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Prontera Town Square (General) » Class action lawsuit against Gravity (regarding RO).
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JelloB2000 5/21/05 2:16:31 PM
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MMORPG.COM Staff
Joined: 12/19/04 |
Short version: Gravity promised RO to become more popular despite loosing customers when stating that. Two quotes from links:"The Complaint alleges that Gravity violated federal securities laws by issuing false or misleading public statements". "On May 12, 2005, Gravity announced that its financial results for the first quarter of 2005 were lower than expected. On this news, Gravity's ADSs fell from a close of $9.24 per share on May 12, 2005, to close at $5.60 per share on May 13, 2005." Well ouch. |
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| *Notice: The views expressed in this post are solely those of the author and do not necessarily reflect the views of MMORPG.com or its management. |
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Silvergray 5/21/05 4:59:12 PM
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Novice Member
Joined: 6/02/04
PERSOCOM |
If i understand the situation correctly. Gravity claimed that they would become more popular. Considering all the updates that they did on the game, I suppose it wouldn't be unreasonable to assume they tried their best to make it so. But for crying out loud! How in the world do these people expect Gravity to predict the future. Yes they gave the statement. But lots of companies give statements that make their products look good but don't always deliver. Sample: "Pepsi: The Choice of the new generation" -Not always, dude. It's advertising. It's goal setting. In the end it isn't always true. Thats the way the business world works.
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| ***It was decided early on that Matrix Online would not contain any soup due to lack of spoons.*** |
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Cleffy 5/21/05 8:18:01 PM
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Elite Member
Joined: 5/09/04 |
The lawsuit has a very low chance of doing anything, some fansites had lawyers investigate to the possibilities, and most of they agree that its a BS lawsuit. It won't go far and they will probably settle. I mean the investors still arent even sure if they want to bring it up.
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CharLee 5/22/05 2:52:21 AM
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Novice Member
Joined: 12/08/03 |
I agree. People say things that they promise and the results are in within a year or later on. I find it completly stupid that they are suing Gravity for that. I mean in business, you have people that are honest, and people that just lie for their product promotion, and they are not getting sued. Of all the companies that can be sued, why is Gravity being sued for "Lying to their customers"? Hey that's part about business, deal with it! In business you have to take risks in order to continue. Just for the record, I hope that the the accuser looses this lawsuit. Cus if they won...well...think of how other companies will react. |
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Jorvall 5/23/05 12:30:44 PM
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Novice Member
Joined: 5/22/05 |
It may not affect RO very much but one thing's for sure. soon as the investors caught wind of the lawsuit. the stock dropped like 3 dollors.
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Cleffy 5/24/05 1:22:54 AM
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Elite Member
Joined: 5/09/04 |
lol in a couple weeks will be a good time to invest in Gravity. Since it will skyrocket when ro2 comes out. The bullshit thing about this lawsuit is that the drop in price happened over the period of 1 day. You cant be taken seriously if you trusted people for marketing advice then sue when the price drops over a 1 day period. Now if Gravity went bankrupt it would be something to be up in arms about. |
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Caveat emptor (Latin meaning: Let The Buyer Beware)