SHAREHOLDER ALERT: Pomerantz – GuruFocus.com
NEW YORK, November 14, 2022
NEW YORK, November 14, 2022 /PRNewswire/ — Pomerantz LLP announces that a class action lawsuit has been filed against International Game Technology PLC (“IGT” or the “Company”) (NYSE:IGT) and certain of its officers. The class action, filed in United States District Court of the District of New Jerseyand registered under 22-cv-06094, is on behalf of a class consisting of all persons and entities other than defendants who purchased or otherwise acquired IGT securities between March 16, 2018 and August 29, 2022both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of federal securities laws and to pursue remedies under Sections 10(b) and 20(a). ) of the Securities Exchange Act of 1934 (the “Exchange Act”) and rule 10b-5 promulgated thereunder, against the Company and certain of its principal officers.
If you are a shareholder who purchased or otherwise acquired IGT securities during the Class Period, you have until December 13, 2022 ask the court to name you as the lead plaintiff for the class. A copy of the complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those making inquiries by email are encouraged to include their mailing address, phone number and number of shares purchased.
IGT describes itself as “a global gaming leader that delivers entertaining and responsible gaming experiences to players across all regulated channels and segments, from gaming machines and lotteries to sports and digital betting.”
In June 2017IGT has completed the sale of DoubleDown Interactive LLC (“DDI”), the operator of an online casino called DoubleDown Casino, to DoubleU Diamond LLC (“DoubleU”).
The Complaint alleges that, throughout the Class Period, the Defendants made materially false and misleading statements regarding the company’s business, operations and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) IGT overstated its compliance with gaming and lottery laws and applicable regulations; (ii) IGT and/or one or more of its current and/or former affiliates engaged in illegal gambling operations; (iii) the foregoing conduct has subjected the Company and/or its current and/or former subsidiaries to an increased risk of litigation and significant related costs; (iv) the Company has minimized the extent and severity of its financial exposure and/or liability in connection with the Benson Stock (defined below); and (v) as a result, the Company’s public statements were materially false and misleading at all material times.
On April 9, 2018a putative class action lawsuit has been filed in federal court against DDI and a wholly owned subsidiary of the company called International Game Technology (“IGT Subsidiary”), referred to as Benson v. Double Down Interactive, LLC et al., No. 2:18-cv-00525 (WD Wash.) (the “Benson Action”). The Benson action alleges, among other things, that the IGT subsidiary and DDI unlawfully took advantage of tens of thousands of consumers in violation of Washington law in connection with their operation of DoubleDown Casino.
On May 10, 2018DDI and DoubleU sent a Notice of Claim (the “DDI Claim Notice”) to IGT Subsidiary seeking indemnification and defense costs for all claims against DoubleU and its affiliates in the Benson Action pursuant to the terms of certain agreements with DoubleU.
On August 29, 2022IGT and DDI issued a joint press release “announcing[ing] an agreement in principle to settle Benson v. DoubleDown Interactive LLC, et. Al. lawsuit and related proceedings (the “Benson Cases”). The press release stated that, per the settlement, “[a] sum of $415 million will be paid into a settlement fund to which IGT subsidiaries will contribute $269.75 million” and that “[a]As a result of the settlement agreement, IGT will accrue a $119.75 million non-operating expenses in the third quarter related to the incremental loss associated with the Benson cases and related claims between IGT and DoubleDown and their respective subsidiaries and affiliates ($150 million was recognized in the second quarter). »
At this news, IGT’s common stock price plummeted. $0.46 per share, or 2.45%, to close at $18.28 per share on August 30, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Parisand Tel Aviv, is recognized as one of the leading law firms in the areas of corporate litigation, securities and antitrust. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues the tradition he established, fighting for the rights of victims of securities fraud, breaches of fiduciary duty and corporate misconduct. The firm recovered numerous multimillion-dollar damages on behalf of class members. See www.pomlaw.com
Robert S. Willoughby
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP