NEW YORK, Aug. 3, 2009 (GLOBE NEWSWIRE) -- The Brualdi Law Firm, P.C. announces that a lawsuit 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") for violations of the federal securities laws.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased IGT common stock during the Class Period, and wish to move the court for appointment of lead plaintiff, you must do so by September 28, 2009. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You do not need to seek appointment as a lead plaintiff in order to share in any recovery.
To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. 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 Sue Lee at The Brualdi Law Firm, P.C. 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1187 or (212) 952-0602, by email to slee@brualdilawfirm.com or visit our website at http://www.brualdilawfirm.com.
The Complaint alleges that defendants failed to disclose that they had problems associated with gaming platforms, thereby undermining their optimistic statements. It also alleges that 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.