filings.
Investor Contact:
Joseph M. Vazquez III
Cellphone: (888) 245-3005
E mail: [email protected]
MCAP Media Wire | Residence
Supply – MCAP Media Wire
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