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On August 29, 2022, International Game Technology PLC (IGT) and DoubleDown Interactive Co., Ltd. (DDI) announced an agreement to settle the Benson v. DoubleDown Interactive LLC, et. al. lawsuit.
Going back, IGT completed the sale of DoubleDown Interactive LLC (DD"), the operator of the social gaming business DoubleDown Casino, to DoubleU Diamond LLC, a subsidiary of DoubleDown, in June 2017.
The press release disclosed that “as a result of the settlement agreement, IGT will accrue a $119.75 million non-operating expense in the third quarter related to the incremental loss associated with the Benson Matters and related claims between IGT and DoubleDown and their respective subsidiaries and affiliates ($150 million was accrued in the second quarter).”
Taking the content of the claim and the terms of the announced settlement into account, the investor has reason to suspect that the Company and its current and former Leaders:
- Overstated its compliance with gaming and lottery laws and applicable regulations,
- Concealed that IGT and/or one or more of its current and/or former subsidiaries engaged in illegal gambling operations,
- Misrepresented the full scope and severity of its financial exposure to, and/or liabilities in connection with, the Benson Action,
that could damage former and current securities holders.
Failure to Disclose,
Breach of Fiduciary duty,
Shock Event Date
29 August 2022