Progressive Gaming International Pays Plaintiff
Progressive Gaming International, a top developer of technology for international casino gambling markets has announced a settlement agreement in the class action lawsuit currently under investigation in the US District Court of Nevada. The announcement comes as a shock to most industry insiders due to the strong stance PGI took in the hearings. If you've been to a casino recently, you have most likely played one of PGI's gambling products. They have been at the forefont of gaming technology for the past two decades bringing the hottest new casino games and technology to consumers.
Under the terms of the settlement, the plaintiffs agree to dismiss all claims against Progressive Gaming International, including the Company and its current and former officers and directors, in exchange for a payment in the amount of nearly $3 million dollars. You may remember the trial, which started back in November of 2005, could have left the company in Chapter 11 bankruptcy.
As typical in any settlement, the terms reliquish all defendants from any wrongdoing, and the parties agree that the settlement is not to be deemed an admission of any wrongdoing. The settlement is predicated on the satisfaction of several logical rulings, including the completion by the plaintiffs of limited confirmatory discovery and approval by the court following notice to class members.
"We are extremely happy to put this lawsuit behind us," said Rob Ziems, Executive Vice President and General Counsel. "While we have always been confident that we would prevail if the case were brought to trial, this settlement removes the burden and uncertainties associated with ongoing litigation.
Shareholders of the company are also breathing a sigh of relief. The company stock has been in limbo for the past 18 months awaiting a verdict in the case. With a downward spiral in progress, some feel now is the time to purchase the stock for long-term investment propositions. As you can see in the chart below, the company has seen continued decreases in share price, a factor mainly caused by the pending lawsuit. With the case behind them, now may be the time to take a chance with Progressive Gaming.
March 5, 2007
Posted By Bob Hartman
Staff Editor, CasinoGamblingWeb.com
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