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Fortis Advisors, a seller representative acting on behalf of Kixeye’s shareholders, filed the lawsuit today in Delaware’s Chancery Court. In it, Kixeye alleges that Stillfront deliberately breached a merger agreement over a $30 million “earnout,” or a bonus to be paid if Kixeye hit certain milestones.
We’ve asked Stillfront for a comment. In June 2019, Stillfront bought Kixeye for $90 million in an agreement that had an earnout for $30 million based on Kixeye’s expected financial performance for 2019.
Kixeye made popular real-time strategy games for mobile devices and PCs. The titles included games such as Rogue Assault, Battle Pirates, War Commander, and Vega Conflict.
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Fortis accused Stillfront of doing some creative accounting that made Kixeye’s results look worse than they actually were in an allegedly bad faith attempt to evade the earnout payment.
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