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Allied Gaming & Entertainment, Inc.(NASDAQ:AGAE) (the "Company" or "AGAE"), a global experiential entertainment company, announced today that on October 4, 2023, Mr. Frank Ng, a former CEO of AGAE, initiated an arbitration against AGAE alleging breaches of certain employment contracts between Mr. Ng and AGAE. On November 21, 2023, AGAE responded to Mr. Ng's claims, categorically denying each allegation and asserted vigorous defenses against the same.
After AGAE's initial response, AGAE discovered numerous actions taken by Mr. Ng that may have violated his duties and obligations during his employment with AGAE. Accordingly, on July 15, 2024, AGAE filed a counterclaim against Mr. Ng to prosecute such recently discovered potential breaches of fiduciary duties by Mr. Ng while in AGAE's employ as its CEO and as a director.
Although the arbitration is on-going, AGAE is confident it will be vindicated and prevail against Mr. Ng's claims and on its counterclaims against Mr. Ng.
Posted In: AGAE
