This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
Entertainment Gaming Asia Inc. (NASDAQ: EGT) (“Entertainment Gaming Asia” or “the Company”), a leading gaming company focused on emerging gaming markets in Pan-Asia, today announced an update on a civil action complaint filed against the Company and certain of its current and former directors and officers on March 26, 2010 (as subsequently amended on May 28, 2010 and December 20, 2011) by certain former shareholders of the Company including Prime Mover Capital Partners L.P., Strata Fund L.P., Strata Fund Q.P. L.P., and Strata Offshore Fund, Ltd (collectively, the “Plaintiffs”) in the United States District Court for the Southern District of New York (the “Complaint”).
The Complaint concerns various allegations of federal and state securities violations, breaches of fiduciary duty, negligent misrepresentation and breaches of contract. The most current summary of the Complaint can be found in the Company's Quarterly Report on Form 10-Q filed with the SEC on November 14, 2013.
On September 27, 2012, the District Court dismissed the Plaintiffs’ Complaint in its entirety and, on September 28, 2012, the clerk entered a judgment against the Plaintiffs. Accordingly, all claims against the Company and the current and former officers and directors, including the Plaintiffs’ breach of contract claims, were dismissed.
On October 25, 2012, the Plaintiffs filed a Notice of Appeal seeking review by the United States Court of Appeals for the Second Circuit (the “Second Circuit”) of the District Court’s order and judgment dismissing the Complaint. The Second Circuit heard argument in the appeal on December 10, 2013.
By Summary Order on December 18, 2013, the Second Circuit affirmed the District Court’s September 28, 2012 judgment granting the dismissal of the Plaintiffs’ Complaint. The Plaintiffs have the right to have the appeal reviewed before all the judges of the Second Circuit. In the event they do so, the Company intends to continue its vigorous defense against the Plaintiffs’ claims.