Progressive Gaming to appeal U.S. verdict
Progressive Gaming International Corp. said Friday it will appeal a $39 million federal antitrust verdict after a Mississippi federal judge dismissed several post-trial motions.
The Las Vegas-based gaming equipment provider said it would post a bond of $20 million in order to appeal a verdict to a federal appellate court. The company made the announcement Friday after the close of trading on the Nasdaq National Market.
In February, a jury found Progressive Gaming engaged in anticompetitive conduct. A lawsuit brought by a competing table games designer said Progressive, then known as Mikohn, tried to monopolize the table game market.
A jury awarded British-based Prime Table Games and Derek Webb, the lead plaintiff in the matter, $13 million plus attorneys fees on Feb. 7. The judgment was tripled based on federal antitrust laws.
Analysts said in February the verdict could financially cripple Progressive Gaming.
"We are disappointed in the trial court's rulings on our post-trial motions and will devote all of the necessary legal and financial resources to vigorously pursue a favorable outcome through the appellate process," Progressive Gaming general counsel Robert Ziems said in a statement.
"We believe that the ability to appeal this case to a higher court will allow us to prevail," Progressive CEO Russel McMeekin said.
Shares of Progressive closed at $4.83 Friday, up 9 cents or 1.9 percent.
