IGT faces shareholder court battle over lottery law allegations

Class action filed against IGT over shareholder allegations
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The Klein Law Firm has filed a class action complaint on behalf of IGT shareholders alleging the global lottery and gaming firm has ‘violated federal securities laws’.

The claim contends that IGT has made ‘materially false and/or misleading statements’, failing to disclose a number of key requirements.

These include alleged overstating of its compliance with gaming and lottery laws and applicable regulation, engaging in illegal gambling operations, and subjecting the company and/or its subsidiaries to a heightened risk of litigation and significant related costs.

Furthermore, it is alleged that IGT downplayed the full scope and severity of its financial exposure to, and/or liabilities in connection with, the lawsuit filed against its subsidiary in April 2019 which, as a result, makes its public statements materially false and misleading at relevant times.

The Klein Law Firm further notes that anyone who has purchased IGT securities – during the period of March 16, 2018 to August 29, 2022 – may be entitled to compensation.

Shareholders have until December 13, 2022 to petition the court for lead plaintiff status.

This news arrives after a busy month for IGT, which has been rapidly announcing new agreements to expand its business operations.

Deals with the Georgia Lottery, Oregon Lottery and Texas Lottery have already been shared in October, while the firm debuted its ‘landmark’ technology OMNIA at last week’s World Lottery Summit.