FORT WORTH, Texas, Aug. 10, 2026 (GLOBE NEWSWIRE) -- Sports Entertainment Gaming Global Corporation, (NASDAQ: SEGG, LTRYW) (the "Company" or "SEGG Media"), the global sports, entertainment, and gaming group, secured a definitive legal victory as the United States Court of Appeals for the Eleventh Circuit unanimously affirmed the District Court's dismissal with prejudice of all claims seeking approximately $1.9 million in damages against the Company and its former chief executive officer for fraud.1 By upholding the dismissal with prejudice, the appellate court has permanently barred plaintiffs from re-filing or pursuing these allegations in any court, effectively bringing conclusive end to the protracted litigation.
As disclosed by the Company in a press release dated February 27, 2025, the original lawsuit2, which alleged four causes of action found in fraud (Fraudulent Misrepresentation, Negligent Misrepresentation, Aiding and Abetting Fraud and Conspiracy to Commit Fraud) was initially tossed out by the U.S. District for the Southern District of Florida. The lower court, at that time, ruled that plaintiffs failed to state any plausible legal claim. In its review, the three-judge appellate court panel agreed entirely, finding that the lower court acted correctly and that the plaintiffs' claims failed to meet the strict pleading standards and therefore the allegations lacked any legal or factual merit.
"This ruling confirms that these claims were never backed by the facts or law. I want to thank our legal team for successfully defending the Company," said Gregory Potts, SEGG Media Chief Operating Officer. "Resolving yet another legacy matter lets us keep our operational and financial resources concentrated on the strategic program outlined on August 4."
SEGG Media remains focused on executing that strategic program - concentrating investment behind its priority growth platforms, including Veloce Media Group, Sports.com Predict and its global affiliate lottery model, and applying disciplined capital allocation across its broader portfolio.
The appellate court's opinion is marked "not for publication" and is non-precedential under Eleventh Circuit rules.3 Plaintiffs retain the right for twenty-one days from the date the court's opinion is filed to petition for panel rehearing or rehearing en banc under the Federal Rules of Appellate Procedure. The Company cannot predict whether such a petition will be filed or its outcome.
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, TicketStub.com, Lottery.com, and Veloce Media Group. Focused on immersive fan engagement, ethical gaming, and technology-driven fan experiences, SEGG Media is redefining how global audiences interact with the content they love.
Important Notice Regarding Forward-Looking Statements
This press release contains statements that constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding the Company's strategy, future operations, prospects, plans and objectives of management, are forward-looking statements. When used in this press release, the words "could," "should," "will," "may," "believe," "anticipate," "intend," "estimate," "expect," "project," "initiatives," "continue," the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. The forward-looking statements speak only as of the date of this press release or as of the date they are made. The Company cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of the Company, including but not limited to whether Plaintiffs seek further appellate review of the decision described herein and the outcome of any such review, the Company's ability to secure additional capital resources, the Company's ability to realize the anticipated benefits of its strategic program announced on August 4, 2026, and those additional risks and uncertainties discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K filed with the SEC on July 11, 2026, and the other documents filed, or to be filed, by the Company with the SEC. These SEC filings are available publicly on the SEC's website at www.sec.gov. Should one or more of the risks or uncertainties described in this press release materialize or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Except as otherwise required by applicable law, the Company disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release.
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1 In the case styled Sharon A. McTurk, et al. v. Lottery.com, Inc. and Matthew McGahan, No. 25-10691 (11th Cir. Aug. 6, 2026), on appeal from the United States District Court for the Southern District of Florida, (Case No. 0:24-cv-60993-MD).
2 Sharon A. McTurk, et al. v. Lottery.com, Inc. and Matthew McGahan (Case No. 24-60993-CIV-DAMIAN).
3 https://law.justia.com/cases/federal/appellate-courts/ca11/25-10691/25-10691-2026-08-06.html
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