Majesco Sued
Majesco's Misfortune Continuesd
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Majesco has another problem besides its falling stock price and a vacant CEO position. Shareholders have decided to sue the game publisher, hitting Majesco with four class action lawsuits. The lawsuits stem from comments made by then CEO Carl Yankowski such as: "We are entering the second half of our fiscal year with confidence that we are well positioned to achieve our objectives for full year 2005" and "we remain focused on global growth, both organic and otherwise."
Poor sales of the critically acclaimed Psychonauts and critically panned Advent Rising forced the publisher to slash its earning outlook, flopping from 16-18 million earned to 16-19 million lost. The change in fortune has caused Yankowski to resign but he has been named in the suits as one of the persons who "engaged in the alleged wrongdoing to inflate the stock price in Majesco's planned secondary offering."
Source: Gamesindustry Article
Poor sales of the critically acclaimed Psychonauts and critically panned Advent Rising forced the publisher to slash its earning outlook, flopping from 16-18 million earned to 16-19 million lost. The change in fortune has caused Yankowski to resign but he has been named in the suits as one of the persons who "engaged in the alleged wrongdoing to inflate the stock price in Majesco's planned secondary offering."
Source: Gamesindustry Article