-
Ever wanted an RSS feed of all your favorite gaming news sites? Go check out our new Gaming Headlines feed! Read more about it here.
-
We have made minor adjustments to how the search bar works on ResetEra. You can read about the changes here.
Starbreeze offices raided because of insider crime
- Thread starter Perzeval
- Start date
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.
That's just old people otw to Dreamhack.
Most if not all of the original creative minds that are responsible for their celebrated titles left after Riddick: Assault on Dark Athena in 2009, to form MachineGames and other companies.
Starbreeze today is seemingly a completely different entity all together.
This is the official statement from Starbreeze (my translation, so inaccuracies may occur but it should accurate enough)
"The Swedish Economic Crime Authority have conducted a raid at Starbreeze AB this wednesday morning. The Company has been informed that this occured due to suspicion of insider trading/crime. The company as such is not a subject of any suspicion.
The company is cooperating with the Swedish Economic Crime Authority. The incident does not affect the company or the ongoing reconstruction.
Starbreeze does not have any further information in the matter"
Original statement in Swedish (via their official site)
"The Swedish Economic Crime Authority have conducted a raid at Starbreeze AB this wednesday morning. The Company has been informed that this occured due to suspicion of insider trading/crime. The company as such is not a subject of any suspicion.
The company is cooperating with the Swedish Economic Crime Authority. The incident does not affect the company or the ongoing reconstruction.
Starbreeze does not have any further information in the matter"
Original statement in Swedish (via their official site)
riddick...the darkness...even syndicate...starbreeze were at one time one of my fave devs. a shame they are going out like this. on the plus side, isnt it true that a big portion of their staff became machine games? THQ and bethesda should team up to make a new the darkness
If the company goes bankrupt, the curators will try to squeeze as much money out of the company as possible, which includes trying to sell IPs and game assets. The IPs will get a new owner.
Skamligt om sant...
Big fan of Starbreeze's older works, seeing Riddick running on the OG Xbox floored me at the time. Their FPS designs always tried to push immersion as much as possible, to varying success in their later titles, something that is still quite rare with the exception of Machine Games (for obvious reasons).
Hopefully all the employees will turn out ok, good thing Stockholm game dev scene seems to be quite vibrant for the time being.
Big fan of Starbreeze's older works, seeing Riddick running on the OG Xbox floored me at the time. Their FPS designs always tried to push immersion as much as possible, to varying success in their later titles, something that is still quite rare with the exception of Machine Games (for obvious reasons).
Hopefully all the employees will turn out ok, good thing Stockholm game dev scene seems to be quite vibrant for the time being.
Didn't they have layoffs recently?
My brother in law had interviews with them earlier this year. Didn't get hired and now I'm glad for him lol
My brother in law had interviews with them earlier this year. Didn't get hired and now I'm glad for him lol
Ouch but funny
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.
Rep. Chris collins: "watch me do day and date insider trading"
Starbreeze bod: "hokd my beer"
Update; Another Starbreeze boss is hunted by the Swedish Economic Crime Authority after the raid (in Swedish, paywalled)
To no one's surprise DI is citing sources that say both the former CEO and the CFO are now under suspicion for insider trading, still just the one person being arrested. There is also mention of several sweeps taken by the Swedish Economic Crime Authority.
also, for fun; Swedish business site Veckans Affärer posted an article yesterday about how Nordea (the biggest bank in Sweden) did an analysis on how the future of the stock is looking. The stock was at the time of the article valued at 60 öre (which is about ~$0,067) and he potential future value ranges from 3 kronor (~$0,33) on the high end with a successful reconstruction to 0 kronor (which is about.... checks notes... $0) and mentions of assets being sold in a "fire sale".
To no one's surprise DI is citing sources that say both the former CEO and the CFO are now under suspicion for insider trading, still just the one person being arrested. There is also mention of several sweeps taken by the Swedish Economic Crime Authority.
also, for fun; Swedish business site Veckans Affärer posted an article yesterday about how Nordea (the biggest bank in Sweden) did an analysis on how the future of the stock is looking. The stock was at the time of the article valued at 60 öre (which is about ~$0,067) and he potential future value ranges from 3 kronor (~$0,33) on the high end with a successful reconstruction to 0 kronor (which is about.... checks notes... $0) and mentions of assets being sold in a "fire sale".
Ironically it's the CEO's brother who is represented by one of the heisters in the game (Wolf is Ulf Andersson), whose backstory is that he went crazy after his Swedish game company folded. In real life he left the company and is now making GTFO.
Christ, I've waited over a decade for that game. This can't be what kills it...
Bo Andersson, the recently-resigned CEO, is already overseas after resigning two days ago. Not shady at all. https://www.reddit.com/r/paydaytheheist/comments/a3dy8d/comment_from_bo_andersson_former_ceo_of/
Double Fine has bounced back from losing a publisher mid-development twice now. They'll be fine, especially considering the game in question has already secured most of its funding and is partially done.
Double Fine has bounced back from losing a publisher mid-development twice now. They'll be fine, especially considering the game in question has already secured most of its funding and is partially done.
Last edited:
Oh.
Well I guess that settles who is arrested and who is being "hunted". That entire article is hilarious in just how shady he sounds.
The Prosecution Office for Market Abuse, or if you prefer your translations to be literal "the finance market chamber".
Love trackers, seems like you have a very similar path to me into music production. A few artists are still using Fast Tracker II, really impressive after all these years.
Can someone explain to me why insider trading is illegal? And does it only affect public companies.