Shutdown of Stargate Worlds game led to an investor lawsuit

May 17, 2012 1:13 pm Published by Leave your thoughts

While some individuals may not find science fiction to be of any interest, others become addicted to sci-fi movies, books and games. Futuristic television shows sometimes have a strong following and growing fan base. Examples of this are the TV shows "Stargate SG-1" and "Stargate Atlantis," which have been shown internationally. Whenever a popular product is eliminated from markets, the fans and investors are likely to file complaints, which is where a small business attorney can come in handy.

Recently, development of Stargate Worlds, an online role-playing game, has been shut down due to budgeting difficulties. Along with fans, hundreds of private investors of this game were discontent with the turn of events. An investor lawsuit has been filed against Cheyenne Mountain Entertainment Inc. – a software provider for gaming consoles, handheld devices and PCs – and its former chairman and CEO Gary Whiting.

According to the Arizona Republic, the investor lawsuit was filed in Maricopa County Superior Court in February, 2012. Investors seek a total of $4 million from Whiting and other executives of Cheyenne Mountain.

The plaintiffs, a total of 17, allege that Whiting developed a group of companies to solicit investments for the game, which presented themselves as independently owned but were mostly owned by the defendant. Whiting is also accused of taking millions of dollars from company coffers and never repaying loans to investors. The defendant denies any wrongdoing and claims the suit is aimed at seizing his assets.

"Besides my personal property, they took my good name," Whiting told the East Valley Tribune. "All I wanted was a fair shake. I founded this company. I'm the brains behind this company. I'm the creative guy behind this company."

Business owners in Phoenix, Arizona planning to launch a new enterprise which will sell shares to other investors and owners, or small and medium sized businesses in Arizona experiencing difficulties with current investors and owners may need the expertise of a small business law firm before issuing ownership interests or when facing or taking legal action regarding the sale of business interests.

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