The majority-owned subsidiary of MGT Capital Investments, MGT Gaming, just filed a massive lawsuit against major casino companies. MGT Gaming alleges that these companies infringed on its patent 7,892,088 related to networked slot machines with a shared-display bonusing event. Top-tier law firm Nixon & Vanderhye filed for MGT Gaming in the U.S. District Court for the Southern District of Mississippi.
For those who may not know what MGT is, it is fine, but you cannot miss the chance to invest in MGT. MGT owns 13 issued and 19 pending patents with a stated goal of monetizing its intellectual property rights. This is the first case into the patent assertion business and it is an unusually large lawsuit that will definitely shock the casino industry. Although the lawsuit will require significant time and effort, the reward for shareholders could be a stock rally in the thousands of percentage points. MGT is very likely to win the lawsuit and get the reasonable royalties from casino, if not, the immediate volatility in shares of MGT would not be surprising due to this breaking news in the following month. |
