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Case Status:    DISMISSED    
On or around 08/31/2004 (Date of order of final judgment)

Filing Date: September 26, 2003

According to Midway Games, Inc.'s Form 10-K for the fiscal year ended December 31, 2004, on August 27, 2004, the District Court entered an order granting defendants' motion dismissing all of plaintiffs' claims with prejudice. The time for appeal has expired, and the judgment is final.

In the Company's Form 8-K report dated April 6, 2004, three putative securities class actions were consolidated in January 2004. The court ordered the Company to answer the Consolidated Complaint or serve a motion to dismiss and accompanying memorandum in support by April 22, 2004. Discovery has not yet commenced, and no trial date has been set.

The original complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market between December 11, 2001 and July 30, 2003, thereby artificially inflating the price of Midway's common stock. The Complaint alleges the statements were materially false and misleading because they failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the Company was experiencing material disruptions in its internal studios such that it would be unable to meet the expected release dates for its major new game titles; (2) that the Company's inability
to develop new game titles in a timely manner was negatively impacting its ability to increase revenues and earnings; (3) that the Company was experiencing decreased consumer demand for its released products; and (4) as a result of the foregoing, defendants lacked a reasonable basis for their earnings projections for the Company, which were therefore materially false and misleading.

The Class Period begins on December 11, 2001, when Midway filed with the SEC, on Form S-3/A, a registration statement containing alleged misrepresentations with respect to the Company's offering of 4.5 million shares of common stock.

The truth began to emerge on July 29, 2003, when the Company announced its results for the third quarter ended March 31, 2003. To the shock of the investment community, Midway disclosed that it generated a mere $5 million,
failing to meet its guidance estimates of $7-11 million. The revenue decline was attributed to the delay in the release of a number of titles and decreasing consumer demand for its released titles. The Company also announced that David F. Zucker succeeded Neil D. Nicastro as chief executive officer and president
of Midway Games, Inc. Midway's July 29, 2003 announcement shocked the markets, causing the Company's already depressed shares to slide downwards more than 28%, or $0.97 a share, to close at $2.42 per share on July 30, 2003.

COMPANY INFORMATION:

Sector: Technology
Industry: Software & Programming
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: MWY
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: N.D. Illinois
DOCKET #: 03-CV-6821
JUDGE: Hon. Joan Humphrey Lefkow
DATE FILED: 09/26/2003
CLASS PERIOD START: 12/11/2001
CLASS PERIOD END: 07/30/2003
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernstein Liebhard & Lifshitz, LLP (New York)
    10 E. 40th Street, 22nd Floor, Bernstein Liebhard & Lifshitz, LLP (New York), NY 10016
    800.217.1522 · info@bernlieb.com
  2. Brodsky & Smith, LLC (former Pennysylvania)
    11 Bala Avenue, Suite 39, Brodsky & Smith, LLC (former Pennysylvania), PA 19004
    610.668.7987 610.660.0450 · esmith@Brodsky-Smith.com
  3. Cauley Geller Bowman Coates & Rudman, LLP (New York)
    200 Broadhollow, Suite 406, Cauley Geller Bowman Coates & Rudman, LLP (New York), NY 11747
    631.367.7100 631.367.1173 ·
  4. Cauley Geller, Bowman Coates & Rudman, LLP (Boca Raton, FL)
    One Boca Place. 2255 Glades Road, Suite 421A, Cauley Geller, Bowman Coates & Rudman, LLP (Boca Raton, FL), FL 33431
    561.750.3000 561.750.3364 ·
  5. Federman & Sherwood (Oklahoma City)
    120 North Robinson, Suite 2720, Federman & Sherwood (Oklahoma City), OK 73102
    405-235-1560 · wfederman@aol.com
  6. Krislov & Associates, Ltd.
    20 North Wacker Drive, Suite 1350, Krislov & Associates, Ltd. , IL 60606
    312.606.0500 312.606.0207 · Clint@krislovlaw.com
  7. Law Offices of Charles J. Piven, P.A.
    World Trade Center-Baltimore,401 East Pratt Suite 2525, Law Offices of Charles J. Piven, P.A., MD 21202
    410.332.0030 · pivenlaw@erols.com
  8. Much Shelist Freed Denenberg Ament & Rubenstein, PC

    800-470-6824 312-621-1750 ·
No Document Title Filing Date
COURT: N.D. Illinois
DOCKET #: 03-CV-6821
JUDGE: Hon. Joan Humphrey Lefkow
DATE FILED: 03/08/2004
CLASS PERIOD START: 12/11/2001
CLASS PERIOD END: 07/30/2003
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cauley Geller Bowman Coates & Rudman, LLP (New York)
    200 Broadhollow, Suite 406, Cauley Geller Bowman Coates & Rudman, LLP (New York), NY 11747
    631.367.7100 631.367.1173 ·
  2. Kenneth A. Elan (Chicago )
    30 North LaSalle Street, Suite 3200, Kenneth A. Elan (Chicago ), IL 60602
    312782.4880 · mmiller@millerfauchner.com
  3. Miller Faucher and Cafferty LLP
    30 North LaSalle Street, Miller Faucher and Cafferty LLP, IL 60602
    312.782.4880 ·
  4. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
No Document Title Filing Date