Starbreeze offices raided because of insider crime

Oct 25, 2017
1,910
Sweden
#1
There doesn’t seem to be much information as of yet but Starbreeze’s offices has apparently been raided in light of a ’serious insider crime’ and one person is detained.

Swedish news SVT

”Google translate” said:
The ECO, EBM, has conducted a raid against the game development company Starbreeze's headquarters in Stockholm. The reason is suspicions of serious insider crimes, says Dagens Industri.

A person is deprived of liberty, "said EBM's presidential speaker Niklas Ahlgren to the newspaper.

Today's industry has previously written that several executives in Starbreeze sold a larger number of shares in the company shortly before the company gained profits and also replaced the CEO.
 
Last edited:
Oct 28, 2017
2,492
#12
Man, this is so sad.

Starbreeze made some excellent games over the years. I guess they sort of shifted into a publishing role over the past few years? And now this...
 
Oct 25, 2017
976
#13
"Insider crime" meaning insider trading? Considering they seem to be a rapidly sinking ship, I'm not particularly surprised someone on the inside might have tried to make a few bucks before the rest of the world got to know about their dire situation.
 
Oct 27, 2017
57
#22
Man, good luck getting outside funding to keep the company going if the allegations of "several executives" selling off their stock right before the administration announcement are true.
 

mnz

Member
Oct 25, 2017
4,391
#27
Oh no, does Double Fine need to look for a new publisher for their new Psychonauts title? What is this, 2004?
 
Oct 25, 2017
1,690
The Netherlands
#29
Ouch!

"In mid November, outgoing CFO Sebastian Ahlskog sold his entire stake in Starbreeze for a total of SEK 3.3 million. At about the same time, outgoing CEO Bo Andersson Klint sold shares for a total of SEK 18.6 million. The transactions were made at stock prices around SEK 4-6."

The stock currently goes for SEK ~0,80...

($1 ~ SEK 10)
 
Oct 25, 2017
5,125
#36
This story is way too tragic. Let's pour one out for Starbreeze.
The fate of the studio appears to be one of tragedy, yeah.

That said, if execs were gaming their priveledged info for their own personal profits on the stock market then that's still a crime and getting arrested is just part of the deal.
 
Oct 25, 2017
3,502
#37
The fate of the studio appears to be one of tragedy, yeah.

That said, if execs were gaming their priveledged info for their own personal profits on the stock market then that's still a crime and getting arrested is just part of the deal.
One hundred per cent, and that just adds to the tragedy. That Starbreeze's golden age slipped away over the last ten years, no doubt in the midst of such misbehaviour.
 
Oct 25, 2017
8,056
#38
I was getting worried for Dead by Daylight but then I googled and it seems the Devs actually bought the rights to the game earlier this year, neat.
 
Oct 30, 2017
2,427
#39

I still remember when the first thing the new CEO did when he took reing was to introduce microtransactions, something that they said previously they would never do. They walked back, but I guess the writing was in the wall.
 
Oct 25, 2017
2,199
#40
I do love the pic that di.se has of the raid:


Makes things seem less dramatic, but uh yeah. This seems like a real clear cut insider trading case, which isn't all that surprising considering who was running the company.

edit: Oh, allegedly they delayed information about profit warnings and change of CEO on November 15th, same day that the CEO + other dude sold their stocks. Could you at least try and be competent with either running a game studio or committing crimes? I'm not asking for much here, just show some basic competency in one area of your professional life.
 
Oct 27, 2017
634
#41
Oh no, does Double Fine need to look for a new publisher for their new Psychonauts title? What is this, 2004?
I completely forgot about this detail, but at least DF owns all the IP so it's not inmediate trouble for them, but if I were Tim, I would start doing some calls ASAP.
 
Oct 25, 2017
1,106
Netherlands
#42
Sad news :(
I'll never forget after Octamed I perfected my composing and sequencing with Fasttracker II back when they were called Triton. I'll be always thankful for that.