Motorsport Games Receives Favorable Court Judgement in Dispute With Innovate

MT Newswires Live03-07

Motorsport Games (MSGM) and other defendants received a summary judgment motion in their favor from a federal court in Delaware on all counts in its dispute with Innovate (VATE) unit Innovate 2, Motorsport said Friday.

Other defendants included the company's former CEO and executive chairman, its former CFO, and a manager of Driven Lifestyle Group, the company said.

The US District Court for the District of Delaware ruled in favor of Motorsport Games on Innovate 2's claim of a breached stock purchase agreement.

Both parties are required to file a joint status report on March 12, addressing any remaining issues, including the company's damages on its counterclaim, according to Motorsport Games.

Innovate did not immediately respond to a request for comment from MT Newswires.

Motorsport Games shares were down 3% in recent trading.

Price: 1.29, Change: -0.04, Percent Change: -3.01

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