Online gaming company sued by shareholders over fraud case.
Friday 5th November 2004
Minority shareholders today filed suit against TGG Investments Inc, alleging mismanagement and erosion of shareholder value amongst other things. The claimants also seek an immediate injunction to prevent asset stripping of the company, a court order instructing the current management of TGG to hand over all company financials to minority shareholders, and unspecified compensation for damages and loss of earnings.
This follows a $25 million dollar lawsuit filed by former BingoWorkz employees against TGG Investments and a handful of other companies. BingoWorkz claims a merger between themselves and Gamewave Solutions Inc, which together formed TGG investments was unlawful.
More lawsuits are expected to follow in the coming weeks.
Minority shareholders today filed suit against TGG Investments Inc, alleging mismanagement and erosion of shareholder value amongst other things. The claimants also seek an immediate injunction to prevent asset stripping of the company, a court order instructing the current management of TGG to hand over all company financials to minority shareholders, and unspecified compensation for damages and loss of earnings.