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Videogame Maker Settles Shareholder Suit For $10M

Law360 (August 1, 2007, 12:00 AM EDT) -- Shareholders have reached a $10 million settlement with videogame developer Gravity Co. Ltd., putting to rest a securities fraud class action over the Korean company's 2005 initial public offering.

In a brief filed to the Manhattan district court Tuesday in support of the settlement, lead plaintiffs counsel Lerach Coughlin Stoia Geller Rudman & Robbins LLP said the proposed deal was an “outstanding” result for Gravity investors.

The proposed settlement would resolve the consolidated class action against Gravity, certain of its executives and the underwriters of the...
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