SEGG Stock Rallies After Filing $179M Lawsuit Alleging Unlawful Trading
Synopsis
The company said it is seeking monetary damages, injunctive relief, and other remedies available under applicable law.
Sports Entertainment Gaming Global Corp. (SEGG) announced on Tuesday that it has filed a $179 million civil lawsuit in Tarrant County District Court against four firms that it believes participated in illegal trading activity.
The company said that the firms had engaged in coordinated and unlawful trading activity designed to artificially suppress the company’s share price and damage shareholder value.
SEGG Media alleged in its lawsuit that the defendants’ fraudulent conduct violated state and federal securities laws, interfered with lawful price determination in the free market, and undermined investor confidence at a time when the company was executing a turnaround and advancing revenue-generating initiatives.
The company said it is seeking monetary damages, injunctive relief, and other remedies available under applicable law.
The stock of the company rose nearly 19% at the time of writing.
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