Shareholders Say Slot Execs Dumped Shares

RENO, Nev. (CN) - International Game Technology insiders dumped shares for $29 million at prices inflated by false and misleading statements, shareholders claim in Reno Federal Court. The slot machine company laid off 10 percent of its workforce in 2008.

Shareholders say the CEO Thomas Matthews and a dozen other executives and board members dumped their shares knowing the company was "buckling under severe fiscal stress and poised to report disappointing results to investors."

Matthews alone sold shares for $15.5 million at elevated prices, the class claims. It seeks disgorgement, restitution and damages. They are represented by Mark Wray.

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