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Consumer Discretionary

KXD Digital Entertainment (KXD SP)

Year: 2010

KXD Digital Entertainment (KXD) listed on the Singapore Exchange in October 2003. Financial performance started to deteriorate from 1Q05 onwards, culminating in large losses in FY08 with a going concern qualification issued by Deloitte. KXD's shares were suspended in May 2010 and it was subsequently revealed that the company had lost a law suit for patent infringement to Royal Philips for US$117m. KXD's founder and CEO resigned a few months later. A subsequent special investigation revealed a series of disclosure failures plus evidence of possibly fabricated sales. KXD is likely a fraud.

Last updated January 2021

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