International Game Technology Class Action Lawsuit (IGT Lawsuit)
What Is The International Game Technology Class Action Lawsuit About?
The International Game Technology Class Action Lawsuit (NYSE:IGT) (International Game Technology Class Action Lawsuit) was filed when after the market closed 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’).”
Is There An International Game Technology Class Action Lawsuit?
IGT:NYSE Class Action Lawsuit (International Game Technology PLC) was filed on October 14, 2022 on behalf of shareholders. The lawsuit was filed because 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.
Is There A Deadline For The IGT Lawsuit?
How Much Did Shareholders Lose In IGT Stock?
Shareholders who held IGT securities saw price fell $0.46 per share, or 2.45%, to close at $18.28 per share on August 30, 2022.
Levi & Korsinsky, LLP announces that a IGT class action lawsuit (International Game Technology Class Action Lawsuit) has been filed on behalf of investors who purchased International Game Technology Class Action Lawsuit (IGT) securities between March 16, 2018 – August 29, 2022, inclusive. For more on the IGT Lawsuit please contact us today.
According to the International Game Technology lawsuit, throughout the Class Period 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 subsidiaries engaged in illegal gambling operations;
(iii) the foregoing conduct subjected the Company and/or its current and/or former subsidiaries to a heightened risk of litigation and significant related costs;
(iv) the Company downplayed the full scope and severity of its financial exposure to, and/or liabilities in connection with, the Benson Action; and
(v) as a result, the Company’s public statements were materially false and misleading at all relevant times.
If you suffered a loss in IGT, you have until December 13, 2022 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
Why Levi & Korsinsky, LLP Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services’ Top 50 Report as one of the top securities litigation firms in the United States.
What Is The Lead Plaintiff Process?
THE LEAD PLAINTIFF PROCESS: According to the Private Securities Reform Act of 1995, any investor who bought or acquired IGT securities in the Class Period may apply for appointment as a lead plaintiff. The lead plaintiff is usually the movant who has the most financial interest in the relief sought. However, he or she must also be typical or adequate to the putative classes. The IGT class-action lawsuit is directed by the lead plaintiff. To litigate the International Game Technology Class Action Lawsuit, the lead plaintiff may choose any law firm it wishes. The ability of an investor to share in any future recovery is not tied to being the lead plaintiff in the IGT Class Action Lawsuit.
What Does IGT Do?
International Game Technology PLC operates and provides gaming technology products and services in North America, Europe, the Middle East, Africa, Asia-Pacific, Latin America, and the Caribbean.
It operates in three segments: Global Lottery, Global Gaming, and Digital & Betting. The company designs, sells, operates, and leases a suite of point-of-sale machines that reconciles lottery funds between the retailer and lottery authority; provides online lottery transaction processing systems; produces instant ticket games; and offers printing services, such as instant ticket marketing plans and graphic design, programming, packaging, shipping, and delivery services.
It also designs, develops, assembles, and provides cabinets, games, systems, and software for the gaming market, as well as offers gaming management systems for casino management, customer relationship management, patron management, and server-based gaming.
In addition, the company provides video lottery terminals (VLT), VLT central systems, and VLT games. Further, it offers digital gaming and betting; sports betting; and technology and management services. Additionally, the company provides digital gaming products and services, including blackjack, roulette, slot games, poker, bingo, and other casino card games; social casino content; and remote game server, as well as iGaming systems and digital platforms that offer player account management, advanced marketing and analytical, and payment system services. It processes commercial transactions, such as prepaid cellular telephone recharges, bill payments, e-vouchers and retail-based programs, electronic tax payments, prepaid card recharges, and stamp duty and money transfer services.
The company was formerly known as GTECH S.p.A. and changed its name to International Game Technology PLC in April 2015. The company was founded in 2014 and is headquartered in London, the United Kingdom.
International Game Technology PLC is a subsidiary of De Agostini S.p.A.
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