International Game Technology PLC (IGT) Stock Alert:


The class: Robbins LLP reminds investors that a shareholder has filed a class action lawsuit on behalf of all individuals and entities that acquired shares of securities of International Game Technology PLC (NYSE: IGT ) between March 16, 2018 and August 29, 2022 .for Violations of the Securities Exchange Act of 1934

Now what: Shareholders in a similar situation may be entitled to participate in the class action against IGT. Shareholders seeking to be appointed lead plaintiff for the class must file their briefs by December 13, 2022. A lead plaintiff is a representative party acting on behalf of other class members in conducting the litigation. You do not need to be involved in the lawsuit to be entitled to a refund. For more information click here.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.

What this case is about: International Game Technology PLC (IGT) accrued $119.72 million in non-operating expenses related to litigation settlement

According to the complaint, in June 2017, IGT completed the sale of DoubleDown Interactive LLC (“DDI”), operator of an online casino called DoubleDown Casino, to DoubleU Diamond LLC (“DoubleU”). On April 9, 2018, a putative class action lawsuit was filed in federal court against DDI and a wholly owned subsidiary of the Company called International Game Technology (“IGT Subsidiary”), entitled Benson v. Double Down Interactive, LLC et al., No. 2:18-cv-00525 (WD Wash.) (the “Benson Action”). The Benson lawsuit alleges, among other things, that IGT Subsidiary and DDI illegally profited from tens of thousands of consumers in violation of Washington law in connection with their operation of DoubleDown Casino.

On August 29, 2022, IGT and DDI announced an “agreement in principle to settle Benson v. DoubleDown Interactive LLC, et. al. and Related Proceedings (“Benson Matters”).” The press release stated that under the settlement, “[a] a total of $415 million will be paid into a settlement fund, of which IGT’s subsidiaries will contribute $269.75 million” and that “[a]as a result of the settlement agreement, IGT will accrue $119.75 million in non-operating expenses in the third quarter related to the loss accretion related to the Benson Matters and related claims between IGT and DoubleDown and their respective subsidiaries and affiliates ($150 million accrued in the second quarter).” Following this news, the price of IGT common stock fell $0.46 per share, or 2.45%, to close at $18.28 per share on August 30, 2022.

The complaint alleges that during the study period, the defendants failed to disclose that: (i) IGT exaggerated 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 has exposed the Company and/or its current and/or former subsidiaries to an increased risk of litigation and significant related costs; and (iv) the Company underestimates the full extent and severity of its financial exposure to and/or liabilities in connection with the Benson action.

Contact us to learn more:

Aaron Dumas
(800) 350-6003
[email protected]
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About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff at Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. this way. To be notified if a class action lawsuit against International Game Technology Plc settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock watch today.

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