Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In IGT To Contact Him Directly To Discuss Their Options
New York, New York--(Newsfile Corp. - November 23, 2022) - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against International Game Technology PLC ("IGT" or the "Company") (NYSE: IGT) and reminds investors of the December 13, 2022 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you suffered losses exceeding $100,000 investing in IGT stock or options between March 16, 2018 and August 29, 2022 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: http://www.faruqilaw.com/IGT.
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
As detailed below, the lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) IGT overstated its compliance with gaming and lottery laws and applicable regulations; (2) IGT and/or one or more of its current and/or former subsidiaries engaged in illegal gambling operations; (3) the foregoing conduct subjected the Company and/or its current and/or former subsidiaries to a heightened risk of litigation and significant related costs; (4) the Company downplayed the full scope and severity of its financial exposure to, and/or liabilities in connection with, the Benson Action (defined below); and (5) as a result, the Company's public statements were materially false and misleading at all relevant times.
On April 9, 2018, a putative class action was filed in federal court against DDI and a wholly-owned subsidiary of the Company called International Game Technology ("IGT Subsidiary"), styled Benson v. Double Down Interactive, LLC et al., No. 2:18-cv-00525 (W.D. Wash.) (the "Benson Action"). The Benson Action alleges, among other things, that IGT Subsidiary and DDI illegally profited from tens of thousands of consumers in violation of Washington law in connection with their operation of DoubleDown Casino.
On May 10, 2018, DDI and DoubleU sent a claim notice (the "DDI Claim Notice") to IGT Subsidiary seeking indemnification and reimbursement of 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, 2022, IGT and DDI issued a joint press release "announc[ing] an agreement in principle to settle the Benson v. DoubleDown Interactive LLC, et. al. lawsuit and associated proceedings (the 'Benson Matters')." The press release stated that, pursuant to the settlement, "[a] total of $415 million will be paid into a settlement fund of which IGT's subsidiaries will contribute $269.75 million" and that "[a]s a result of the settlement agreement, IGT will accrue a $119.75 million non-operating expense in the third quarter related to the incremental loss associated with the Benson Matters and related claims between IGT and DoubleDown and their respective subsidiaries and affiliates ($150 million was accrued in the second quarter)."
On this news, IGT's ordinary share price fell $0.46 per share, or 2.45%, to close at $18.28 per share on August 30, 2022.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding International Game Technology's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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