Gala Games Assures 'Business as Usual' Despite Founders' Legal Battle
Zach Anderson Sep 06, 2023 07:30
Gala Games co-founder Eric Schiermeyer has filed a derivative shareholder lawsuit against co-founder Wright Thurston and True North United Investments, LLC. The company assures transparency and accountability, stating the disputes are primarily between the founders and not involving the company.
Key Takeaways
Gala Games co-founder and CEO, Eric Schiermeyer, files a derivative shareholder lawsuit against co-founder Wright Thurston and True North United Investments, LLC.
Wright Thurston countersues Eric Schiermeyer.
The company emphasizes that the legal disputes are primarily between the founders and do not involve the company in a substantive way.
Gala Games pledges transparency and accountability to its community throughout the legal process.
Eric Schiermeyer, co-founder and CEO of Blockchain Game Partners, Inc., commonly known as Gala Games, Gala Music, and Gala Film, has filed a derivative shareholder lawsuit against fellow co-founder Wright Thurston and True North United Investments, LLC. The lawsuit was filed on August 31, 2023, and was followed by a counter lawsuit from Wright Thurston against Eric Schiermeyer. As reported by Blockchain.News, Gala Games co-founders Eric Schiermeyer and Wright Thurston are embroiled in mutual lawsuits, with Schiermeyer accusing Thurston of misappropriating $130 million in GALA tokens, while Thurston faces a separate lawsuit from the SEC for alleged fraudulent activities.
A derivative shareholder lawsuit is a legal action initiated by a shareholder on behalf of a corporation to redress perceived wrongs against the company. The ongoing litigation has raised questions and concerns within the Gala community.
Company's Stance
In a communication disseminated by Gala Games' General Counsel, Blake Walker, the firm reaffirmed its "steadfast dedication to openness and responsibility" amid the ongoing legal matters. Walker also clarified that the core of the dispute is between the co-founders, rather than involving the company in a significant manner.
Business Operations Continue
Despite the legal turmoil, Gala Games remains confident in its positioning and future prospects. The company stated, "Gala will continue to thrive and achieve sustained success." Gala Games is known for its focus on innovation and has a diverse portfolio that includes gaming, music, and film projects. According to the statement, these projects "advance with enthusiasm," and the company anticipates forthcoming releases that are "poised to captivate audiences."
Community Support
Gala Games has pledged to keep its stakeholders informed as the legal actions evolve. "Your ongoing support is the lifeblood of our enterprise," said Blake Walker, reiterating the company's commitment to its community.
Legal Restraints
Due to the active status of the case, Gala Games is legally restrained from making public comments or speculations concerning the ongoing litigation. The company has stated that it will allow the legal process to unfold in its entirety, adhering to the principles of justice and due process.
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