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SouthPeak Settles Dispute with CDV

By james_fudge

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SouthPeak Interactive and CDV Software have decided to play nice with each other. Financial terms of a freshly announced settlement were not disclosed, but both companies have apparently put the nasty business behind them. CDV Software blamed SouthPeak for its need to file for bankruptcy in April, claiming that the company owed it $3.4 million.

Earlier this year the company resolved another legal dispute with Paradox Interactive, related to $585,382 in unpaid revenues from the distribution of its games.

As a result, SouthPeak announced net losses of $5.8 million for Fiscal Year 2010. SouthPeak reported sales of $40.3 million for the year ending June 30, compared to $47.3 million in the same period a year ago. The company also announced that it has reduced operating expenses by 32 percent to $16.1 million. Read More

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Full post as published by GamePolitics.com on October 15, 2010 (boomark / email).

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