Allied Gaming & Entertainment Files Counterclaim Against Mr. Frank Ng, a Former CEO of the Company
02 Agosto 2024 - 8:00AM
Business Wire
Allied Gaming & Entertainment, Inc. (NASDAQ: AGAE) (the
“Company” or “AGAE”), a global experiential entertainment company,
announced today that on October 4, 2023, Mr. Frank Ng, a former CEO
of AGAE, initiated an arbitration against AGAE alleging breaches of
certain employment contracts between Mr. Ng and AGAE. On November
21, 2023, AGAE responded to Mr. Ng’s claims, categorically denying
each allegation and asserted vigorous defenses against the
same.
After AGAE’s initial response, AGAE discovered numerous actions
taken by Mr. Ng that may have violated his duties and obligations
during his employment with AGAE. Accordingly, on July 15, 2024,
AGAE filed a counterclaim against Mr. Ng to prosecute such recently
discovered potential breaches of fiduciary duties by Mr. Ng while
in AGAE’s employ as its CEO and as a director.
Although the arbitration is on-going, AGAE is confident it will
be vindicated and prevail against Mr. Ng’s claims and on its
counterclaims against Mr. Ng.
About Allied Gaming & Entertainment
Allied Gaming & Entertainment Inc. (Nasdaq: AGAE) is a
global experiential entertainment company focused on providing a
growing world of gamers and concertgoers with unique experiences
through renowned assets, products and services. For more
information, visit alliedgaming.gg.
Forward Looking Statements
This communication contains certain forward-looking statements
under federal securities laws. Forward-looking statements may
include our statements regarding our goals, beliefs, strategies,
objectives, plans, including product and service developments,
future financial conditions, results or projections or current
expectations. In some cases, you can identify forward-looking
statements by terminology such as “may,” “will,” “should,”
“expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,”
“potential,” “intend” or “continue,” the negative of such terms, or
other comparable terminology. These statements are subject to known
and unknown risks, uncertainties, assumptions and other factors
that may cause actual results to be materially different from those
contemplated by the forward-looking statements. These
forward-looking statements are not guarantees of future
performance, conditions or results, and involve a number of known
and unknown risks, uncertainties, assumptions and other important
factors, many of which are outside our control, that could cause
actual results or outcomes to differ materially from those
discussed in these forward-looking statements. The inclusion of
such information should not be regarded as a representation by the
Company, or any person, that the objectives of the Company will be
achieved. Important factors, among others, that may affect actual
results or outcomes include: risks associated with the future
direction or governance of the Company; our ability to execute on
our strategic and business plans; the substantial uncertainties
inherent in the acceptance of existing and future products and
services; the ability to retain key personnel; potential
litigation; general economic and market conditions impacting demand
for our services; our inability to enter into one or more future
acquisition or strategic transactions; and our ability, or a
decision not to pursue strategic options for the esports business.
You should consider the areas of risk described in connection with
any forward-looking statements that may be made herein. The
business and operations of AGAE are subject to substantial risks,
which increase the uncertainty inherent in the forward-looking
statements contained in this communication. Except as required by
law, we undertake no obligation to release publicly the result of
any revision to these forward-looking statements that may be made
to reflect events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events. Further information
on potential factors that could affect our business and results is
described under “Item 1A. Risk Factors” in our Annual Report on
Form 10-K for the year ended December 31, 2023, as filed with the
SEC on March 27, 2024, as amended, as well as subsequent reports we
file with the SEC. Readers are also urged to carefully review and
consider the various disclosures we made in such Annual Report on
Form 10-K and in subsequent reports with the SEC.
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version on businesswire.com: https://www.businesswire.com/news/home/20240801486759/en/
Investor Contact: Tyler Drew Addo Investor Relations
ir@alliedgaming.gg
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