SOURCE: International Game Technology

August 03, 2009 15:59 ET

Stull, Stull & Brody Announces Class Action on Behalf of Shareholders of International Game Technology

NEW YORK, NY--(Marketwire - August 3, 2009) - Attorney Advertising. Notice is hereby given that a class action has been commenced in the United States District Court for the District of Nevada on behalf of purchasers of International Game Technology ("IGT" or the "Company") (NYSE: IGT) common stock during the period between November 1, 2007 and October 30, 2008 (the "Class Period").

Stull, Stull & Brody has substantial experience representing employees who suffered losses from purchases of their employer's stock in their 401(k) plans. If you bought IGT stock through your IGT retirement account and have information or would like to learn more about these claims, please contact us.

The complaint charges IGT and certain of its officers and directors with violations of the Securities Exchange Act of 1934. IGT is a global gaming company that specializes in the design, manufacture, and marketing of electronic gaming equipment and network systems, as well as licensing and services, in North America and internationally.

The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company's business prospects. According to the complaint, defendants misrepresented and/or failed to disclose the following adverse facts: (i) 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; (ii) 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; (iii) that defendants' positive representations concerning the Company's shift to non-machine based operations were undermined by a slowdown in the gaming industry, the impact of which defendants minimized; and (iv) that defendants concealed that, as a result of the foregoing, it was not likely that IGT would achieve or exceed its earnings guidance.

As alleged in the complaint, the inflation in the price of IGT stock came out in response to a series of disclosures by IGT.

Plaintiff seeks to recover damages on behalf of himself and all other individual and institutional investors who purchased IGT securities between November 1, 2007 and October 30, 2008, excluding defendants and their affiliates.

If you purchased IGT securities between November 1, 2007 and October 30, 2008, you may, not later than September 28, 2009, request that the Court appoint you as lead plaintiff for the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation, and you must meet certain legal requirements to serve as a lead plaintiff.

If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Tzivia Brody, Esq. at Stull, Stull & Brody by e-mail at SSBNY@aol.com, by calling toll-free 1-800-337-4983, or by fax at 212/490-2022, or by writing to Stull, Stull & Brody, 6 East 45th Street, New York, NY 10017. You can also visit our website at www.ssbny.com.

Attorney Advertising. Prior Results Do Not Guarantee A Similar Outcome.

Contact Information

  • Contact:
    Tzivia Brody, Esq.
    Stull, Stull & Brody
    SSBNY@aol.com
    toll-free 1-800-337-4983
    fax 212/490-2022
    Stull, Stull & Brody
    6 East 45th Street
    New York, NY 10017