International Game Technology Long Term Shareholder Investigation
International Game Technology faces a securities class action lawsuit on behalf of purchasers of International Game Technology (NYSE:IGT) common stock during the period between November 1, 2007 and October 30, 2008 over alleged violations of Federal Securities Laws. An investigation on behalf of current long term investors in International Game Technology (NYSE:IGT) concerning possible shareholder claims was announced.
An investor of International Game Technology (Public, NYSE:IGT) has filed a proposed securities class action lawsuit in the United States District Court for the District of Nevada on behalf of purchasers of International Game Technology (NYSE:IGT) common stock during the period between November 1, 2007 and October 30, 2008 against IGT and others alleging violations of Federal Securities laws. According to the complaint the plaintiff alleges that International Game Technology and certain of its officers and directors violated the Securities Exchange Act of 1934by issuing between November 1, 2007 and October 30, 2008 materially false and misleading statements regarding IGT’s business prospects. As alleged in the complaint, the inflation in the price of IGT stock came out in response to a series of disclosures by IGT.
International Game Technology (IGT), located in Reno, NV, is a global gaming company specializing in the design, manufacture, and marketing of electronic gaming equipment and network systems, as well as licensing and services. IGT maintains an array of entertainment-inspired gaming product lines. In addition to its United States production facilities in Nevada, it manufactures gaming products in the United Kingdom and through a third-party manufacturer in Japan. International Game Technology reported in 2007 Total Revenue of $2.6214billion with a Net Income of $508.20million and in 2008 $2.5286billion with a Net Income of $341.50million. Shares of IGT traded recently at $19.72 per share, down from a 52weekHigh of $24.55 per share and $48.28 per share in 2008.