$XONI Xtreme One Entertainment Granted Summary Judgment; Court Orders Williamsburg Venture Holdings to Return 6.6 Million Shares Sold in Alleged Fraudulent Transfer of $XONI Stock
https://www.globenewswire.com/news-release/20...stock.html
GRAND RAPIDS, Mich., June 12, 2026 (GLOBE NEWSWIRE) -- Xtreme One Entertainment, Inc. (OTCQB: XONI) (“Xtreme One”), a diversified media and live-event sports company, and parent company of Xtreme Fighting Championships (XFC), today announced it won a Summary Judgment for breach of contract, a key aspect of the Company and shareholder Plaintiffs’ lawsuit alleging fraud, conversion, breach of contract, and wire fraud filed against investor and lender Williamsburg Venture Holdings, LLC ("WVH"
and its Managing Member Ronald Glenn.
The Order, issued on June 11, 2026, by Kent County (Michigan) Circuit Court Judge Curt Benson, requires WVH to either purchase 6.6 million shares of Xtreme One stock in the open market and return the shares by June 25, 2026, or a subsequent Judgment will be entered requiring WVH to pay cash restitution equal to the market value of the 6.6 million shares at the closing stock price on June 25, 2026.
“This is a decisive win for the Company and our shareholders, and a swift, eye-for-an-eye judgment on restitution,” said Jeff Lambert, Chairman and CEO of Xtreme One Entertainment. “Williamsburg never paid for a single share, misrepresented its ownership of the stock to potential buyers, and then indiscriminately sold shares of XONI at a fraction of their value. We’re appreciative of the Court holding Mr. Glenn and Williamsburg accountable for breach of contract, and we look forward to pursuing additional awards, damages and fees on the remaining claims in upcoming arbitration and mediation.”
The broader lawsuit, filed by Plaintiffs Xtreme One Entertainment and shareholders Daniel Acciavatti and Thomas Humphries, alleges that WVH entered into a $10 million equity purchase agreement with Xtreme One in January 2026. However, instead of funding the purchase of the XONI shares as agreed, WVH allegedly induced Xtreme One to transfer the shares without paying for them and began immediately selling the stock at deeply discounted prices on the open market. The lawsuit alleges that this irregular trading was the cause of the rapid decline in the price of XONI stock, along with harm to the company’s reputation and loss of investor goodwill.
Sworn testimony in the case by Mr. Glenn, as part of the Preliminary Injunction and his court-ordered Criminal Contempt Show Cause Hearing for alleged perjury, confirmed that WVH sold 3 million shares of XONI stock at $0.003 per share, a small fraction of the $0.07 closing price at the end of that trading day, and WVH subsequently sold an additional 3.6 million shares at an average price of $.009 per share.
“The rapid pace of this lawsuit spanning an immediate Temporary Restraining Order, a Show Cause Hearing for Criminal Contempt of Court, and a Summary Judgment for equitable and significant restitution underline the breadth and brazenness of this issue,” Lambert said. “Yet despite the obvious distraction, the Xtreme One Board and team are undeterred and remain locked in on upcoming events and major moves for the company, our fighters, and our fans.”
https://www.globenewswire.com/news-release/20...stock.html
GRAND RAPIDS, Mich., June 12, 2026 (GLOBE NEWSWIRE) -- Xtreme One Entertainment, Inc. (OTCQB: XONI) (“Xtreme One”), a diversified media and live-event sports company, and parent company of Xtreme Fighting Championships (XFC), today announced it won a Summary Judgment for breach of contract, a key aspect of the Company and shareholder Plaintiffs’ lawsuit alleging fraud, conversion, breach of contract, and wire fraud filed against investor and lender Williamsburg Venture Holdings, LLC ("WVH"
and its Managing Member Ronald Glenn. The Order, issued on June 11, 2026, by Kent County (Michigan) Circuit Court Judge Curt Benson, requires WVH to either purchase 6.6 million shares of Xtreme One stock in the open market and return the shares by June 25, 2026, or a subsequent Judgment will be entered requiring WVH to pay cash restitution equal to the market value of the 6.6 million shares at the closing stock price on June 25, 2026.
“This is a decisive win for the Company and our shareholders, and a swift, eye-for-an-eye judgment on restitution,” said Jeff Lambert, Chairman and CEO of Xtreme One Entertainment. “Williamsburg never paid for a single share, misrepresented its ownership of the stock to potential buyers, and then indiscriminately sold shares of XONI at a fraction of their value. We’re appreciative of the Court holding Mr. Glenn and Williamsburg accountable for breach of contract, and we look forward to pursuing additional awards, damages and fees on the remaining claims in upcoming arbitration and mediation.”
The broader lawsuit, filed by Plaintiffs Xtreme One Entertainment and shareholders Daniel Acciavatti and Thomas Humphries, alleges that WVH entered into a $10 million equity purchase agreement with Xtreme One in January 2026. However, instead of funding the purchase of the XONI shares as agreed, WVH allegedly induced Xtreme One to transfer the shares without paying for them and began immediately selling the stock at deeply discounted prices on the open market. The lawsuit alleges that this irregular trading was the cause of the rapid decline in the price of XONI stock, along with harm to the company’s reputation and loss of investor goodwill.
Sworn testimony in the case by Mr. Glenn, as part of the Preliminary Injunction and his court-ordered Criminal Contempt Show Cause Hearing for alleged perjury, confirmed that WVH sold 3 million shares of XONI stock at $0.003 per share, a small fraction of the $0.07 closing price at the end of that trading day, and WVH subsequently sold an additional 3.6 million shares at an average price of $.009 per share.
“The rapid pace of this lawsuit spanning an immediate Temporary Restraining Order, a Show Cause Hearing for Criminal Contempt of Court, and a Summary Judgment for equitable and significant restitution underline the breadth and brazenness of this issue,” Lambert said. “Yet despite the obvious distraction, the Xtreme One Board and team are undeterred and remain locked in on upcoming events and major moves for the company, our fighters, and our fans.”
