UPDATE - INVESTOR ALERT: Levi & Korsinsky, LLP Announces An Investigation Of The Board Of Directors Of Lakes Entertainment, Inc. Regarding The Fairness Of The Sale Of The Company To Golden Gaming, LLC -- LACO

Levi & Korsinsky commences an investigation of the Board of Directors of Lakes Entertainment, Inc. ("Lakes Entertainment" or the "Company") (NASDAQ:LACO) regarding potential breaches of fiduciary duties and violations of state law in connection with the sale of the Company to Golden Gaming, LLC ("Golden Gaming").

Click here to learn more about the investigation: http://www.zlkdocs.com/LACO-Info-Request-Form-ma-2584.

Under the terms of the transaction, Lakes Entertainment shareholders will receive stock in the new company valued at $9.57 for each share of Lakes Entertainment common stock they own. The investigation concerns whether the Board of Lakes Entertainment breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether Golden Gaming is underpaying for Lakes Entertainment shares.

If you own Lakes Entertainment common stock and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://www.zlkdocs.com/LACO-Info-Request-Form-ma-2584.

Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut and Washington D.C. The firm's attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.

Copyright Business Wire 2010

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