Friday, October 22, 2021

Kixeye shareholders sue Stillfront dispute for $ 30 million in earnings

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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.

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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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