Global Gaming Expelled from Exchange
The company that says it is buying the Pirate Bay file-sharing site has been expelled from the Aktietorget stock exchange.
In making the move, the exchange’s disciplinary committee says a lack of information from GGF has misled the market and encouraged shareholders to make investments that they would not have made had correct information been made available.
Trading in the company was suspended last month while the committee conducted its investigation. An extra general meeting of GGF two weeks ago approved the 9 million dollar deal, but concern has been expressed over where the company would find the money.
According to the TT news agency, it is now probable that Global Gaming Factory will not be able to close the deal.
Aktietorget’s deputy CEO Peter Gönczi told TT that GGF’s CEO Hans Pandeya “could not substantiate a number of claims he made in press releases after the Pirate Bay deal was announced”. This included alleged promises of loans for investments from Napster founder John Fanning, Russian interests, and others.