Entain records strong Q3 results with a rise of 10%
With the arrival of its new CEO, Entain recorded strong Q3 results within just a few weeks.Formerly known as GVC Holdings, Entain is an international gambling and sports...
Fox Williams files class action lawsuit against Entain
Fox Williams, a law firm, stated that it is putting out a broad class action lawsuit against Entain because of problems with its previous Turkish operation.
Over £100 million in compensation could be sought by investors in the gaming giant Entain due to allegations of bribery and corruption at the former Turkish company of the Ladbrokes owner.
Fox Williams announced that it is putting out a big group lawsuit against Entain for allegedly “failing to report honestly” on these matters. It follows after Entain, the company that also controls the Coral brand, and HM Revenue & Customs reached an agreement to settle a £585 million penalty and disgorgement of profits after an investigation.
Entain had been under investigation by HMRC about its operations at the Turkish-facing company that it sold in 2017. In 2019, authorities began looking into the suppliers; a year later, they focused on the GVC Group, which later changed its name to Entain. It was claimed that the business lacked sufficient policies in place to prevent bribery. Fox Williams claimed on Wednesday that investors experienced monetary losses as a result of the investigation and related fines.
Andrew Hill, partner and head of the securities litigation team at Fox Williams, said:
“This claim will offer institutional investors the opportunity to recover substantial losses but more importantly serve to improve transparency and governance within the UK’s gambling sector, reminding public companies that they need to take their disclosure obligations seriously.
Hopefully this will therefore have the knock-on effect of improving corporate behaviour, because public companies should know that their shareholders won’t let them get away with misconduct.”
A spokesman for Entain said:
“Entain is not aware of any issued claim of this kind against the company. We would defend any such action robustly.”
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