$500,000 Settlement Agreed Upon Between International Game Technology and the US Securities and Exchange Commission
An agreement settlement has resulted in International Game Technology paying the US Securities and Exchange Commission $500,000 in penalties for the alleged whistleblower anti-retaliation provision violation with the Securities Exchange Act of 1934.
The violation took place right before IGT was acquired by GTECH. The company, however, has never admitted or denied the allegations that IGT retaliated unsuitably against the whistleblower. The US Securities and Exchange Commission didn’t include any alleged violations that were related to the subject of the whistleblowers case initially. Other details haven’t been disclosed officially.
The newly appointment Chief of the Commission’s whistleblower office release a statement confirming that the case represents that the “first stand-alone retaliation case” was brought by the agency “illustrating the high priority we place on ensuring a safe environment for whistleblowers.”
“The SEC’s willingness to take action against a publicly traded company irrespective of whether it chooses to bring an enforcement action based on the whistleblower’s tip is an extremely significant development,” said the firm that represented the whistleblower employee.
They added that “It sends a strong message both to publicly traded companies and to their employees that the SEC is serious about protecting whistleblowers.”