SEGG Media Files $179 Million Lawsuit Alleging Illegal Trading Scheme

Sports entertainment company takes legal action against firms it claims manipulated its stock price

Published on Feb. 10, 2026

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Sports Entertainment Gaming Global Corporation (SEGG Media) has filed a $179 million civil lawsuit in Tarrant County District Court against four firms it believes participated in coordinated and unlawful trading activity designed to artificially suppress the company's share price and damage shareholder value. The lawsuit alleges the defendants' fraudulent conduct violated state and federal securities laws, interfered with lawful price determination in the free market, and undermined investor confidence.

Why it matters

This lawsuit represents an escalation of SEGG Media's investigation into suspicious trading patterns, including alleged naked short selling, spoofing, abusive short-selling strategies, and the dissemination of misleading or false market narratives. The company believes these actions were deliberate, coordinated, and intended to distort the market for its securities, harming shareholders.

The details

SEGG Media alleges the defendants' actions violated securities laws and interfered with lawful price determination, undermining investor confidence at a time when the company was executing a turnaround and advancing revenue-generating initiatives. The company is seeking monetary damages, injunctive relief, and other remedies.

  • The lawsuit was filed on February 10, 2026.

The players

Sports Entertainment Gaming Global Corporation (SEGG Media)

A global sports, entertainment, and gaming group operating a portfolio of digital assets including Sports.com, Concerts.com, and Lottery.com.

Virtu Financial Capital Markets LLC

One of the four firms named in the lawsuit for allegedly participating in coordinated and unlawful trading activity to suppress SEGG Media's stock price.

Marc Bircham

Chairman of the SEGG Media Board of Directors.

Robert Stubblefield

SEGG Media Chief Financial Officer, Interim Chief Executive Officer and Interim President.

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What they’re saying

“This Company will not tolerate illegal trading behavior that harms our shareholders. We have spent months building the evidentiary record, and we are now acting. This lawsuit sends a clear message: SEGG Media will aggressively defend the integrity of its stock and pursue accountability wherever the facts lead.”

— Marc Bircham, Chairman of the SEGG Media Board of Directors (SEGG Media)

“We are executing on fundamentals of revenue, discipline, and transparency while also confronting misconduct that we believe has artificially distorted our share price from the Company's underlying progress and the value of its core assets and strategy. Protecting the Company and its shareholders is not optional; it is core to our mandate.”

— Robert Stubblefield, SEGG Media Chief Financial Officer, Interim Chief Executive Officer and Interim President (SEGG Media)

What’s next

The judge in the case will decide on Tuesday whether or not to allow the defendants out on bail.

The takeaway

This lawsuit highlights the growing issue of alleged market manipulation and the steps companies are willing to take to protect shareholder value and the integrity of their stock. It underscores the importance of transparency and accountability in the financial markets.