05:51 AM EDT, 09/24/2024 (MT Newswires) -- (Updates to add stock move in the first paragraph.)

Light & Wonder ( LNW ) shares were down more than 16% premarket Tuesday after the company said late Monday it received an order from the US District Court for the District of Nevada granting Aristocrat a preliminary injunction relating to the company's Dragon Train game.

"We respectfully disagree with the judge's decision and will promptly file an appeal," the company said. "We will continue to vigorously defend against Aristocrat's claims, including presenting our defenses to a jury at a trial."

The company said its pre-ruling estimate of adjusted earnings before interest, tax, depreciation, and amortization for the game was less than 5% of its full-year 2025 adjusted EBITDA target of $1.4 billion, which it reaffirmed.

The company said its capital management strategy, including share repurchases and investments, "remains unchanged". It recently got approval for a $1 billion program.

Price: 93.93, Change: -18.75, Percent Change: -16.64