MGM Mirage ("MGM" or the Company) is a hotel and gaming company, with most of its properties in the United States.

According to a press release dated August 19, 2009, the Complaint charges MGM and certain of its officers and directors with violating Section 10(b) of the Securities Exchange Act of 1934. The Complaint alleges that during the Class Period, Defendants made materially false and misleading statements concerning MGM's financial strength, liquidity and the prospects for the development of MGM's CityCenter. This caused MGM's common stock price to be artificially inflated, allowing MGM insiders to sell close to $90 million worth of MGM stock at higher prices than they would otherwise have obtained.

As the true facts about MGM's deteriorating financial condition and the Company's inability to fund the CityCenter project leaked into the market, the inflation in the price of MGM stock was removed, causing Plaintiff and the members of the Class damages.

On November 4, 2009, Judge Robert C. Jones signed the Order consolidating the two related actions under In re MGM Mirage Securities Litigation, 2:09-cv-01558-RCJ-LRL.

On October 25, 2010, Judge Gloria M. Navarro granted the motion to appoint lead Plaintiff, and denied the motions to consolidate other actions. Public Pension Funds’ (composed of Arkansas Teacher Retirement System, the Philadelphia Board of Pensions and Retirement, and the Luzerne County Retirement System) and Stichting Pensioenfonds Metaal en Techniek were appointed co-lead Plaintiffs.

On January 14, 2011, the lead Plaintiffs filed a Consolidated Amended Class Action Complaint. The Defendants responded by filing motions to dismiss on March 15, 2011.

On March 26, 2012, the Court issued an order granting Defendants' Motion to Dismiss. Plaintiffs' Consolidated Complaint was dismissed without prejudice. Plaintiffs were given until April 17, 2012 to file an Amended Complaint. On April 17, 2012, Plaintiffs filed their Amended Complaint.

On September 26, 2013, the Court issued an Order denying the lead Plaintiffs' Motion to Strike and also denying the Defendants' Motion to Dismiss.

On August 28, 2015, the parties entered into a Stipulation of Settlement. The Settlement was preliminarily approved by the Court on September 11. On March 1, 2016, the Court granted final approval of the Settlement and dismissed this case with prejudice.

An objector to the Settlement filed a Notice of Appeal on March 21, 2016. On September 15, 2017, the Court of Appeals affirmed the District Court's decision to approve the Settlement.