NewsletterGALA Games Shares Optimistic Outlook Amidst Co-Founders Suing Each Other
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.
Also Read: Coinbase Founder Adds Web3 LinkedIn To His List Of Crypto Startup Ideas
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.
Also Read: Ethereum Whales Added Over $400 Million In ETH, Will Price Action Follow?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- SEC Crypto Task Force Hosts Financial Privacy Roundtable Today: What to Expect
- Breaking: Kevin Warsh Now Favorite to Replace Powell After Hassett’s Fed Chair Bid Faces Pushback
- First Hyperliquid ETF Launch ‘Imminent’ as Bitwise Files Amended S-1 With SEC
- XRP News: Ripple’s RLUSD Eyes Wider Adoption as Stablecoin Expands to Coinbase’s L2 Base
- Breaking: Michael Saylor’s Strategy Buys 10,645 Bitcoin as Crypto Market Braces for Japan Rate Hike
- Ethereum Price Risks $2,600 Drop Despite JPMorgan’s New Fund on its Network
- Analyst Confirm Pi Network Price Could Still Reach $1, Here’s When?
- Is Ethereum Price Set for a Rebound as a Prominent Whale Accumulates $119M After the Dip?
- XRP Spot ETF Records Nearly $1B Inflows While BTC and ETH Bleed- Is A XRP Price Reversal Ahead?
- Bitwise SOL ETF Records 33 Days of Nonstop Inflows- Is A Recovery to $150 Possible?
- Will Bittensor Price Break Above $400 After First TAO Halving Tomorrow?
