Press Release
Judge Denies Players Motion For Summary Judgement Against WPT Enterprises In Antitrust Lawsuit
LOS ANGELES, May 30, 2007 – In the antitrust lawsuit brought against WPT Enterprises, Inc. (NASDAQ: WPTE) by seven professional poker players, United States District Judge Otis D. Wright II denied the Motion for Summary Judgment filed on March 14, 2007, by plaintiffs Chris Ferguson, Andrew Bloch, Annie Duke, Joseph Hachem, Phil Gordon, Howard Lederer, and Greg Raymer.
WPTE filed an Opposition to Plaintiffs' Motion on April 12, 2007, to which the plaintiffs filed a Reply Brief. After review of the parties' submissions, as well as the arguments advanced by counsel at a hearing on May 14, the court on May 22nd denied the plaintiffs' Motion for Summary Judgment..
"We are very pleased with Judge Wright's order denying the Motion for Summary Judgment," said WPTE's General Counsel, Adam Pliska. "We feel that this decision confirms our contention that this case is without merit."
WPTE has engaged the law firms of Gibson, Dunn and Crutcher and Brownstein, Hyatt and Farber in connection with this case.
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About WPTE
WPT Enterprises, Inc. (Nasdaq: WPTE) is a company engaged in the creation of internationally branded entertainment and consumer products driven by the development, production, and marketing of televised programming based on gaming themes. WPTE is the creator of the World Poker Tour®, a television show based on a series of high-stakes poker tournaments that airs on the Travel Channel in the United States and is scheduled to begin broadcasting on GSN in early 2008. WPT is licensed for broadcast globally. WPTE also operates a real-money online gaming website, www.wptonline.com, which prohibits wagers from players in the U.S. and other restricted jurisdictions. WPTE currently licenses its brand to companies in the business of poker equipment and instruction, apparel, publishing, electronic and wireless entertainment, DVD/home entertainment, casino games, and giftware. The company is also engaged in the sale of corporate sponsorships. For show information, tools for improving poker play, and other WPT news, fans may log on to www.worldpokertour.com. WPT Enterprises, Inc. is a majority owned subsidiary of Lakes Entertainment, Inc. (Nasdaq: LACO). Photos and media information can be found online at: www.worldpokertour.com/media
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The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by WPT Enterprises, Inc.) contains statements that are forward-looking, such as statements relating to the expansion of WPTE's brand licensing, the development of new television and film projects, the development of WPTE corporate sponsors and other business development activities, as well as statements regarding other capital spending, financing sources and the effects of competition. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by or on behalf of WPTE. These risks and uncertainties include, but are not limited to, WPTE's significant dependence on the Travel Channel as a current source of revenue and GSN as a future source of revenue, and the risk that GSN will not exercise its options to air season of the WPT series beyond Season VI; difficulty of predicting the growth of our online gaming business, which is a relatively new industry with an increasing number of market entrants; reliance on the efforts of CryptoLogic to develop and maintain the online gaming website in compliance with WPTE's business model and applicable gaming laws; the potential that our television programming will fail to maintain a sufficient audience; the risk that competitors with greater financial resources or marketplace presence might develop television programming that would directly compete with WPTE's television programming; the risk that WPTE may not be able to protect its entertainment concepts, current and future brands and other intellectual property rights; risks associated with future expansion into new or complementary businesses; the termination or impairment of WPTE's relationships with key licensing and strategic partners; and WPTE's dependence on its senior management team. For more information, review WPTE's filings with the Securities and Exchange Commission.
