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Investing.com -- LQR House Inc. (NASDAQ:LQR) stock plunged 24% Thursday after the company disclosed it has been named as a defendant in a lawsuit that seeks to freeze its assets and appoint a receiver over the company.
The lawsuit, filed by Kingbird Ventures, LLC on July 11 in Nevada’s Eighth Judicial District Court, names LQR House and its entire board of directors as defendants. The complaint alleges breach of fiduciary duties, violations of Nevada statutes, alter ego liability, and civil conspiracy, among other claims.
According to LQR House’s statement, the lawsuit seeks a temporary restraining order and preliminary injunction to freeze the assets of the company, its CEO Sean Dollinger, and other defendants reportedly controlled by Dollinger. The complaint also requests the court prevent the company from making further material corporate decisions and appoint a receiver.
LQR House stated it has not yet been served with the complaint or related legal documents. The company said it has no record of Kingbird Ventures in its books and is unaware of its identity or whether it is a shareholder.
The company plans to defend itself in the litigation, claiming there are "numerous factual inaccuracies" in the complaint. LQR House noted that no assurances can be made regarding the outcome of the case.
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