Boston Consulting Group Slaps Lawsuit On GameStop Over Outstanding Fees: FT

Boston Consulting Group Slaps Lawsuit On GameStop Over Outstanding Fees: FT
  • Boston Consulting Group has prosecuted GameStop Corp GME over outstanding bills worth $30 million, the Financial Times reports.
  • BCG began working with GameStop in 2019 towards a corporate transformation.
  • GameStop share prices plummeted from a previous high of $55 to $3.32 by August 2019. 
  • However, GameStop allegedly failed to take the actions to implement the turnaround plan and refused to pay. 
  • Also Read: GameStop Says Has Learned From Past Mistakes: Touts Crypto, Blockchain
  • GameStop did not find it worthwhile to pay BCG, given their seemingly meager impact on the company's bottom line, and chose to fight the lawsuit.
  • GameStop ended 2021 with cash and equivalents worth $1.3 billion.
  • GameStop Chair Ryan Cohen increased his stake in the company to ~12%.
  • Price Action: GME shares traded lower by 3.19% at $136.50 in the premarket session on the last check Thursday.

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