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Kixeye shareholders have filed a lawsuit against Stillfront Group more than $ 30 million in a disputed earnings payment related to its acquisition.
Fortis Advisors, a representative of the seller acting on behalf of Kixeye shareholders, filed the lawsuit today in Delaware Chancery Court. In it, Kixeye alleges that Stillfront deliberately violated a merger agreement for a “profit” of $ 30 million, or a bonus to be paid if Kixeye reached certain milestones.
We’ve asked Stillfront for a comment. In June 2019, Stillfront purchased Kixeye for $ 90 million in a deal that had a profit of $ 30 million based on Kixeye’s expected financial performance for 2019.
Kixeye made popular real-time strategy games for mobile devices and PC. The titles included games like Rogue Assault, Battle Pirates, War Commander, and Vega Conflict.
Fortis accused Stillfront of doing creative accounting that made Kixeye’s results appear worse than they actually were in an alleged bad faith attempt to evade payment of earnings.
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