SOURCE: Kendall Law Group

Kendall Law Group

July 31, 2009 17:31 ET

Kendall Law Group Announces Securities Class Action Against International Game Technology

DALLAS, TX--(Marketwire - July 31, 2009) - Kendall Law Group, led by a former federal judge and US Attorney, today announced that a lawsuit has been filed against International Game Technology (NYSE: IGT) for investors who purchased stock that was artificially inflated between November 1, 2007 and October 30, 2008.

Any shareholder, who purchased IGT stock during the above time period, may move the Court to serve as lead plaintiff in this class action. If you wish to serve as lead plaintiff, you must move the Court for appointment by September 28, 2009. A lead plaintiff is a class member who acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

According to the complaint, filed in the District of Nevada, defendants failed to disclose that they had problems associated with gaming platforms, thereby undermining their optimistic statements. Defendants also failed to disclose that 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. The complaint further alleges that the company failed to adequately and timely record losses for its impaired loans, causing its financial results to be false. Defendants also issued misleading positive statements concerning the company's shift to non-machine based operations. As a result, it was unlikely that IGT would achieve or exceed its earnings guidance.

Although every case is different, Kendall Law Group has participated in the recovery of over $800 million for defrauded shareholders. Led by a former federal judge and U.S. Attorney, the firm has the credentials to pursue any type of complex securities litigation in the nation. If you wish to learn more about your rights as a shareholder or serving as a lead plaintiff, contact attorney Hamilton Lindley at 877-744-3728 or hlindley@kendalllawgroup.com.

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