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Pomerantz LLP announces that a class action lawsuit has been filed against International Game Technology PLC and certain of its officers. The class action, filed in the United States District Court for the District of New Jersey, and docketed under 22-cv-06094, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired IGT securities between March 16, 2018 and August 29, 2022, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
If you are a shareholder who purchased or otherwise acquired IGT securities during the Class Period, you have until December 13, 2022 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at newaction@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
IGT 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, IGT completed the sale of DoubleDown Interactive LLC (“DDI”), the operator of an online casino called DoubleDown Casino, to DoubleU Diamond LLC (“DoubleU”).
The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, 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 (defined below); and (v) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On April 9, 2018, a putative class action was filed in federal court against DDI and a wholly-owned subsidiary of the Company called International Game Technology (“IGT Subsidiary”), styled Benson v. Double Down Interactive, LLC et al., 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.
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.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
