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YotaPhone maker is bankrupt due to a lawsuit

By Cookie Monster - on 21 Apr 2019, 4:00am

YotaPhone maker is bankrupt due to a lawsuit

The YotaPhone 2.

Yota Devices, the Russian firm behind the dual-screen YotaPhone devices, is bankrupt according to Cnews.ru and Liliputing. 

Russian media reports claim that Yota Devices declared bankrupt due to a lawsuit filed by its manufacturer, Hi-P Singapore which helped to make the first two YotaPhones. Hi-P Singapore sued Yota Devices for $126 million in 2015 after the latter refused to take delivery and pay for the minimum order of phones it agreed to order.

The YotaPhones never took off among consumers. The YotaPhone2 did not make it to the U.S despite exceeding the Indiegogo crowdfunding goal in 2015. Yota Devices also pulled out of Russia and Europe in 2016. The YotaPhone 2 launched in Singapore in early 2015 with a price tag of S$1,048.

Source: Cnews.ru, Liliputing via The Verge

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