Acclaim hit with class-action suit

Cyberbiz Brief

A Florida law firm has filed a class-action suit in New York federal court against Acclaim Entertainment, claiming the troubled vidgame publisher gave false information about its financial performance, inflating its stock price and allowing it to close a private stock offering that raised $21.5 million.

The lawsuit by Vianale & Vianale accused Acclaim of incorrectly accounting for some game development and other costs while it was trying to close the stock offering last year. Acclaim subsequently retracted financial statements for the first half of the year, causing its stock to drop from a high of $5.85 to less than $1 per share after the quarterly results were pulled back.

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