An investment bank based in Silicon Valley, where the husband of Patti Hart, an international gaming technology CEO, is the chief executive, oversaw the slot machine maker’s acquisition of a small social gaming technology company last year.
Under the regulatory fair disclosure of the U.S. Securities and Exchange Commission, commonly referred to as RegFD in the investment community, public enterprises are required to disclose important information to all investors at the same time.
However, IGT did not disclose the $10 million purchase of San Francisco-based BringIt Inc. when the deal was completed in February 2012. IGT also did not disclose Hart’s relationship with an investment bank called Pagemill Partners in Palo Alto, California. Hart’s husband, Milage Hart, is one of the company’s nine managing directors. 파워볼게임
IGT determined that this transaction was too small to be disclosed because it was not important to the company’s overall financial position.
In addition, just a month before the Bringit deal ended, IGT was widely criticized for acquiring another much larger social gaming company, Double Down Casino, in a deal valued at $500 million. The deal was announced publicly.
IGT officials said the timing of the Bringit deal following the double down was a factor in not disclosing the purchase.
Now, a year after it was revealed, a tiny Bringit deal is starting to gain attention. On Feb. 9, the website Gambling911.com first reported on the Bringit deal and its involvement in the payment.
Material or not, the attention to Bringit Deal’s family relationship comes at an unchallenged time for IGT, which is mired in a terrible proxy fight, and Hart, who has been blamed for his company’s management.