Mythical Games Accuses 3 Ex-CEOs Of Abuse Of Company To Raise $150 Million
Key Points:
- Game chain Mythical Games accused its former executives of using company secrets to raise $150 million for their own scheme.
- The case was filed in Los Angeles County Superior Court.
- A new foundation has been established after the departure of these 3 characters.
Mythical Games accuses 3 Ex-CEOs Rudy Koch, Chris Ko and Matthew Nutt of having breached their fiduciary duties on their way to raising $150 million and forming their own venture.
The lawsuit filed in Los Angeles County Superior Court includes Koch as the company’s co-founder, Nutt as the chief executive officer and head of game studio and publishing, while Ko is senior vice president of strategy and investment.
As was updated in an earlier Coincu News article, all three of these figures left the company last month.
According to the allegations, the company has put the three executives mentioned in charge of raising money for a new fund called Mythical Ventures. The company alleges a Game of Myths investor introduced the trio to Cypher Capital, which is based in the United Arab Emirates.
Then, instead of securing an investment from Cypher Capital for Mythical Ventures, the three executives used Mythical Games’ business plan and persuaded Cypher Capital to invest in a new platform for blockchain games that had the name is Fenix Games. The foundation was founded a few weeks after three former executives left.
According to a statement from Fenix Games, the platform has raised $150 million from Cypher Capital and Phoenix Group.
In the complaint filed, Mythical Games is asking them to “compensate for unjust profits” and “punishment damages”. The lawsuit accuses three former Mythical Games executives of committing fraud through concealment and breach of their fiduciary obligations and contracts.
“I can say that we believe very strongly in the protection of our intellectual property and corporate assets,(…). In this instance, it was necessary to take these steps to rectify this situation and protect the company’s corporate interest, as is our duty to our employees and investors.”
A spokesperson for Mythical Games shared in an email.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Foxy
Coincu News
Author
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Mythical Games Accuses 3 Ex-CEOs Of Abuse Of Company To Raise $150 Million
Key Points:
- Game chain Mythical Games accused its former executives of using company secrets to raise $150 million for their own scheme.
- The case was filed in Los Angeles County Superior Court.
- A new foundation has been established after the departure of these 3 characters.
Mythical Games accuses 3 Ex-CEOs Rudy Koch, Chris Ko and Matthew Nutt of having breached their fiduciary duties on their way to raising $150 million and forming their own venture.
The lawsuit filed in Los Angeles County Superior Court includes Koch as the company’s co-founder, Nutt as the chief executive officer and head of game studio and publishing, while Ko is senior vice president of strategy and investment.
As was updated in an earlier Coincu News article, all three of these figures left the company last month.
According to the allegations, the company has put the three executives mentioned in charge of raising money for a new fund called Mythical Ventures. The company alleges a Game of Myths investor introduced the trio to Cypher Capital, which is based in the United Arab Emirates.
Then, instead of securing an investment from Cypher Capital for Mythical Ventures, the three executives used Mythical Games’ business plan and persuaded Cypher Capital to invest in a new platform for blockchain games that had the name is Fenix Games. The foundation was founded a few weeks after three former executives left.
According to a statement from Fenix Games, the platform has raised $150 million from Cypher Capital and Phoenix Group.
In the complaint filed, Mythical Games is asking them to “compensate for unjust profits” and “punishment damages”. The lawsuit accuses three former Mythical Games executives of committing fraud through concealment and breach of their fiduciary obligations and contracts.
“I can say that we believe very strongly in the protection of our intellectual property and corporate assets,(…). In this instance, it was necessary to take these steps to rectify this situation and protect the company’s corporate interest, as is our duty to our employees and investors.”
A spokesperson for Mythical Games shared in an email.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Foxy
Coincu News
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