IGT Securities Class Action Survives Dismissal

Law360, New York (March 16, 2011, 2:29 PM EDT) -- A federal judge on Tuesday allowed a class action alleging slot machine and video game maker International Game Technology and two of its executives painted a falsely rosy picture of its earnings prospects to move forward.

Judge Edward C. Reed Jr. of the U.S. District Court for the District of Nevada ruled that several statements that IGT, former CEO Thomas Matthews and Chief Financial Officer Patrick Cavanaugh made fell outside the bounds of the safe harbor protections provided by federal securities laws.

The suit was filed...
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