Send News. Want a reply? Read this. More in the FAQ.   News Forum - All Forums - Mobile - PDA - RSS Headlines  RSS Headlines   Twitter  Twitter
Customize
User Settings
Styles:
LAN Parties
Upcoming one-time events:

Regularly scheduled events

Starbreeze Insider Trading Raid and Arrest

A couple of days after the news that Bo Andersson was leaving his position as CEO of Starbreeze amid a reorganization comes word that the Starbreeze offices were raided by Swedish authorities, and as a result one person has been arrested on suspicion of insider trading. Variety has the details on the stock sales that led to the raid:

The offices of Starbreeze, the developers behind poorly-received shooter “Overkill’s The Walking Dead,” were raided Wednesday in Stockholm by the Swedish Economic Crime Authority which is investigating the company for insider trading, according to Dagens Industri.

Swedish Economic Crime Authority spokesperson Niklas Ahlgren confirmed to Variety that the group is investigating Starbreeze for possible insider trading and conducted a raid on the business Wednesday.

The raid occurred Wednesday morning, with authorities arresting one on suspicion of insider trading and seizing a number of items including a computer. DI reports that the Wednesday office raid was one of several conducted by the group as part of the insider trading investigation into Starbreeze.

According to the publication, the outgoing finance manager and outgoing CEO both sold their entire stake in the company in November. Since those sales, the stock price for the company dropped about 80 percent as the company struggles with the lackluster response to “Overkill’s The Walking Dead.”

View
5 Replies. 1 pages. Viewing page 1.
< Newer [ 1 ] Older >

5. Re: Starbreeze Insider Trading Raid and Arrest Dec 5, 2018, 13:53 HoSpanky
 
Desalus wrote on Dec 5, 2018, 13:14:
NKD wrote on Dec 5, 2018, 11:20:
Alternatively they could do the US approach of not investigating and not arresting, and then possibly giving them a bail out.

Yeah, thats usually how it works here but apparently not in Sweden. Perhaps they thought they were safe to sell off all of their stocks after it was apparent the game was tanking. Still, if the company is about to go bankrupt, selling all your shares off shortly before that's announced is a very bad idea.

Yeah I dunno if that counts as insider trading. Everyone knew the game was doing poorly. It’s whether or not the people selling their shares knew the company was going into bankruptcy.
 
Avatar 15603
 
Reply Quote Edit Delete Report
 
4. Re: Starbreeze Insider Trading Raid and Arrest Dec 5, 2018, 13:14 Desalus
 
NKD wrote on Dec 5, 2018, 11:20:
Alternatively they could do the US approach of not investigating and not arresting, and then possibly giving them a bail out.

Yeah, thats usually how it works here but apparently not in Sweden. Perhaps they thought they were safe to sell off all of their stocks after it was apparent the game was tanking. Still, if the company is about to go bankrupt, selling all your shares off shortly before that's announced is a very bad idea.
 
Avatar 57911
 
Reply Quote Edit Delete Report
 
3. Re: Starbreeze Insider Trading Raid and Arrest Dec 5, 2018, 13:13 jacobvandy
 
Oh dang, they're done then. Even if the criminals are gone, it's hard to build your reputation back up after something like this. They were already fighting to recover from previous backlash over Payday 2, so combined with a double pump and dump (stock and the new game), Starbreeze, Overkill, and anyone else associated might as well hang it up because their names are officially mud.  
Reply Quote Edit Delete Report
 
2. Re: Starbreeze Insider Trading Raid and Arrest Dec 5, 2018, 12:05 Darks
 
Good, couldn't have happend to a better shit company. Walking Dead is a trashy POS game. Devs could care less about what the player base was saying about the over all difficulty of the game.

Most of the player base has left already or refunded the game shortly after purchase. I know I did, some of the mechanics in the game were just to penalizing to the player and the stupid ass AI always setting off the Horde meter was beyond stupid.

And they have already discounted the game down to 30 dollars now.
This was also another complaint about the price. I guess the writing is now on the wall.

Dont be supposed if this game gets pulled.
 
Avatar 20498
 
Creator of the Neverwnter Nights Eye of the Beholder Series of Mods.

http://www.moddb.com/mods/eye-of-the-beholder-ii-ledgend-of-darkmoon
Reply Quote Edit Delete Report
 
1. Re: Starbreeze Insider Trading Raid and Arrest Dec 5, 2018, 11:20 NKD
 
Alternatively they could do the US approach of not investigating and not arresting, and then possibly giving them a bail out.  
Avatar 43041
 
I keep warning you. Doors and corners, kid. That's where they get you. Humans are too fucking stupid to listen.
Reply Quote Edit Delete Report
 
5 Replies. 1 pages. Viewing page 1.
< Newer [ 1 ] Older >


footer

Blue's News logo