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Shareholders' Suit Over Video Game Developer's IPO
Two former shareholders allege in federal court that an auto-racing video game creator swindled them out of more than $200 million in stock. In a complaint filed last month in the U.S. District Court for the District of Delaware, HC2 Holdings 2 Inc. and Continental General Insurance Co. allege majority shareholder Motorsport Games Inc. portrayed 704Games Co. as being unprofitable and bought out their shares for $1.2 million, then months later went public with shares trading at more than 170 times that buyout value. The latter company developed video games based on NASCAR racing. HC2 Holdings 2 Inc. v. Motorsport Games Inc., 1:21-cv-00165.
The plaintiffs claim Motorsport Games and executives intentionally defrauded their investors in order to buy out their stock for much less than they knew it would be worth when the shares were publicly traded. "Motorsport Games abused its fiduciary position as controlling stockholder in 704Games to defraud minority investors and enrich itself by grossly misleading them about the company's near-term prospects," an HC2 Holdings 2 spokesperson said.
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Beach Boys Songs Written Decades Ago Triggered Current Quarrel With Lawyers
There's current litigation in the ongoing Beach Boys litigation saga. A lawsuit filed in 2019 against Nevada residents Mike Love and his wife Jacquelyne in the U.S. District Court for the District of Nevada that alleges inaccurate payment by the Loves under the retainer agreement and seeks $84.5 million in damages.
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Transfer Tax Implications on Real Property Leases
The real property transfer tax does not apply to all leases, and understanding the tax rules of the applicable jurisdiction can allow parties to plan ahead to avoid unnecessary tax liability.