Stockholders v International Game Technology
Stockholders File Lawsuit Against International Game Technology
The Complaint charges that IGT, a global gaming company, and certain of its officers and directors violated federal securities laws by issuing materially false and misleading statements regarding the Company's business prospects. Specifically, defendants misrepresented and/or failed to disclose the following adverse facts: (i) that defendants had diverted substantial funds to the development of IGT's SB and AVP gaming platforms, which materially compromised the Company's growth prospects and undermined defendants' optimistic statements; (ii) that IGT was unable to develop and market its SB and AVP gaming platforms within the time frame that defendants had represented to investors due to increasingly challenging market conditions and mounting costs; (iii) that defendants' positive representations concerning the Company's shift to non-machine based operations were undermined by a slowdown in the gaming industry, the impact of which defendants minimized; and (iv) as a result of the foregoing, it was not likely that IGT would achieve or exceed its earnings guidance.
If you bought International Game Technology securities and would like to obtain information about the International Game Technology lawsuit, then you are invited to call Kahn Swick Foti, LLC toll free at (866) 467-1400 to speak with an attorney or visit www.ksfcounsel.com.
