Case Page

 

Case Status:    DISMISSED    
On or around 01/06/1999 (Other)

Filing Date: December 05, 1997

The complaint charges Anchor and certain of its officers and directors and the investment banking firm BT Alex. Brown, which acted as lead underwriter for the October 1997 offering of 1.8 million shares of Anchor's common stock, with violations of securities laws for misrepresenting the status and strength of Anchor's business operations and earnings growth. By concealing the true facts about Anchor's troubled Colorado gaming operations and declining revenues from its Wheel of Gold proprietary gaming devices, defendants artificially inflated Anchor's stock price from $69 on July 31, 1997 to a Class Period high of $99.50 in October 1997, allowing Anchor's top insiders to sell $190 million of their Anchor stock at prices as high as $91 per share. However, as the truth about Anchor's diminished profitability and troubled proprietary gaming and casino operations started to surface, Anchor's stock collapsed to as low as $52-1/8 per share.

A similar class action complaint was also filed in the U.S. District Court for the District of Colorado. That case was subsequently transferred to the U.S. District Court for the District of Nevada.

According to the firm's 10-K filing dated 9/28/1999, several securities class action lawsuits have been filed against the Company and certain of its current and former officers and directors. The lawsuits were filed in various jurisdictions following the Company's announcement in early December 1997 that the Company's results for the December quarter might not meet
analysts' expectations. The lawsuits have been brought on behalf of certain
purchasers of the stock of the Company and allege violations of state and/or
federal securities laws arising out of alleged misstatements and omissions to
state material facts about the Company over various periods of time covered by
the suits and seek unspecified damages. The lawsuits were consolidated in
Nevada, both in federal (U. S. District Court, District of Nevada) and state
court (Eighth Judicial District Court, Clark County, Nevada). The consolidated
federal action, captioned IN RE ANCHOR GAMING SECURITIES LITIGATION, Civil
Action No. CV-S-97-01751-PMP (RJJ), was dismissed on January 6, 1999 with the
court entering a judgement in favor of Anchor Gaming.

COMPANY INFORMATION:

Sector: Services
Industry: Casinos & Gaming
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: SLOT
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. Nevada
DOCKET #: 97-CV-01751
JUDGE: Hon. David A. Ezra
DATE FILED: 12/05/1997
CLASS PERIOD START: 10/14/1997
CLASS PERIOD END: 12/03/1997
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Albright, Stoddard, Warnick & Albright
    801 South Rancho Drive, Quail Park Suite D-4, Albright, Stoddard, Warnick & Albright, NV 89106
    702.384.7111 ·
  2. Bernstein Litowitz Berger & Grossmann LLP (Westfield, NJ)
    220 St. Paul Street, Bernstein Litowitz Berger & Grossmann LLP (Westfield, NJ), NJ 07090
    908.928.1700 908.301.9008 · blbg@blbglaw.com
No Document Title Filing Date
COURT: D. Nevada
DOCKET #: 97-CV-01751
JUDGE: Hon. David A. Ezra
DATE FILED: 07/06/1998
CLASS PERIOD START: 10/14/1997
CLASS PERIOD END: 12/03/1997
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Albright, Stoddard, Warnick & Albright
    801 South Rancho Drive, Quail Park Suite D-4, Albright, Stoddard, Warnick & Albright, NV 89106
    702.384.7111 ·
  2. Bernstein Litowitz Berger & Grossmann LLP (New York, NY)
    1285 Avenue of the Americas, 33rd Floor, Bernstein Litowitz Berger & Grossmann LLP (New York, NY), NY 10019
    212.554.1400 212.554.1444 · blbg@blbglaw.com
  3. LEVI & KORSINSKYY
    212 East 39TH Street, LEVI & KORSINSKYY, NY 10016
    212.889.3700 ·
  4. Rabin & Peckel LLP
    275 Madison Avenue, 34th Floor, Rabin & Peckel LLP, NY 10016
    212.682.1818 212.682.1892 · email@rabinlaw.com
No Document Title Filing Date
No Document Title Filing Date