Case Page

 

Case Status:    DISMISSED    
On or around 02/24/2009 (Court's order of dismissal)

Filing Date: July 03, 2008

On February 24, 2009 the judge referred back to defendants' November 2008 motion for dismissal of the first Consolidated Complaint, granting it with prejudice. The Final Order of Dismissal permanently dismisses the case against defendants.

Defendants filed a motion to dismiss the Second Amended Complaint on November 24, 2008. Before ruling on the motion, the plaintiffs filed a new complaint.

Prior to even consolidation of the action, plaintiffs have filed three iterations of their complaint again the defendants, the latest filed on September 23, 2008.

According to a news story, shareholder has filed a securities class action lawsuit against Penn National Gaming, alleging that upon the defendant's merger and target date announcement and aforesaid representations, the company's stock, which had been trading in the mid to low 50s, jumped to over $63 per share.

According to the complaint on July 3, 2008, shares of Penn National fell to a new low, after the company abruptly announced that its planned $5.82 billion takeover by Fortress Investment Group and Centerbridge Partners, L.P., has been terminated. The complaint alleges that upon information and belief, sometime after Penn National's merger announcement, while the company's stock was on the rise, the company's family members and close associates began rapidly selling PNG's stock.

Consequently, the price of Penn National's stock began to deteriorate. The complaint accuses that in April, May, and June 2008, Penn National failed to disclose that it was negotiating the termination of the merger agreement and that the
company's omission or failure to disclose concerned one or more material facts.

The plaintiff alleges that Penn National made the omission knowingly, or with reckless disregard for the truth thereof, and with the intent to deceive or defraud.

Penn National owns and operates gaming and racing facilities. The company presently operates 19 facilities in 15 jurisdictions, including Colorado, Florida, Illinois, Indiana, Iowa, Louisiana, Maine, Mississippi, Missouri, New Jersey, New
Mexico, Ohio, Pennsylvania, West Virginia, and Ontario. Net revenues for the 12-month period ended March 31, 2008, were about $2.5 billion.

COMPANY INFORMATION:

Sector: Services
Industry: Casinos & Gaming
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: PENN
Company Market: NASDAQ
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: D. Maryland
DOCKET #: 08-CV-01752
JUDGE: Hon. Peter J. Messitte
DATE FILED: 07/03/2008
CLASS PERIOD START: 04/01/2008
CLASS PERIOD END: 07/03/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Braude & Margulies, P.C. (Washington)
    1200 Potomac Street, N.W., Braude & Margulies, P.C. (Washington), DC 20007
    202.471.5400 202.471.5400 ·
No Document Title Filing Date
COURT: D. Maryland
DOCKET #: 08-CV-01752
JUDGE: Hon. Peter J. Messitte
DATE FILED: 12/30/2008
CLASS PERIOD START: 03/20/2008
CLASS PERIOD END: 07/03/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Braude & Margulies, P.C. (Washington)
    1200 Potomac Street, N.W., Braude & Margulies, P.C. (Washington), DC 20007
    202.471.5400 202.471.5400 ·
No Document Title Filing Date