The deadline has now passed for shareholders of IGT to petition for lead plaintiff status in a lawsuit against the global lottery and gaming firm.
Details of the case against IGT first emerged in October when the Klein Law Firm confirmed it had filed a class action complaint on behalf of shareholders who purchased shares in the company between March 16, 2018, and August 29, 2022, alleging it had ‘violated federal securities laws’.
The claim contended 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 lawsuit filed against IGT’s subsidiary in April of 2018; and (v) as a result, the company’s public statements were materially false and misleading at all relevant times.
The Klein Law Firm further noted that anyone who had purchased IGT securities during the aforementioned period could be entitled to compensation.
Other law firms, including the Schall Law Firm, also encouraged investors with losses of $100,000 to make contact and review whether a compensation claim could be made.
Shareholders were given until yesterday, December 13, to petition the court for lead plaintiff status.