| Company: | Alliance Gaming Corp. |
| Ticker Symbol: | NYSE: AGI |
| Class Period: | January 15, 2004 to June 7, 2004 |
| Date Filed: | Jun-18-04 |
| Lead Plaintiff Deadline: | Aug-16-04 |
| Court: | District, NV |
| Allegations: |
A class action lawsuit has been filed in the United
States District Court for the District of Nevada on behalf of purchasers of
Alliance Gaming Corp. (NYSE: AGI) ("Alliance Gaming" or the "Company")
publicly traded securities during the period between January 15, 2004 and
June 7, 2004, inclusive (the "Class Period").
The complaint charges Alliance Gaming and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Alliance Gaming is a diversified, worldwide gaming company that designs, manufactures and distributes gaming machines and computerized monitoring systems for gaming machines.
The complaint alleges that during the Class Period, defendants caused Alliance Gaming's shares to trade at artificially inflated levels through the issuance of false and misleading statements regarding the Company's business prospects, which allowed the Company to consummate stock-for-stock acquisitions with inflated stock valued at $16 million; allowed certain defendants to sell $3.6 million worth of their own shares at artificially inflated prices; and permitted Alliance Gaming to grow and benefit economically from the wrongful course of conduct. As a result, the Company's shares traded at inflated prices, topping $34 during the Class Period.
On June 8, 2004, the Company issued a press release updating the Company's guidance for fiscal year 2004 to "the range of $0.96 to $1.00 per share, compared to the prior guidance of $1.04," and for fiscal year 2005 to "a range of $1.20 to $1.30" compared to prior guidance of $1.40. On this news, the Company's shares plunged $5.24 to close at $16.15 per share.
According to the complaint, the defendants actively concealed from the public that: (i) the Company was experiencing massive problems/delays associated with the Company's Wide Area Progressive games in Nevada due to regulatory hold-ups; (ii) the Company was experiencing massive delays in its approval and deployment of New York VLT game revisions; (iii) the Company's margins were being slashed by increased costs associated with the Company's central and traditional determination products; (iv) the Company's acquisition of Sierra Design Group was suffering from massive integrative problems; (v) the Company was losing its competitive position and experiencing problems in its game unit (video product); and (vi) as a result of the above, defendants' forecasts for fiscal year 2004 of $1.04 and fiscal year 2005 of $1.40 per share, were grossly inflated.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
The complaint charges Alliance Gaming and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Alliance Gaming is a diversified, worldwide gaming company that designs, manufactures and distributes gaming machines and computerized monitoring systems for gaming machines.
The complaint alleges that during the Class Period, defendants caused Alliance Gaming's shares to trade at artificially inflated levels through the issuance of false and misleading statements regarding the Company's business prospects, which allowed the Company to consummate stock-for-stock acquisitions with inflated stock valued at $16 million; allowed certain defendants to sell $3.6 million worth of their own shares at artificially inflated prices; and permitted Alliance Gaming to grow and benefit economically from the wrongful course of conduct. As a result, the Company's shares traded at inflated prices, topping $34 during the Class Period.
On June 8, 2004, the Company issued a press release updating the Company's guidance for fiscal year 2004 to "the range of $0.96 to $1.00 per share, compared to the prior guidance of $1.04," and for fiscal year 2005 to "a range of $1.20 to $1.30" compared to prior guidance of $1.40. On this news, the Company's shares plunged $5.24 to close at $16.15 per share.
According to the complaint, the defendants actively concealed from the public that: (i) the Company was experiencing massive problems/delays associated with the Company's Wide Area Progressive games in Nevada due to regulatory hold-ups; (ii) the Company was experiencing massive delays in its approval and deployment of New York VLT game revisions; (iii) the Company's margins were being slashed by increased costs associated with the Company's central and traditional determination products; (iv) the Company's acquisition of Sierra Design Group was suffering from massive integrative problems; (v) the Company was losing its competitive position and experiencing problems in its game unit (video product); and (vi) as a result of the above, defendants' forecasts for fiscal year 2004 of $1.04 and fiscal year 2005 of $1.40 per share, were grossly inflated.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
If you feel you qualify for damages or remedies that might be awarded in this class action please fill in our form on the right to submit your complaint.
If your injustice does not match the complaint described above, please use this form to register your complaint. Thank you.
