As if things couldn`t get any worse for Acclaim...
On behalf of investors, the law firm of Cauley Geller Bowman Coates & Rudman has filed a class action lawsuit against Acclaim Entertainment for misleading them. It is alleged that they were promised financial performances and sales, which never arised. Apparently, Acclaim never disclosed to them the problems they were having.
When Acclaim revealed in a press release that they expected a loss for Q4 2002. The company`s stocks fell sharply in the following months, 73% from their high in April 2002.
The class action suit is due to go to court this May, and the lawyers are still looking for more people to include.