Vestand Inc. filed SEC Form 8-K: Other Events, Financial Statements and Exhibits
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Explanatory Note (Late Filing Notice)
This Current Report on Form 8-K regarding the pending litigation described herein was inadvertently filed late due to changes in the Company’s management. When the inadvertent lapse in filing was determined, the Company filed this Current Report on Form 8-K.
Item 8.01 Other Events.
Vestand Inc. (the “Company”) is a defendant in a lawsuit filed on March 7, 2024, in Los Angeles County, California, along with James Chae, who previously held various positions with the Company including President, Chief Executive Officer, Co-Chief Executive Officer, Chief Financial Officer, and Chairman of the Board, and two other entities alleged to be affiliated with James Chae.
The lawsuit contains allegations of contractual fraud in connection with investments the plaintiffs made in reliance on advice provided by James Chae, including investment in the Company’s initial public offering, which allegedly resulted in losses of approximately $1,000,000.
The plaintiffs assert causes of action against the Company for fraud, elder abuse, accounting, and declaratory relief. The relief sought against the Company includes compensatory damages, punitive damages, accounting, prejudgment and post judgement interest, reasonable attorney fees, cost of suit, a judicial declaration of the parties’ respective rights and obligations, and treble damages under California Civil Code § 3345 (b); and/or punitive damages, attorney fees, and costs under the Welfare & Institutions Code §15657 et seq.
The Company is filing a cross-complaint against James Chae and his entity, APIIS Asset I, LLC, a California limited liability company for Equitable Indemnity; Comparative Indemnity/Partial Indemnity; Contribution; Implied Contractual Indemnity; and Declaratory Relief.
At this time, the Company is unable to predict the outcome of the litigation or estimate the ultimate financial exposure, if any, that may result from the proceedings. An adverse judgement or settlement could have a material adverse effect on the financial condition of the Company.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits.
| Exhibit No | Description | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: November 24, 2025
| VESTAND INC. | ||
| By: | /s/ Jiwon Kim | |
| Name: | Jiwon Kim | |
| Title: | Chief Executive Officer | |