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An investor is suing EA for violating federal securities laws by making "materially false and misleading statements" regarding the development of Battlefield 4, which has been riddled with bugs since launch. The suit accuses EA of knowing that the game was buggy and that it wouldn't meet sales goals, but the company lied to keep the stock high while sold millions in shares.
This lawsuit is perhaps a surprise to no one, especially since just last week, a firm was investigating EA for the same allegations.
The suit has been filed on behalf of anyone who purchased EA stock between July 24th and December 4th, which is when EA announced they weren't going to release any more DLC until they fixed the game.
The petition specifically mentions statements from EA president Peter Moore saying that EA "couldn't be happier with the quality of the games [its] teams [were] producing or the early reception those games [were] getting from critics and consumers," and a statement from CEO Andrew Wilson saying that EA did "a spectacular job to deliver a game that not only represents the pinnacle of this console generation but one that is also a defining title for the next-gen consoles launching in November." The suit claims that while they made these statements, Moore and Wilson knew or should have known that Battlefield 4 was full of bugs that would force EA to put other projects on hold to fix the game and therefore miss EA's sales projections for Battlefield 4 and other projects.
These lawsuits for fraud are always a bit sticky because it gets difficult to prove that the executives actually knew there were all of the problems and that they agreed to release a buggy game on purpose. Most likely, EA will settle the suit to avoid lengthy court time and hefty costs. If that happens, the question then becomes how much trust has EA lost with current and future investors?
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