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November 10, 2022 Casino, Legal, Land Based, Finance, Payments

Rosen Law Firm issues official deadline reminder in IGT lawsuit

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Investors have until December 13 to serve as a lead plaintiff in the case.

Rosen Law Firm has issued an official reminder regarding a pending lawsuit against IGT.

Rosen said those who have purchased securities from IGT during the class period ranging from March 16, 2018 – August 29, 2022, should be mindful of a lead plaintiff deadline that is scheduled to end on December 13. Investors have until the deadline to file to serve as a lead plaintiff in the ongoing lawsuit.

The law firm said in a statement: “If you purchased IGT securities during the class period you may be entitled to compensation without payment of any out-of-pocket fees or costs through a contingency fee arrangement.”

According to the suit, the firm claims IGT made “false and/or misleading statements” during the class period, including “overstated compliance with gaming and lottery laws and applicable regulations. The lawsuit also alleges that the company participated in illegal gambling operations and “downplayed the full scope and severity of its financial exposure,” regarding Benson v. Double Down Interactive, LLC.

Rosen maintains that in 2017, IGT and DoubleDown Casino “illegally profited from tens of thousands of consumers in violation of Washington law,” which led to company investors suffering from financial damage as a result.

IGT is a global software-making and gaming specialist. The company reported the highest full-year operating income in its history during 2021, topping out at $902m. It also generated $770m in free cash flow and more than $1bn in cash from its operations during the year.

IGT achieved another company first – a year ahead of schedule – by lowering its net debt by $1.4bn, bringing its debt to the lowest level it has ever had.

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