Allied Gaming & Entertainment, Inc. (AGAE) announced it has filed a lawsuit in the United States District Court for the Central District of California against Knighted Pastures, LLC, its Managing Partner Roy Choi, Naomi Choi, and Yiu-Ting So. The lawsuit alleges violations of federal securities laws.
AGAE asserts that the Knighted Group engaged in a year-long scheme to amass large quantities of AGAE’s stock without proper disclosure, acting as an undisclosed 'group' to secure control of the Board of Directors. The complaint states that the Knighted Group collectively acquired approximately 37.8% ownership of the company as of May 15, 2025.
The company seeks to enjoin the Knighted Group from misleading stockholders and continuing to violate federal securities laws. AGAE President and Chairman, Yangyang Li, stated that the action is taken to protect stockholder rights and interests, alleging that Knighted's actions have obstructed business, damaged partnerships, and inflicted significant harm on the company.
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