Allied Gaming & Entertainment Inc. $(AGAE)$ has been involved in a legal dispute with Knighted Pastures, LLC, its principal, Roy Choi, and his associates, Naomi Choi and Yiu-Ting So. The lawsuit, filed in the United States District Court for the Central District of California, addresses allegations of undisclosed coordinated conduct by the Knighted Group, which Allied claims has been attempting to replace the current Board of Directors with individuals chosen by Mr. Choi. The court has issued a preliminary injunction preventing the election of Allied's Board of Directors until further notice, citing that Allied is likely to succeed on the merits of its claims. Allied asserts that the Knighted Group has been involved in a year-long effort to acquire substantial shares of the company without proper disclosure, aiming to gain control over the Board and the company. Yangyang Li, Chairman of the Board, CEO, and President of Allied, expressed satisfaction with the court's decision to enjoin the vote of directors, emphasizing the protection of stockholder rights. The court's ruling represents a significant development in this ongoing dispute, as Allied seeks to resolve the merits of its claims against the Knighted Group.
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