The latest chapter in the often-bizarre saga of technology start-up Infinium Labs has unfolded in the USA, with investment bank SBI-USA filing a lawsuit against the prospective platform holder for fraud and breach of contract. According to SBI, it had a deal with Infinium to provide investment banking services and advice, and should have been paid a percentage of all of the financing Infinium acquired - but no payment has been forthcoming.
SBI claims that Infinium raised more than $30 million through various forms of financing including private investment and sale of stock in the year following its deal with the company - although the company"s balance sheet lists less than $24 million in total finance since its inception, and closer to $10 million in the period described by SBI. Indeed, Infinium - which hopes to launch its Phantom Game Service next year, but requires additional investment of over $10 million to do so - strongly denies the claims made by SBI, arguing that not only is the $30 million figure grossly overstated, but that the nature of SBI"s deal with Infinium is also mis-represented.