PARTY LITIGATES AGAINST FORMER EMPIRE ONLINE OWNER

9 January 2009

Income failed to meet expectations

 

The London-listed online gambling group Party Gaming plc has launched litigation against investment company Livermore Investments Group Ltd. over the 2006 purchase of Livermore’s Internet gambling business, reports the Bloomberg business news agency.

Livermore CEO Noam Lanir was a well known Israeli marketing figure who founded Empire Online, an online gambling company that he sold to Party Gaming for $38 million in 2006. He had previously enjoyed a long business relationship with the group.

Party's director of communications, John Shepherd, confirmed to Bloomberg that the action against Livermore, filed on December 23rd in London, relates to Livermore's failure "to deliver a certain amount of income under an acquisition made three years ago.”

Shepherd said the value of the claim is “six figures.” He declined to give more details.

Fran Read, a spokeswoman for Livermore, declined to comment.

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