The game studio Neon Machine mentioned to multiple investors that a lawsuit is attempting to seize control of the company and its treasury

2023-11-29 10:17:40

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ChainCatcher news, Shrapnel game studio Neon Machine stated that six founders have collectively filed a lawsuit in Delaware court against 4D Factory investment company CEO Cort Javarone, as well as several Neon investors including equity holder Steve Horowitz, claiming that these investors are attempting to seize control of the company's shareholders and plunder its treasury.

It is alleged that Javarone appointed himself as Neon CEO on November 13 and removed the original CEO Long from the studio's board. Neon executives claim that Javarone is trying to take over their studio and has violated contractual commitments to new investors.

Previous news, on October 25, the game development studio Neon Machine announced the completion of a $20 million Series A funding round, led by Polychain, with participation from Griffin Gaming Partners, Brevan Howard Digital, Franklin Templeton, IOSG Ventures, and Tess Ventures. The funds raised will be used to further develop their shooting game "Shrapnel" at a "critical moment," preparing for an early access release in December and a full release sometime in 2024. The Shrapnel team currently has a total of 70 employees.

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Shrapnel Neon Machine 4D Factory

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