Light & Wonder (LNW) Market Cap Tanks $1.9 Billion On September 24, 2024 After Federal Court Ruling On DRAGON TRAIN® - Hagens Berman
SAN FRANCISCO, Oct. 02, 2024 (GLOBE NEWSWIRE) -- Hagens Berman encourages Light & Wonder, Inc. (NASDAQ: LNW) investors who suffered substantial losses to submit your losses now. The firm also encourages persons with knowledge who may assist the investigation to contact its attorneys.
Visit: www.hbsslaw.com/investor-fraud/lnw
Contact the Firm Now: LNW@hbsslaw.com
844-916-0895
Investigation Into Light & Wonder, Inc. (LNW):
The investigation focuses on Light & Wonder’s disclosures about the success of its DRAGON TRAIN® slot machines and the company’s assurances that prospects of continued gaming revenue growth the company has said is “driven by the continued success and strength of our content, including the recent debut of DRAGON TRAIN®[.]”
The propriety of such disclosures may have come under question when, on Sept. 23, 2024, the United States District Court for the District of Nevada issued a decision granting its competitor Aristrocrat Technologies’ motion for a preliminary injunction enjoining Light & Wonder from any continued or planned sale, leasing, or other commercialization of DRAGON TRAIN®.
The court’s decision reportedly found that Aristocrat is “‘extremely likely to succeed in demonstrating [Light & Wonder] misappropriated Aristrocrat’s trade secrets in [Light & Wonder’s] development of Dragon Train.” The court also reportedly said that Light & Wonder “‘was able to develop Dragon Train without investing the equivalent time and money.’”
Separately, the financial press has reported that Aristocrat’s allegations that DRAGON TRAIN® “bears similarity to [Aristocrat’s] own ‘Dragon Link’ series, and also questions the role of two former Aristocrat designers – Emma Charles and Lloyd Sefton – who reportedly worked on Dragon Link and are said to have also led the development of ‘Dragon Train.’”
As a result of the Sept. 23, 2024 court ruling and announcement, the price of Light & Wonder shares crashed $21.97 (-19%) and wiped out about $1.9 billion of shareholder value in a single trading day on Sept. 24, 2024.
“We are looking into whether Light & Wonder may have knowingly misled investors about the propriety and legality of its reported gaming revenue growth,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Light & Wonder and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now »
If you’d like more information and answers to frequently asked questions about the Light & Wonder investigation, read more »
Whistleblowers: Persons with non-public information regarding Light & Wonder should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email LNW@hbsslaw.com.
Hagens Berman is a global plaintiffs’ rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
