Entertainment Gaming Asia Announces Update on Civil Action Complaint
27 Junho 2011 - 10:00AM
Business Wire
Entertainment Gaming Asia Inc. (NYSE Amex: EGT) (“Entertainment
Gaming Asia” or “the Company”), a leading provider of electronic
gaming machines on a participation basis to the Pan-Asian gaming
industry, 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) by certain 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 2011 First Quarter Form 10-Q.
On June 22, 2011, the district court in the Complaint ruled
on the motions to dismiss filed by the Company and certain of its
current and former officers and directors. The district court
dismissed all of Prime Mover's claims and dismissed all of Strata's
claims except for two breach-of-contract counts against the
Company. All claims against the current and former officers and
directors were dismissed. It is not known at this time whether or
when the Plaintiffs may seek leave to amend their dismissed
claims.
The Company intends to continue to defend
vigorously against the Complaint.
About Entertainment Gaming Asia Inc.
Entertainment Gaming Asia Inc. (NYSE Amex: EGT) is a leading
provider of electronic gaming machines on a participation basis to
the Pan-Asian gaming industry. The Company secures long-term
contracts to provide electronic gaming machines and related systems
to premier hotels and other well-located gaming venues in Asia. The
Company retains ownership of the gaming machines and systems and
receives recurring daily or monthly fees based on an agreed upon
percentage of the net gaming win per machine and provides on-site
maintenance. Entertainment Gaming Asia Inc. is also engaged in the
development of casinos in Indo China where intends to own and
operate casino resorts under the “Dreamworld” brand. For more
information please visit www.EGT-Group.com.
Forward Looking Statements
This press release contains forward-looking statements
concerning Entertainment Gaming Asia within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. Those
forward-looking statements include statements regarding
expectations for the business of Entertainment Gaming Asia. Such
statements are subject to certain risks and uncertainties, and
actual circumstances, events or results may differ materially from
those projected in such forward-looking statements. Factors that
could cause or contribute to differences include, but are not
limited to, risks related to the costs incurred by Entertainment
Gaming Asia in defending shareholder litigation and the outcome of
any judgment or settlement with respect to such litigation and
those other risks set forth in Entertainment Gaming Asia’s annual
report on Form 10-K for the year ended December 31, 2010 filed with
the SEC on March 31, 2011 and subsequently filed quarterly reports
on Form 10-Q. Entertainment Gaming Asia cautions readers not to
place undue reliance on any forward-looking statements.
Entertainment Gaming Asia does not undertake, and specifically
disclaims any obligation to update or revise such statements to
reflect new circumstances or unanticipated events as they
occur.
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