Gamasutra is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Gamasutra: The Art & Business of Making Gamesspacer
View All     RSS
July 18, 2019
arrowPress Releases

If you enjoy reading this site, you might also want to check out these UBM Tech sites:

THQ bombarded by  uDraw  class action lawsuits

THQ bombarded by uDraw class action lawsuits

June 19, 2012 | By Eric Caoili

Three different law firms have filed class action lawsuits against THQ over allegations that the publisher violated federal securities laws with the handling of its failed uDraw franchise and GameTablet peripherals.

Lawyers have come out of the woodwork to sue THQ in the last week over allegations that the company knowingly made "false and misleading statements" when informing investors about anticipated uDraw sales for Xbox 360, PlayStation 3, and Wii.

Despite healthy sales for uDraw's Wii game in early 2011, the company overestimated demand when it attempted to expand the franchise during the holiday season. That error resulted in over $30 million in operating losses, and THQ eventually killed the series and laid off developers who worked on the games.

Atlanta law firm Holzer Holzer & Fistel announced last week that it's investigating whether THQ failed to warn investors in a timely manner about low uDraw sales -- and now three other three firms have filed class action lawsuits making identical allegations.

Class action specialist Robbins Geller Rudman & Dowd, shareholders litigation firm Robbins Umeda, and boutique business and securities law firm Federman & Sherwood have all filed suits against THQ on the behalf of their plaintiffs with the United States District Court for the Central District of California.

All of the firms seek to recover damages for shareholders who purchased THQ stock between May 2011 and February 2012. They are also all encouraging those affected shareholders to contact them and participate in the class action suit.

Related Jobs

Sucker Punch Productions
Sucker Punch Productions — Bellevue, Washington, United States

QA Manager
Sony PlayStation
Sony PlayStation — San Mateo , California, United States

Global Partner Marketing Manager
FoxNext Games
FoxNext Games — Los Angeles, California, United States

Graphic Designer/2D Production Artist
Giant Army
Giant Army — Remote, Washington, United States

Graphics Developer for Universe Sandbox

Loading Comments

loader image