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COUGHLIN STOIA GELLER RUDMAN & ROBBINS LLP FILES CLASS
ACTION SUIT AGAINST INTERNATIONAL GAME TECHNOLOGY
New York – July 30, 2009 – Coughlin Stoia Geller Rudman & Robbins LLP (“Coughlin Stoia”) (http://www.csgrr.com/cases/IGT/) today announced that a class action has been commenced on behalf of an institutional investor in the United States District Court for the District of Nevada on behalf of purchasers of International Game Technology (“IGT” or the “Company”) (NYSE:IGT) common stock during the period between November 1, 2007 and October 30, 2008 (the “Class Period”).
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Samuel H. Rudman or David A. Rosenfeld of Coughlin Stoia at 800/449-4900 or 619/231-1058, or via e-mail at djr@csgrr.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.csgrr.com/cases/igt/. 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.
The complaint charges IGT and certain of its officers and directors with violations of the Securities Exchange Act of 1934. IGT is a global gaming company that specializes in the design, manufacture, and marketing of electronic gaming equipment and network systems, as well as licensing and services, in North America and internationally.
The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company’s business prospects. According to the complaint, defendants misrepresented and/or failed to disclose the following adverse facts: (i) that defendants had diverted substantial funds to the development of the Company’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) that defendants concealed that, as a result of the foregoing, it was not likely that IGT would achieve or exceed its earnings guidance.
As alleged in the complaint, the inflation in the price of IGT stock came out in response to a series of disclosures by IGT.
Plaintiff seeks to recover damages on behalf of all purchasers of IGT common stock during the Class Period (the “Class”). The plaintiff is represented by Coughlin Stoia, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
Coughlin Stoia, a 190-lawyer firm with offices in San Diego, San Francisco, Los Angeles, New York, Boca Raton, Washington, D.C., Philadelphia and Atlanta, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. The Coughlin Stoia Web site (http://www.csgrr.com) has more information about the firm.
Contact:
Coughlin Stoia Geller Rudman & Robbins LLP
Samuel H. Rudman, 800-449-4900
David A. Rosenfeld
djr@csgrr.com
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