Twenty institutional investors have come together to file a class-action lawsuit against Entain, seeking damages of £150m ($198m). [Image: Shutterstock.com]

A group of Entain investors have banded together to file a class-action lawsuit over the UK gambling group’s share price dropping 45% over the past year. The filing on Wednesday in the London High Court names 20 institutional investors seeking compensation of over £150m ($198m).

didn’t properly disclose the HM Revenue and Customs (HMRC) investigation into bribery offenses

They claim that the company didn’t properly disclose the HM Revenue and Customs (HMRC) investigation into bribery offenses relating to its Turkish operations, which led to a £615m ($812m) settlement and a significant drop in share price.

A partner in the law firm of Fox Williams, which is representing the plaintiffs, said that in addition to allowing the undisclosed investors to recoup their losses, the legal action would also “serve to improve transparency and governance within the UK’s gambling sector, reminding public companies that they need to take their disclosure obligations seriously.”