Posts by Reuters

  • ‘Left Behind’ video game creator faces U.S. SEC fraud charges

    Reuters at Plugged In6 mths ago

    By Sarah N. Lynch, Reuters

    WASHINGTON (Reuters) - The creator of a video game based on the popular Christian "Left Behind" novel series and his friend have been charged with scheming to inflate the company's revenue by nearly 1,300 percent, U.S. regulators announced Wednesday.

    Left Behind Games Inc Chief Executive and Chief Financial Officer Troy Lyndon issued nearly 2 billion shares to his friend Ronald Zaucha, purportedly as compensation for consulting services, the Securities and Exchange Commission's complaint alleges.

    The real reason for issuing the stock was so Zaucha could sell millions of unregistered shares in the marketplace and then kick back the proceeds and use other "sham purchases" to help bolster the struggling company's books, the SEC said.

    The SEC's lawsuit was filed late on Tuesday in a federal court in Hawaii, where Lyndon and Zaucha both reside. The SEC suspended the company's stock Wednesday.

    The complaint charges both men with fraud, and the SEC said its probe is continuing.

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  • Microsoft to unveil more TV projects for Xbox One entertainment hub

    Reuters at Plugged In7 mths ago

    By Tim Kelly, Reuters

    (Reuters) - Microsoft Corp will follow its Steven Spielberg collaboration with more television projects aimed at positioning its new Xbox games console as a home entertainment hub.

    Microsoft and rivals Sony Corp and Nintendo Co Ltd have broadened the scope of gamesconsoles by giving users the ability to play games whilst watching television, listening to music or communicating via video phone.

    Microsoft's Xbox One console, unveiled in May, will be released in tandem with a Spielberg-produced television series based on the Halo game series.

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  • Sony pins hopes for profit on PlayStation 4, sets February launch in Japan

    Reuters at Plugged In7 mths ago

    By Sophie Knight, Reuters

    TOKYO (Reuters) - Sony Corp announced the Japanese release of its PlayStation 4 on Monday as the electronics maker braces for a console war with Microsoft Corp that could make or break the Japanese firm's struggle to return to profit.

    Sony said it will launch the PS4 on February 22 in Japan, three months later than its November 15 release in the United States. The basic version of the PS4 will retail for 39,980 yen ($400), in line with its North American $399 price tag. That compares with $499 for Microsoft's Xbox One, which will be rolled out on November 22.

    With the PS4, Sony is hoping its gaming division - one of its key businesses along with its mobile and imaging segments - will power a return to profit after the company rejected a proposal from activist shareholder Daniel Loeb to spin off its lucrative entertainment business.

    To hit its numbers, Sony must ensure that the PS4 triumphs in the battle against Microsoft's XBox One, as well fighting off competition from Nintendo Co Ltd's Wii U.

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  • Disney’s ‘Infinity’ video game sees brisk retail sales

    Reuters at Plugged In7 mths ago

    By Malathi Nayak, Reuters

    SAN FRANCISCO (Reuters) - Walt Disney Co's recently launched video game "Infinity" is selling strongly and major retailers report they are replenishing stock to meet demand, an encouraging start for the media giant's plans to turn around its loss-making game division.

    GameStop, Toys"R"Us and Wal-Mart Stores said they are restocking to stay ahead of demand for the game, which was released on August 18.

    "The momentum continues to be very strong," said Matt Hodges, a GameStop spokesman. "A couple of toy characters like Violet (the young female superhero from "The Incredibles") are hard to get."

    Disney and the retailers did not share specific sales figures. Research firm NPD, that tracks video game industry sales, is expected to release its monthly report next week.

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