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Allied Gaming & Entertainment Files Counterclaim Against Mr. Frank Ng, a Former CEO of the Company
NEW YORK--(BUSINESS WIRE)-- Allied Gaming & Entertainment, Inc. (NASDAQ: AGAE) (the “Company” or “AGAE”), a global experiential entertainment company,
About this update from Allied Gaming & Entertainment Inc.
[{"type":"text","content":" NEW YORK--(BUSINESS WIRE)--\nAllied 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.\n\n\nAfter 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.\n\n\nAlthough 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.\n\n\nAbout Allied Gaming & Entertainment\n\n\nAllied 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.\n\n\nForward Looking Statements\n\n\nThis 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, a...