‘Color’ Fades to Black After Apple Acquisition

Last month, rumors surfaced that Apple has inked a deal to purchase Color Labs and the team of engineers behind the popular photo and video-sharing social network.

We can now confirm the reality behind the rumor.

Color Labs founder Adam Witherspoon has filed a lawsuit against his former company and its chief Bill Nguyen. Through the lawsuit, a number of little closely guarded secrets were exposed, including the fact that “key assets” have been sold to Apple.

Business Insider reported today that Color is now officially shutting down.

Color, a startup which raised $41 million for a photo-sharing service, only to be racked by executive turmoil and consumer anomie, is shutting down its app, the company just announced via its website.

As of this writing, it isn’t known what Apple will do with Color Labs, although some believe the purchase was prompted mostly by Apple’s desire for Color’s intellectual property including various formats in which HD video can be recorded.