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Non-Tech : Starnet (SNMM)Online gaming, sexsites, lottery, Sportsbook -- Ignore unavailable to you. Want to Upgrade?

To: bob lange who wrote (3846)	7/27/1999 4:13:00 PM
From: StockDung	Read Replies (1) \| Respond to of 8858

Starnet Shares Fall on Word of Las Vegas Casino's $1 Bln Suit Vancouver, British Columbia, July 27 (Bloomberg) -- Starnet Communications International Inc.'s shares fell as much as 52 percent after one of its biggest licensees filed a $1 billion suit against the company, a producer of Internet gambling software. Starnet, which had 1998 net sales of $3.37 million, fell 8 1/4 to 12 3/4 in afternoon trading of 3.8 million shares, more than five times the three-month daily average. Earlier, shares touched 10. Starnet is being sued by Las Vegas Casino Inc., the largest operator of casinos on the Internet, for breach of contract. Las Vegas Casino claims Starnet has, among other things, refused to produce its accounting records as required under a license agreement. ''This company (Las Vegas Casino) also claims that Starnet has too many grave irregularities in their accounting systems, too many serious bugs in their software . . . with very serious problems such as massive over-billing of credit card accounts,'' Las Vegas Casino spokesman Claude Levy said in a statement. Starnet, based in Wilmington, Delaware, said it hasn't been notified of the suit and will issue a more detailed response later today. Las Vegas Casino has offices in Vancouver, British Columbia. 0- (STR) Jul/27/1999 14:33 EOS (STR) Jul/27/1999 14:33 197 Jul/27/1999 14:57