SEGG Media Files $179 Million Lawsuit Alleging Illegal Trading Scheme

FORT WORTH, Texas, Feb. 10, 2026 (GLOBE NEWSWIRE) -- Sports Entertainment Gaming Global Corporation (NASDAQ: SEGG, LTRYW)(the “Company” or “SEGG Media”), the global sports, entertainment, and gaming group, today announced that it has filed a civil lawsuit in Tarrant County District Court against four firms the Company believes participated in coordinated and unlawful trading activity designed to artificially suppress the Company’s share price and damage shareholder value.

The lawsuit for systematic and widespread market manipulation, styled Sports Entertainment Gaming Global Corporation v. Virtu Financial Capital Markets LLC et al., was filed on February 10, 2026 by the Company’s Outside General Counsel on behalf of SEGG Media, and can be viewed in the link below:

The lawsuit represents a decisive escalation of the Company’s previously disclosed investigation into suspicious trading patterns, including alleged naked short selling, spoofing, abusive short-selling strategies, baiting, and the dissemination of misleading or false market narratives. Based on months of forensic analysis, third-party data review, and legal evaluation, the Company believes these actions were deliberate, coordinated, and intended to distort the market for SEGG Media’s securities. 

SEGG Media alleges that the defendants’ fraudulent conduct violated state and federal securities laws, interfered with lawful price determination in the free market, and undermined investor confidence at a time when the Company was executing a turnaround and advancing revenue-generating initiatives. The Company is seeking monetary damages, injunctive relief, and other remedies available under applicable law.

Marc Bircham, Chairman of the SEGG Media Board of Directors, said: “This Company will not tolerate illegal trading behavior that harms our shareholders. We have spent months building the evidentiary record, and we are now acting. This lawsuit sends a clear message: SEGG Media will aggressively defend the integrity of its stock and pursue accountability wherever the facts lead.”

Robert Stubblefield, SEGG Media Chief Financial Officer, Interim Chief Executive Officer and Interim President, added: “We are executing on fundamentals of revenue, discipline, and transparency while also confronting misconduct that we believe has artificially distorted our share price from the Company’s underlying progress and the value of its core assets and strategy. Protecting the Company and its shareholders is not optional; it is core to our mandate.”

The Company emphasized that this legal action is complementary to, not a distraction from, execution. SEGG Media remains focused on completing cash-generative acquisitions, strengthening operations, and building long-term value across its digital asset portfolio, including Sports.com, Concerts.com, TicketStub.com, and Lottery.com.

SEGG Media expects to continue pursuing all appropriate legal and regulatory avenues and will cooperate fully with any inquiries by relevant authorities. While litigation outcomes are inherently uncertain, the Company believes this action is a necessary step to restore market integrity and protect long-term shareholders.

About SEGG Media Corporation

SEGG Media (Nasdaq: SEGG, LTRYW) is a global sports, entertainment and gaming group operating a portfolio of digital assets including Sports.com, Concerts.com and Lottery.com. Focused on immersive fan engagement, ethical gaming and AI-driven live experiences, SEGG Media is redefining how global audiences interact with the content they love.

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