An Ault Alliance Inc. affiliate sued Singing Machine Co. board members Friday, saying its chief executive orchestrated a scheme to sideline the investment holding company and shore up his control over the karaoke machine maker.
The lawsuit, filed in Delaware’s Chancery Court, names CEO Gary Atkinson and five other members of the 10-seat board as defendants. It also targets Stingray Group Inc.— a Canadian media company affiliated with board member Mathieu Peloquin—and Regalia Ventures, an investment vehicle for director Jay Foreman.
The complaint by Ault Lending LLC—Singing Machine’s largest investor—takes aim at a Nov. 21 offering that allegedly sold $1 ...
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