Light & Wonder falls over 20% after stumble in court case with Aristocrat
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The news: Light & Wonder, an American gambling company that's dual listed in the US and Australia, is fell more than 20% on the ASX after suffering a lost battle in its ongoing court case with Aristocrat.
The numbers: Light & Wonder shares pared back some losses but was down 15.17% to $139.76 by 1:50pm AEST.
The company was valued at $15 billion when the markets opened this morning.
The context: A district court in Nevada filed an injunction in relation to Light & Wonder's Dragon Train series of poker machines, which Aristocrat has argued in a lawsuit breached copyright for its own Dragon Link pokies.
The injunction means that, while the case continues, Light & Wonder will be restricted from manufacturing and selling new Dragon Train machines.
Light & Wonder said it will appeal the District court's decision.
What they said: "We respectfully disagree with the judge’s decision and will promptly file an appeal," the company said in an ASX filing.
"We will continue to vigorously defend against Aristocrat’s claims, including presenting our defences to a jury at a trial."
The source: ASX announcement
