Judge: Shareholders fail to show Midway Games execs hid financial condition

Sun Times:

A federal court judge has ruled in favor of former top executives at the defunct Midway Games, the Chicago-based owner of the Mortal Kombat videogame franchise, whom certain shareholders had alleged deceived the public about Midway Games' financial condition.

U.S. District Court Judge David H. Coar ruled in an order released Monday that the aggrieved shareholders, who lost millions in their investments in the company, failed to make their case that the executives knowingly kept the investing public in the dark while the executives sold their shares and made millions. The exonerated executives are former CEO David Zucker; Thomas Powell, chief financial officer; Steven Allison, chief marketing officer; James Boyle, controller, and Miguel Iribarren, senior vice president, publishing.

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