Allied Gaming & Entertainment, Inc. (AGAE) announced a positive update on its lawsuit against Knighted Pastures, LLC, Roy Choi, Naomi Choi, and Yiu-Ting So. On August 12, 2025, the U.S. District Court for the Central District of California issued a full order supporting its preliminary relief, stating that AGAE is 'reasonably likely to establish the Knighted Parties formed a group with Naomi Choi and So, under Section 13(d), and succeed on the merits of its claims.'
The court's ruling indicates that AGAE has a strong case that the Knighted Group engaged in undisclosed coordinated conduct to amass AGAE stock and secure control of the Board, in violation of federal securities laws. The court had previously granted preliminary relief on August 1, 2025, enjoining any election of Allied’s Board of Directors until further order.
Mr. Yangyang Li, Allied Gaming & Entertainment’s Chairman of the Board, CEO, and President, stated that the court recognized the compelling evidence of the Knighted Group’s undisclosed coordinated conduct and its impact on Allied’s stockholders. This legal victory significantly strengthens the company's position against the dissident shareholder and protects the current board composition.
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