The Complaint charges that IGT, a global gaming company, and certain of its officers and directors violated federal securities laws by issuing materially false and misleading statements regarding the Company's business prospects. Specifically, defendants misrepresented and/or failed to disclose the following adverse facts: (i) that defendants had diverted substantial funds to the development of IGT'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) as a result of the foregoing, it was not likely that IGT would achieve or exceed its earnings guidance.
On March 11, 2010, the Honorable Judge Edward C. Reed, Jr., granted the motion to appoint the International Brotherhood of Electrical Workers Local 697 Pension Fund as lead plaintiff. Further, plaintiff's choice of Coughlin Stoia Geller Rudman & Robbins LLP as lead counsel is approved. On April 26, 2010, the lead plaintiff filed a Consolidated Complaint, and the defendants responded by filing a motion to dismiss on June 27, 2010. The motion to dismiss was denied on March 15, 2011.
On June 1, 2011, the plaintiffs filed a motion to certify the class. The case is now in the discovery phase.
On March 30, 2012, the Court issued the Order Preliminarily Approving Settlement And Providing For Notice.
On October 19, 2012, the Court issued an Order granting Plaintiffs' motions for (1) Final Approval of Class Action Settlement; (2) Approval of Plan of Allocation of Settlement Proceeds; and (3) Lead Counsel's Application for Award of Attorneys' Fees and Expenses and Plaintiffs' Expenses.
On October 22, 2012, a Final Judgment and Order of Dismissal with Prejudice was entered into the Court's docket.
On November 16, 2012, a class member filed a Notice of Appeal in this case. This Appeal was dismissed for want of prosecution on April 5, 2013.
On May 30, 2013, the Court issued an order denying George May's motion for summary judgment and his motion for an order in aid of execution of default judgment.