AGAE files counterclaim against former CEO Frank Ng
Ng initiated an arbitration against AGAE on October 4, 2023, alleging breaches of certain employment contracts between himself and the company.
Allied Gaming & Entertainment (AGAE) has announced that on October 4, 2023, Frank Ng, a former CEO of the company, initiated an arbitration against AGAE alleging breaches of certain employment contracts agreed upon between himself and his former employer.
On November 21, 2023, AGAE responded to Ng’s claims, categorically denying each allegation and asserted defenses against the claims.
After AGAE’s initial response, the company stated it had discovered numerous actions taken by Ng that may have violated his duties and obligations during his employment.
In light of the findings, AGAE filed a counterclaim against Ng on July 15, 2024 to prosecute potential breaches of fiduciary duties while holding the role of CEO and as a director.
While the arbitration is on-going, AGAE also stated it is confident it will be “vindicated” and prevail against Ng’s claims as well as on its counterclaims.
NG originally stepped down from the role of CEO with AGAE on July 17, 2021. The company then announced it had made the immediate appointment of Libing (Claire) Wu, who assumed the roles of CEO, President and general counsel.
On February 18, 2022, however, Wu resigned as CEO, with Yinghua Chen currently serving as the company’s CEO.
In May of 2024, the AGAE released its first quarter financial results, highlighting a 99% year-over-year increase in revenue. The increase was stated to be primarily attributable to gains in casual mobile gaming revenues following the company’s strategic investment in Z-Tech in the fourth quarter of 2023.
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