Shareholders filed a class action lawsuit in Nevada against International Game Technology (IGT), IGT’s former Chief Executive Officer Thomas Matthews, IGT’s Chief Financial Officer Patrick Cavanaugh, and IGT’s Chief Accounting Officer Daniel Siciliano.
The class action lawsuit was filed on behalf of shareholders who purchased the securities of International Game Technology between November 1, 2007 and October 30, 2008.
The complaint alleges the defendants violated federal securities laws and artificially inflated the price of IGT stock by misrepresenting and failing to disclose material facts, including:
- IGT’s inability to timely develop and market new gaming platform products;
- IGT’s inability to fund its planned expansion and growth; and
- IGT’s inability to transition to software-based products due to significant slowdowns in the gaming industry;
While IGT’s stock was artificially inflated, the insider-defendants sold approximately $29 million of IGT stock. Following IGT’s public admissions and failure to meet projected earnings, IGT’s stock price fell significantly.
For more information or to join this class action, please fill out our contact form.