Light & Wonder has won a legal battle against Aristocrat in Australia, causing a surge in its share price.
Despite winning a decisive victory against L&W in America, Aristocrat was unable to reproduce this success in its native market.
The firm stock is presently valued $97.67 per share, supported by the recent judicial triumph.
Light & Wonder’s shares soared after it won in court
The lawsuit in question was about the Dragon Train case. For context, Aristocrat accused its competitor of intellectual property theft while producing the title in question.
The Australian gaming business observed striking parallels between Dragon Train and its Dragon Link series, which was made even more suspicious by the fact that the same people who worked on the former also worked on the latter.
As a result, Aristocrat filed for interlocutory relief in Australia. Unfortunately, the corporation was refused an injunction by the Federal Court of Australia.
The court said that its reasons for judgment would not be divulged or publicized to anybody other than the court officials, trial participants, and their agents.
Aristocrat’s loss was Light & Wonder‘s gain, as its stock rose by 11% following the verdict. The company’s stock is presently worth $97.67 each.
According to financial company Macquarie, the verdict came as a relief to L&W’s investors, who were concerned about the 10,000 Dragon Train devices sold in Australia.
Meanwhile, Aristocrat executives informed GGR Asia that the corporation has taken notice of the verdict. Nonetheless, the corporation stated that it will continue to pursue a meaningful case against its competitor in both Australia and the United States.
Aristocrat stated that it will continue to pursue all feasible methods to safeguard its intellectual property.
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Light & Wonder lost their lawsuit in America
As previously stated, Light & Wonder was not so fortunate in the United States, where the court agreed with Aristocrat, concluding that the former party stole trade secrets and participated in intellectual property theft.
As a result, Light & Wonder was obliged to discontinue its Dragon Train games and replace them with other machines. In October, the business announced that it is developing a new version of the Dragon Train game that does not infringe on Aristocrat’s intellectual property.
Meanwhile, Aristocrat settled an Australian intellectual property dispute involving a former employee cited in the Dragon Train litigation. Dinh Toan Tran, a former long-term employee, consented to pay cash compensation to Aristocrat, resulting in a positive revenue for the company.
L&W Expands US Footprint and Appoints New CEO
In other headlines, Light & Wonder partnered with PENN Entertainment to deploy its cutting-edge products across the Hollywood Casino brand in Michigan.
The connection provided the gaming brand with the ability to win progressive or fixed cash rewards through any of Light & Wonder’s games listed on the website.
This happened immediately after the hiring of Simon Johnson, a corporate insider, as new CEO.
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