[January 27, 2015]

LAKES ENTERTAINMENT INC. INVESTOR ALERT: Faruqi & Faruqi, LLP Announces the Investigation of Lakes Entertainment, Inc. (LACO) Over the Proposed Sale of the Company to Golden Gaming, LLC

Juan E. Monteverde, a partner at Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Lakes Entertainment, Inc. ("Lakes Entertainment" or the "Company") (Nasdaq: LACO) for potential breaches of fiduciary duties in connection with the sale of the Company to Golden Gaming, LLC ("Golden Gaming") for approximately $100 million. Under the terms of the agreement, Lakes Entertainment shareholders will receive stock in the new company valued at $9.57 for each share of Lakes Entertainment common stock.

Click here for more information: www.faruqilaw.com/LACO. There is no cost or obligation to you.

The nvestigation focuses on whether Lakes Entertainment's Board of Directors breached their fiduciary duties to the Company's stockholders by failing to conduct a fair sales process and whether and by how much this proposed transaction undervalues the Company to the detriment of Lakes Entertainment's shareholders.

Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients. To keep track of the latest securities litigation news, follow us on Twitter (News - Alert) at www.twitter.com/MergerActivity or on Facebook (News - Alert) at www.facebook.com/FaruqiLaw.

If you own common stock in Lakes Entertainment and wish to obtain additional information and protect your investments free of charge, please visit us at www.faruqilaw.com/LACO or contact Juan E. Monteverde, Esq. either via e-mail at [email protected] or by telephone at (877) 247-4292 or (212) 983-9330.

Attorney Advertising. (C) 2015 Faruqi & Faruqi, LLP. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We are happy to discuss your particular case.

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