Pensioners sue IGT over stock price
International Game Technology’s stock price woes have prompted lawsuits by two groups of participants in the company’s employee retirement plan.
Two lawsuits filed in U.S. District Court in Nevada claim the plan made a poor investment decision when it invested in the slot giant’s own stock, according to a Las Vegas Sun report. The plaintiffs, who are seeking class-action status, argue that employees were harmed when the retirement plan invested in IGT stock at a time when the stock allegedly was inflated by false statements about the company’s prospects. They allege violations of the federal Employee Retirement Income Security Act.
Named as defendants are IGT, the profit-sharing plan committee and various company officials and directors.