CDV drops charges against SouthPeak

"Alleviated of all alleged financial obligation to CDV."

Bankrupted publisher CDV's pursuit of apparent unpaid royalties from former partner SouthPeak looks to have come to an end.

While details behind the dispute were not provided, SouthPeak claimed to have "been alleviated of all alleged financial obligation to CDV."

Stated SouthPeak CEO Melanie Mroz, "This resolution, and the closure of the case by the courts, puts an end to the misleading and inaccurate information circulating in the public regarding these matters, and allows us to re-direct attention toward driving the continued growth of the Company.

"We have an exciting slate of releases scheduled for the remainder of calendar 2010 and 2011, and with these matters behind us, we are able to focus more intently on bringing these games to market and on achieving our strategic and operational objectives."

Last month, SouthPeak financials hinted that the resolution of the case had involved high costs. "CDV in particular marked a substantial drain on our resources," Mroz then commented on the company's fiscal 2010 loss of $5.8 million.

Having put the CDV and Paradox cases behind it, SouthPeak predicted a better 2011.

Related stories

Timegate appeal in Section 8 lawsuit fails

Timegate faces $7.3 million in damages, loss of Section 8 IP

By Mike Williams

SouthPeak delisted from NY stock exchange

Publisher delists stock due to its finances and tough trading conditions

By Matthew Handrahan

Latest comments

Sign in to contribute

Need an account? Register now.