Sports Game Firm Sees Big Rise, Files Lawsuit Over Stock

Sports Entertainment Gaming Global Corp. made headlines after its shares jumped 17 percent to $1. 30 on Tuesday. The price stayed flat at the same level during after‑hours trade, showing investors are watching closely. In a press release that hit the market during regular hours, the Texas‑based company announced it has sued four other firms. The suit claims these companies engaged in market manipulation tactics such as naked short selling, spoofing and spreading false stories about the stock. SEGG is asking for money damages and a court order to stop these practices. The company’s leaders spoke strongly about the issue. Chairman Marc Bircham said the firm will not accept illegal trading that hurts shareholders.Chief financial officer Robert Stubblefield added that protecting the business and its owners is a fundamental duty. SEGG runs several online brands, including Sports. com, Concerts. com, TicketStub. com and Lottery. com. Its market value is about $15 million, with a 52‑week range from $0. 46 to $26. 45. Over the past year, the share price has dropped nearly 90 percent and sits near the bottom of that range. Technical data shows a Relative Strength Index of roughly 60, indicating neither strong overbought nor oversold conditions. Analysts note that a rebound would need clear signs before many investors consider buying again. The company’s stock has been trending downward in all time frames, according to Benzinga’s rankings.