International Game Technology PLC Class Action Lawsuit - IGT
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The International Game Technology class action lawsuit seeks to represent purchasers or acquirers of International Game Technology PLC (NYSE: IGT) securities between March 16, 2018 and August 29, 2022, inclusive (the “Class Period”). The International Game Technology class action lawsuit – captioned Dundas v. International Game Technology PLC, No. 22-cv-06094 (D.N.J.) – charges International Game Technology and certain of its top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the International Game Technology class action lawsuit, please provide your information in the form on this page. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at email@example.com. Lead plaintiff motions for the International Game Technology class action lawsuit must be filed with the court no later than December 13, 2022.
CASE ALLEGATIONS: International Game Technology describes itself as “a global leader in gaming that delivers entertaining and responsible gaming experiences for players across all channels and regulated segments, from gaming machines and lotteries to sports betting and digital.” In June 2017, International Game Technology completed the sale of DoubleDown Interactive LLC (“DDI”), the operator of an online casino called DoubleDown Casino, to DoubleU Diamond LLC (“DoubleU”).
On April 9, 2018, a putative class action was filed in federal court against DDI and a wholly-owned subsidiary of International Game Technology (“IGT Subsidiary”), captioned Benson v. Double Down Interactive, LLC, 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.
The International Game Technology class action lawsuit alleges that defendants throughout the Class Period failed to disclose that: (i) International Game Technology overstated its compliance with gaming and lottery laws and applicable regulations; (ii) International Game Technology and/or one or more of its current and/or former subsidiaries engaged in illegal gambling operations; (iii) the foregoing conduct subjected International Game Technology and/or its current and/or former subsidiaries to a heightened risk of litigation and significant related costs; and (iv) International Game Technology downplayed the full scope and severity of its financial exposure to, and/or liabilities in connection with, the Benson Action.
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 [International Game Technology’s] subsidiaries will contribute $269.75 million” and that “[a]s a result of the settlement agreement, [International Game Technology] 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 [International Game Technology] and DoubleDown and their respective subsidiaries and affiliates ($150 million was accrued in the second quarter).” On this news, International Game Technology’s ordinary share price fell, damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired International Game Technology securities during the Class Period to seek appointment as lead plaintiff. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the International Game Technology class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the International Game Technology class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the International Game Technology class action lawsuit.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors last year alone – more than triple the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.