SEGG Media Responds to False and Misleading Short Seller Report and Files $20 Million Lawsuit Against White Diamond Research and Adam Gefvert for Business Disparagement

About this update from Sports Entertainment Gaming Global Corporation

Company Reaffirms Commitment to Transparency, Execution and Shareholder Value FORT WORTH, Texas, June 26, 2026 (GLOBE NEWSWIRE) -- Sports Entertainment Gaming Global Corporation ("SEGG Media" or the "Company") (NASDAQ: SEGG, LTRYW), today filed a civil action in Texas against White Diamond Research LLC ("White Diamond") and Adam Gefvert ("Gefvert") (collectively "Defendants") seeking $20 million in damages for business disparagement. This recent action arises from a report filed by White Diamond on June 10, 2026 which SEGG Media alleges contains false, misleading and disparaging statements made by White Diamond and Gefvert. According to the lawsuit filed, White Diamond and Gefvert published false, misleading and disparaging statements with malice causing the Company pecuniary loss, in furtherance of a "short and distort" scheme perpetrated by the Defendants and other unnamed co-conspirators. The lawsuit, filed in Tarrant County District Court (Sports Entertainment Gaming Global Corporation v White Diamond Research LLC and Adam Gefvert Cause Number 352-379280-26), identifies specific statements made by the Defendants that the Company alleges are false, materially misleading and disparaging. The Company believes the disparaging publication by Defendants and further amplified on social media by Mr. Gefvert is intended to damage the Company's reputation and adversely affect the market price of its common stock. According to the lawsuit, the Company stock price has dropped more than 50% after the false, misleading and disparaging report about SEGG Media was first published by Defendants. Robert Stubblefield, Chief Financial Officer and Interim Chief Executive Officer of SEGG Media, stated: "Healthy debate and differing investment opinions are part of the public markets. We respect the right of investors, analysts and commentators to express opinions regarding our business and prospects. However, we believe certain statements published about SEGG Media go far beyond opinion and constitute materially false representations of fact. Reasonable people may disagree about valuation, strategy or future performance. What they cannot do is publish false statements with malice while omitting material publicly available information. We believe our shareholders and the investor public in general deserve accurate information upon which to make investment decisions, and we i...

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