Live
- BJP leaders present evidence of illegal voters in Delhi, urge EC for swift action
- Exams will not be cancelled: BPSC chairman
- Nagesh Trophy: Karnataka, T.N win in Group A; Bihar, Rajasthan triumph in Group B
- Economic and digital corridors to maritime connectivity, India and Italy building vision for future, says Italian Ambassador
- SMAT 2024: Patidar's heroics guide Madhya Pradesh to final after 13 years
- CCPA issues notices to 17 entities for violating direct selling rules
- Mamata expresses satisfaction over speedy conviction in minor girl rape-murder case
- Transparent Survey Process for Indiramma Housing Scheme Directed by District Collector
- District SP T Srinivas Rao, IPS, Conducts Annual Inspection at Dharur Police Station
- Job Fair for Pharmacy Retail Store Opportunities in Dharur and Hyderabad
Candy Crush saga maker facing 'class-action lawsuit' for hiding 'declining' user numbers
Highlights
San Francisco-based King Digital, maker of \"Candy Crush saga,\" is facing a class-action lawsuit that claims the company deliberately hid a significant fall in the number of users ahead of its IPO last year.
San Francisco-based King Digital, maker of "Candy Crush saga," is facing a class-action lawsuit that claims the company deliberately hid a significant fall in the number of users ahead of its IPO last year.
The case, which was filed on Tuesday in California Superior Court, by investors Sean Debotte and Michael Nunes accused King Digital of misleading investors in its federal documents, Mashable reported.
The suit said that the company claimed that 97 million active users played 1.065 billion average daily games of Candy Crush ahead of the company's initial public offering a year ago.
However, that figure had witnessed a "significant decline" as once-paying customers began to leave the game. The suit argued that the company should have revealed the real numbers at the time of the IPO.
According to the company's official IPO filings, Candy Crush Saga accounts for nearly 80% of King's business. The firm sold shares worth 499.5 million dollars to the public last year at 22.50 dollars per share. King executives earned millions, as did their financial backers, the lawsuit said.
Next Story
ADVERTISEMENT
