Kid Castle Educational Corporation (OTCMKTS:KDCE), a wholesaler of professional and commercial equipment, has been named as a defendant in a lawsuit filed by the U.S. Securities and Exchange Commission (SEC).
The complaint, which was lodged in the Central District of California on November 18, 2024, also targets several individuals and entities including Givemepower Corporation (GMPW), Frank Igwealor, Patience Ogbozor, Alpharidge Capital LLC, American Community Capital, LP, Los Angeles Community Capital, and Video River Networks, Inc.
The SEC is seeking various injunctions, such as barring Igwealor and Ogbozor from serving as officers or directors of any public company and prohibiting them from participating in the offering of any penny stock. Both Igwealor and Ogbozor hold positions within Kid Castle Educational Corporation; Igwealor is an officer and director, while Ogbozor serves as a director.
In response to the allegations, the company's legal counsel is currently reviewing the complaint to determine an appropriate course of action. Igwealor maintains his innocence concerning the violations alleged in the SEC's complaint.
This development is a part of a regulatory disclosure and should be considered by investors as they assess the company's position in the market. The company cautions that certain statements in this report may be forward-looking and subject to risks and uncertainties that could cause actual results to differ from those projected.
The information reported here is based on a press release statement and does not include any analysis or speculation on potential outcomes or broader market impacts. Kid Castle Educational Corporation has not provided any further comment on the ongoing legal proceedings.
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