Sports Entertainment Gaming Global Corp (NASDAQ:SEGG) shares are trending on Wednesday.
Shares of the Texas-based global sports, entertainment and gaming company rose 17.12% to $1.30 on Tuesday. The stock was unchanged at $1.30 in after-hours trading.
Company Files Lawsuit Against Four Firms
In a press release issued on Tuesday during market hours, SEGG said it filed a civil lawsuit in Tarrant County District Court against four firms, alleging market manipulation.
The lawsuit alleges naked short selling, spoofing, abusive short-selling strategies, baiting and the dissemination of misleading market narratives, the company stated.
The company seeks monetary damages and injunctive relief.
Management Comments On Legal Action
Marc Bircham, chairman of the company, said in the release, “This company will not tolerate illegal trading behavior that harms our shareholders.”
Robert Stubblefield, chief financial officer and interim CEO, said, “Protecting the company and its shareholders is not optional; it is core to our mandate.”
SEGG operates digital assets including Sports.com, Concerts.com, TicketStub.com and Lottery.com.
Trading Metrics, Technical Analysis
The Relative Strength Index (RSI) of SEGG stands at 59.90.
The company has a market capitalization of $15.16 million, with a 52-week high of $26.45 and a 52-week low of $0.46.
Over the past 12 months, the stock has fallen 89.52%.
Currently, the stock is positioned at approximately 3.2% of its 52-week range, near the low end.
SEGG’s sharp decline and weak standing suggest that any potential recovery would need clear confirmation before investors take significant action.
Benzinga’s Edge Stock Rankings indicate that SEGG has a negative price trend across all time frames.
Photo Courtesy: Champ008 on Shutterstock.com
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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