PartyGaming Shares Drop After Settlement Described As Premature
PartyGaming has been negotiating a settlement with the United States government regarding Internet gambling that took place within the United States. The settlement was reported to be close to done over the weekend.
Now, with word of the settlement being farther away than anticipated, the company is beginning to feel the effects of the deal not getting done. Their stock prices dropped the farthest in over a month.
PartyGaming is the biggest listed Internet poker site in the world. They are listed in London, and news that the U.S. settlement was farther than was thought over the weekend, sent some stockholders fleeing.
On May 30th, shares of the company soared to the highest point in seven months. That rise was in direct relation to the news that a deal was close.
Upon hearing the deal was not close a couple of days later, and that a deal could be a couple of months away, the stock dropped to its low point. Analysts are predicting that until the deal with the U.S. is complete, investors will worry about the mounting legal costs of the company.
Also once the deal with the United States is complete, not only will more investors take a chance on PartyGaming, but the company would be able to go after loans for future acquisitions.
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