SOURCE: Brower Piven, A Professional Corporation

August 06, 2009 16:05 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $250,000 From Investment in International Game Technology to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the September 28, 2009 Lead Plaintiff Deadline

BALTIMORE, MD--(Marketwire - August 6, 2009) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the District of Nevada on behalf of purchasers of the common stock of International Game Technology ("IGT" or the "Company") (NYSE: IGT) during the period between November 1, 2007 and October 30, 2008, inclusive (the "Class Period").

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than September 28, 2009 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You may contact Brower Piven (through hoffman@browerpiven.com or 410/986-0036) to answer any questions you may have in that regard.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that defendants had diverted substantial funds to the development of the Company's SB and AVP gaming platforms, which materially compromised the Company's growth prospects and undermined defendants' optimistic statements because IGT was unable to develop and market its SB and AVP gaming platforms within the time frame that defendants had represented to investors due to increasingly challenging market conditions and mounting costs; that defendants minimized the impact the slowdown in the gaming industry would have on positive representations concerning the Company's shift to non-machine based operations; and that, as a result of the foregoing, it was not likely that IGT would achieve or exceed its earnings guidance. According to the complaint, in reaction to a series of class period disclosures that gradually revealed the truth, the value of IGT's stock declined significantly.

If you have suffered a net loss for all transactions in International Game Technology common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410-986-0036, or at Brower Piven, A Professional Corporation, The World Trade Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore, Maryland 21202. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 40 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Baltimore, Maryland
    410/986-0036
    Email Contact