Vestand Inc. sued for ~$1M fraud claims related to IPO investments

Vestand Inc.

Lawsuit filed March 7, 2024 in Los Angeles County alleging contractual fraud and elder abuse.
Plaintiffs claim losses of ~$1M from investments made relying on advice of former CEO James Chae.
Company and former CEO James Chae named as defendants; company plans cross-complaint against Chae.
Relief sought includes compensatory, punitive, treble damages plus attorney fees and costs.
Company cannot predict outcome; warns an adverse result could materially affect financial condition.

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