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An update from Jaxsta Limited ( (AU:VNL) ) is now available.
Vinyl Group Ltd is facing legal proceedings initiated by entities linked to the sellers of The Brag Media business and a former employee, seeking a $2 million performance payment and additional compensation. The company refutes these claims, stating that the financial targets for the performance payment were not met and that the former employee was terminated for serious misconduct following an external investigation. Vinyl Group plans to defend itself vigorously, considering the claims to have little merit, and may file a crossclaim alleging breaches of the sale agreement by the sellers.
More about Jaxsta Limited
Vinyl Group is a leading player in the music industry, offering a range of technology and media solutions that bridge the gap between music creators, fans, and brands. Its diverse portfolio includes Vinyl.com, an e-commerce platform with over 50,000 titles; Vampr, a social-professional network with 1.4 million creators globally; Jaxsta, the largest database of official music credits; and Serenade, a Web3 pioneer in physical and digital collectibles. The company also operates a publishing arm, Vinyl Media, managing brands such as Mediaweek, Tone Deaf, and the Australian licenses for Rolling Stone, Refinery29, and Variety.
YTD Price Performance: 10.0%
Technical Sentiment Consensus Rating: Sell
Current Market Cap: $110.7M
See more insights into VNL stock on TipRanks’ Stock Analysis page.
