Light & Wonder dropped on amended Aristocrat complaint, says Susquehanna

Susquehanna says Light & Wonder shares declined 10% on Friday, likely due to Aristocrat’s amended complaint in Nevada District Court, the same court that granted Aristocrat a preliminary injunction against Light & Wonder’s Dragon Train game in September 2024. The amended filing upgrades its complaint to trade-secrecy violations for Light & Wonder’s “Jewel of The Dragon,” “Double Dragon,” and a yet unreleased new game title alleging trade-secret misappropriation, the analyst tells investors in a research note. In response, Light & Wonder pulled the titles from its North American gaming operations, contends Susquehanna. The firm says that while the financial impact is likely immaterial, this is the second title over the past six months that Light & Wonder had to pull from the installed base, “which is notably disruptive for slot managers.” It keeps a Neutral rating on the shares with a $94 price target