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“Alert: We hope you’ve enjoyed sharing your stories via real-time video. Regretfully, the app will no longer be available after 12/31/2012,” said Color. This statement is posted above the official website of the company. Currently, they are taking the appropriate steps to shut down, having distributed some assets of the shareholders according to Business Insider.
The shareholders had received fund via wire transfer on Monday.
“That’s according to Harmeet Dhillon, a lawyer for Adam Witherspoon, a former employee who is suing the company for retaliation and infliction of emotional distress. (Witherspoon, as an early employee with vested stock, was a Color shareholder.)”
Adam Witherspoon is a former Color Labs employee, filed charges against the company’s founder Bill Nguyen for inflicting him emotional distress with his pursuit of a new job at Apple.
“In mid-October, Sequoia Capital, the lead investor in Color’s $41 million investment round a year ago, strenuously denied reports that Color was shutting down. By that point, Sequoia Capital partner Doug Leone had already quit his board seat.”
Color is one of my favorite apps on App Store where I can share photos and live video broadcast to my friends on Facebook. The turmoil must have been pretty bad, which led to distribute some of its assets.
However, it is unclear whether the company has fully distributed all the assets.
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Source: Business Insider
Hi, I'm Krisette C. I'm a technology writer who loves to cover disruptive technologies, trends, and a myriad of rumors and news updates. To satiate the inconsolable longing to feed my gadget addiction, I simply write and tinker my gadgets for reviews. You may follow my blurbs, too! @krisettecapati