By Connor Hart
Shares of Light & Wonder tumbled after the U.S. District Court for the District of Nevada granted Aristocrat Technologies a preliminary injunction relating to L&W's Dragon Train game.
The stock was down 19% to $91.50 ahead of Tuesday's closing bell, on pace for its largest percent decrease since June 2020. Shares are up 11% since the beginning of the year.
The Las Vegas global games company late on Monday said it respectfully disagrees with the judge's decision and plans to promptly file an appeal. "We will continue to vigorously defend against Aristocrat's claims, including presenting our defenses to a jury at a trial," it said.
Sydney-based global games company Aristocrat has claimed that L&W copied its Dragon Link game with its own Dragon Train game by hiring former Aristocrat employees who used their insider knowledge.
Aristocrat Chief Executive Matthew Primmer said Tuesday the company is extremely pleased with the court's decision. The company said it plans to continue pursuing its case against L&W in the U.S., adding it will seek "all appropriate remedies to address the harm caused by L&W's actions."
Following the preliminary injunction, L&W backed its consolidated adjusted earnings before interest, taxes, depreciation and amortization target of $1.4 billion in 2025, adding that its Dragon Train game accounted for less than 5% of that figure.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
September 24, 2024 16:03 ET (20:03 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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