Emergency Court Order Requires Immediate Return of Shares by Williamsburg and Securities Intermediaries Based on Alleged Breach of Contract and Fraudulent Transfer
GRAND RAPIDS, Mich., April 07, 2026 (GLOBE NEWSWIRE) — Xtreme One Entertainment, Inc. (OTCQB: XONI), a diversified media and live-event sports company, and parent company of Xtreme Fighting Championships (XFC), today announced it was granted a Temporary Restraining Order (TRO) based on the Company’s lawsuit that alleges fraud, breach of contract, conversion and wire fraud filed against investor and lender Williamsburg Venture Holdings, LLC (“WVH”) and its Managing Member Ronald Glenn.
The TRO, issued on April 6, 2026, by Kent County (Michigan) Circuit Court Judge Curt Benson, immediately halts the unauthorized transfer, sale of, or proceeds from up to 13.3 million shares of XONI stock by WVH or any of its securities-market intermediaries, including JPMorgan Chase Bank, N.A. and Valerian Capital, LLC, which are named in the order solely as intermediaries. The order also directs that all such shares be returned to Plaintiffs. The Court found that the Plaintiffs demonstrated a substantial likelihood of success on the merits of their claims, including breach of contract and fraudulent transfer.
The lawsuit alleges that WVH entered into a $10 million equity purchase agreement with Xtreme One, but instead of funding the purchase of the XONI shares in March 2026 as agreed, WVH allegedly induced Xtreme One to transfer the shares without providing the agreed consideration and began immediately selling the stock on the open market. The lawsuit alleges that this unauthorized trading has caused a rapid and continuing decline in the price of XONI stock, along with harm to the company’s reputation and loss of investor goodwill.
“The TRO is a critical milestone in protecting our shareholders from what we believe is a fraudulent scheme involving the transfer and indiscriminate selling of XONI shares,” said Jeff Lambert, Chairman of Xtreme One Entertainment. “The Court’s swift action confirms the strength of our position and, more importantly, halts what we allege has been the unauthorized and damaging transfer of XONI shares by WVH and its affiliated brokers.
Lambert added: “The underlying fundamentals and operational momentum of Xtreme One and the XFC remain unchanged, and we’re confident the investment community will see this now-illuminated issue for what it is and recognize the significantly undervalued nature of the business and our accelerating growth.”
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‘ Some details of this article were extracted from the following source finance.yahoo.com ’
