Infinium In Trouble

Video Game Law Blog

November 04, 2005

Ifinium Labs, which trades on the over-the-counter market, is in the midst of one of its biggest challenges to date. Infinium's Chairman Timothy Roberts, who resigned from the posts of chief executive and acting chief financial officer in August, has been informed by the SEC that he is under investigation. Infinium believes the SEC notice is connected to charges filed by the SEC in July against three men for the alleged fraudulent promotion of several companies, including Infinium Labs. Infinium has further stated that certain aspects of six quarters' worth of its financial reports (regarding payroll and payroll taxes) contain errors, as they failed to disclose interest and penalties which could effectively double the amounts actually disclosed.

Infinium Labs has been working toward the release of the Phantom Game Service video game console.  It is unclear when the Phantom Game Service will launch.

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