The release of the MMORPG The Secret World is once again facing legal consequences after 4 years. The former CEO is being prosecuted.
As reported by Reuters, a Norwegian financial crimes authority has filed charges against the former CEO of Funcom, Trond Arne Aas. He is accused of market manipulation and insider trading. The allegations primarily concern a period of 9 months in 2011 and 2012. Charges are also being brought against three other individuals.
Lawyers for the defendants have rejected the accusations, stating that their clients are innocent.
It can be assumed that the proceedings still revolve around the events surrounding the launch of “The Secret World”. The CEO had resigned on the launch day of “The Secret World” and, as reported by Escapist magazine in September 2012, had offered 1.5 million shares in the company for sale at a relatively high price. He was able to do this without notifying the Oslo Stock Exchange, as he had stepped down from the list of “Primary Insiders” of Funcom.
As a result of the unsuccessful launch of The Secret World, the share prices of Funcom later collapsed – also because it became known that the former CEO wanted to sell so many shares. Such behavior raises, to say the least, the suspicion of other investors.
Aas stated at the time that he did not foresee the poor sales figures of The Secret World prior to his resignation and the sale of shares. The feedback before the launch was great.
The allegations against Funcom itself were dropped last year in exchange for a financial penalty.
As always in such legal matters, it is probably best to wait for the process to unfold until precise information comes to light. Economic matters are fundamentally a difficult to oversee and complex field.
