Gala Games, a key player in the blockchain gaming and entertainment business, offered critical information on the continuing legal fights involving its founders in a recent blog post. Amid the legal tensions, it also revealed the company’s plans.
This comes after co-founder and CEO, Eric Schiermeyer, filed a derivative shareholder lawsuit against co-founder Wright Thurston and True North United Investments, LLC. Subsequently, Thurston initiated a lawsuit against Schiermeyer, creating a complex legal situation.
GALA Games Shares Optimistic Future Plans
In the post, GALA Games noted that derivative shareholder lawsuits, as the term suggests, are legal actions brought by shareholders on behalf of a corporation to address perceived wrongdoings against the company. While these lawsuits undoubtedly raise concerns within the Gala Games community, the company emphasizes its unwavering commitment to transparency and accountability throughout this process.
As the legal process unfolds, Gala Games noted that they are legally restrained from making public comments or speculations regarding the ongoing litigation. However, the company is keen to clarify that this legal dispute primarily involves the founders and does not directly implicate the company’s operations.
Despite the internal turmoil, Gala Games remains optimistic about its future. The company asserts that it is well-positioned to weather the storm and continue thriving. Gala Games reaffirms its dedication to ongoing innovation, promising remarkable games designed to bring joy and entertainment to a global audience. Additionally, the company’s film projects are progressing with enthusiasm, with forthcoming releases poised to captivate audiences.
They added that Gala Music artists keep creating outstanding, memorable music that connects with audiences. The business’s dedication to creativity, innovation, and its community has not changed.
GALA Token Plunges More Than 70% In 2023
The Gala Games community has, however, voiced extreme annoyance in response to these cases. The internal conflict has discouraged investors and supporters, and some have bemoaned how the protracted legal disputes are undermining faith in the Gala platform.
Gala Games’ native cryptocurrency, the GALA token, has not been exempt from the upheaval. Early in September 2023, there was intense selling pressure on it. According to data, the coin has lost 72% of its value since peaking at $0.062 in late January 2023. GALA has lost more than 20% of its value in the previous week alone, and it is currently trading at $0.01596.
The team promises to update its stakeholders on developments as these legal actions progress since it understands how crucial transparency is to upholding community confidence.
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