Visionary Holdings Inc. (NASDAQ:GV) ("Visionary" or the "Company"), an Ontario-based corporation, today announced a significant court ruling from the Ontario Superior Court of Justice (Zhou v. Chen, 2025 ONSC 3648) dated June 19, 2025, addressing the composition of its Board of Directors and related governance matters.
The Court ordered an investigation under section 161 of the Ontario Business Corporations Act to examine allegations of misconduct in the Company's affairs. The Court has restrained Fan Zhou from participating directly or indirectly in the management of Visionary pending the investigation's outcome or further court order, citing the risk of irreparable harm to the Company's reputation and potential legal actions.
Additionally, 3888 Investment Group Limited, controlled by Zhou's daughter and holding purported Class B Common Shares with 97% voting power, is restrained from taking action to remove certain directors. The Board has been granted access to all Company records, including EDGAR, NASDAQ, and other securities-related portals, to ensure effective governance and compliance with NASDAQ's filing deadlines for annual financial statements.
The Court has further confirmed that the Visionary Board of Directors, as constituted on March 25, 2025, remains the lawful board until further order.
Visionary is committed to complying with all court orders and maintaining transparency with its shareholders and stakeholders. The Company will provide further updates as the investigation progresses or as directed by the Court.