NEW YORK (CelebrityAccess) — SFX has reportedly settled a lawsuit brought against it alleging theft of concept for the company.
According to Mixmag, SFXE settled a suit brought against the company's founder Robert Sillerman by Paolo Moreno of Disco Donnie Presents, who alleded that Sillerman had committed fraud and breach of contract, claiming that Moreno had originally come up with the idea for the original concept for SFXE.
In documents obtained by Mixmag, the class action lawsuit has been dismissed by the plaintiffs on January 22nd, suggesting that an out of court settlement of the suit was reached between the parties.
While the dismissal of the case is one piece of good news for SFXE, the company is still facing a class action lawsuit from shareholders who allege that Sillerman's efforts to stage a buyout to take the company private last summer were "a sham process designed to lure third party buyout offers for SFX, all in an attempt to shed his personal SFX investment before the truth about the deterioration of the Company's finances could no longer be concealed." – Staff Writers