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MGM Resorts International (NYSE: MGM) Investor Securities Class Action Lawsuit 08/19/2009

  • If you purchased shares of MGM Resorts International (NYSE: MGM), you might have certain options and should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
MGM Resorts International
Security
NYSE: MGM

Case Name
MGM Resorts Shareholder Class Action Lawsuit 08/19/2009
Type of Lawsuit
Shareholder Class Action
Class Period Begin
Class Period End
Deadline To File for Lead
Settlement Notice
mgm_resorts_international_settlement_notice_9_2015.pdf
Settlement Proof
mgm_resorts_international_settlement_proof_9_2015.pdf
Filed Complaint
mgm_resorts_international_original_filing_edited_8_2009.pdf
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Settlement Overview

Date Settled
Date Settled
Settlement Amount
$75,000,000.00
Deadline to Participate in Settlement

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Summary

March 1, 2016 - The court held a final settlement hearing, approved the settlement and entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissing the action with prejudice.
September 11, 2015 - The court preliminarily approved the settlement.

August 28, 2015 - Parties filed a stipulation of settlement.

September 26, 2013 - The court denied the defendants' motion to dismiss.

May 30, 2012 - The defendants filed a motion to dismiss.

April 17, 2012 - The lead plaintiffs filed another amended complaint.

March 27, 2012 - The court granted the defendants' motion to dismiss without prejudice.

March 15, 2011 - The defendants filed a motion to dismiss.

January 14, 2011 - The lead plaintiffs filed an amended complaint.

October 25, 2010 - The lead plaintiffs and lead counsel were appointed.

November 4, 2009 - All cases were consolidated.

October 19, 2009 - Lead plaintiff motions were filed.

August 19, 2009 - An investor in shares of MGM Resorts International (NYSE: MGM) filed a lawsuit in the U.S. District Court for the District of Nevada against MGM Resorts International over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between August 2, 2007 and March 5, 2009.

The complaint charges MGM Resorts International and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing between August 2, 2007 and March 5, 2009 a series of allegedly materially false and misleading statements concerning MGM Resorts International’s liquidity and the prospects for the development of MGM Resorts International’s CityCenter. The plaintiff accuses that prior to the disclosures of the true facts, MGM Resorts International insiders sold close to $90 million worth of their personally held MGM stock to the unsuspecting public and as the true facts about MGM Resorts International and the CityCenter leaked into the market, the inflation in the price of MGM Resorts International stock was removed, causing plaintiff and purchasers of MGM Resorts International (NYSE: MGM) common stock between August 2, 2007 and March 5, 2009 damages.

MGM Resorts International (NYSE: MGM), located in Las Vegas, is engaged in gaming and resort operations. MGM Resorts International owns and operates casino resorts, which includes offering gaming, hotel, dining, entertainment, retail and other resort amenities. MGM Resorts International reported in 2007 Total Revenue of $7.69164billion with a Net Income of $1.58442billion and in 2008 Total Revenue of $7.20877billion with a Net Loss of $855.29million. Shares of MGM Resorts International (NYSE: MGM) recently traded at $8.45 per share, down from a 52weekHigh of $37.00 per share, almost $74 per share in 2008, and over $96 per share in 2007.

mgm_resorts_international_original_filing_edited_8_2009.pdf
Date Settled