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Could the protest lead to legal or union action aimed at reversing recent layoffs or addressing working conditions?

Yes. The primary article notes that union members with the IWGB are set to gather and voice discontent at the protest, and it references ongoing lawsuits and a "legal battle with employees" involving Build a Rocket Boy, indicating the protest could lead to legal or union action aimed at addressing layoffs or working conditions. Answered

MindsEye studio faces developer protest after flying in fans for a party despite 400 layoffs