Gravity Co. Ltd. (GRVY), an online game developer and publisher based in South Korea, announced that the litigation between YNK Korea Inc., a Korean online game developer and publisher, and the Company has been completed.
In May 2006, YNK Korea, the company's former investor for Ragnarok Online, filed a lawsuit against the company claiming that the company failed to distribute the earnings from a certain amount of net sales due to the embezzlement of royalty revenue committed by the company's former chairman and from license fees from overseas licensees.
The claim of the lawsuit amounted to KRW 1.895 billion and in December 2007, Gravity paid KRW 623 million to YNK Korea upon the first trial decision in November 2007. The case was transferred to Seoul High Court in January 2008 and the Court gave a decision that YNK Korea repay KRW 35 million and interests to Gravity out of KRW 623 million, which was paid by Gravity, in December 2009. In addition, no party has filed an appeal during the appeal period.
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