A U.S. District Court in New York has dismissed a class-action lawsuit filed by shareholders of The9 Ltd., the company that operates World of Warcraft in China, against the firm’s officers. The action, under sections 10b and 20a of the 1934 Securities and Exchange Act, asserted the corporate leaders made false statements and misrepresentations regarding the renewal of the exclusive and lucrative license to run World of Warcraft in China, which represents 90% of The9’s revenues. But the court ruled the plaintiffs failed to make their case, including their claim that officers schemed to benefit from the ultimate non-renewal of the license. From JD Supra and Katten Muchen Rosenman LLP. Click to read the opinion.
Suit fails over game licensing in China
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