After years of financial turmoil,
Midway Games finally went bankrupt in February. While the bankruptcy proceedings have wrapped up with the bulk of the business sold to
Warner Bros., the fallout from the publisher's prolonged collapse continues.
Midway executives: Masters of the fatality, the babality, and the legality.
The latest news surrounding Midway's demise wraps up a lawsuit alleging that executives--including former CEO David Zucker--willfully deceived shareholders about the company's financial well-being in order to artificially inflate its stock price.
Last week, a district court judge dismissed the suit, saying the shareholders "failed to show that defendants said or did anything more than publicly adopt a hopeful posture that its strategic plans would pay off. Such preening for the financial press is classic puffery. Even if these statements were not puffery, plaintiffs cannot establish that they were false when made." (Emphasis in original.)
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