Case Page

 

Case Status:    SETTLED
On or around 10/16/2017 (Other)

Filing Date: August 19, 2009

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 are 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.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: MGM
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: D. Nevada
DOCKET #: 09-CV-01558
JUDGE: Hon. Brian E. Sandoval
DATE FILED: 08/19/2009
CLASS PERIOD START: 08/02/2007
CLASS PERIOD END: 03/05/2009
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abraham, Fruchter & Twersky (New York, One Pennsylvania Plaza)
    One Pennsylvania Plaza, Suite 1910, Abraham, Fruchter & Twersky (New York, One Pennsylvania Plaza), NY 10119
    212.279.5050 212.279.3655 · JFruchter@FruchterTwersky.com
  2. Coughlin Stoia Geller Rudman & Robbins LLP (Melville)
    58 South Service Road, Suite 200, Coughlin Stoia Geller Rudman & Robbins LLP (Melville), NY 11747
    631.367.7100 631.367.1173 · info@csgrr.com/
  3. Goodman Law Group
    520 South Fourth Street, Goodman Law Group, NV 89101
    702.383.5088 702.385.5088 ·
No Document Title Filing Date
COURT: D. Nevada
DOCKET #: 09-CV-01558
JUDGE: Hon. Brian E. Sandoval
DATE FILED: 01/14/2011
CLASS PERIOD START: 08/02/2007
CLASS PERIOD END: 03/05/2009
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Barroway Topaz Kessler Meltzer & Check, LLP (San Francisco)
    580 California Street, Suite 1750, Barroway Topaz Kessler Meltzer & Check, LLP (San Francisco), CA 94104
    415.400.3000 415.400.3000 · info@btkmc.com
  2. Nix Patterson & Roach, LLP
    205 Linda Drive, Nix Patterson & Roach, LLP, TX 75638
    903.645.7333 ·
No Document Title Filing Date
No Document Title Filing Date