February 24, 2009 - The court granted the defendants' motion to dismiss with prejudice and ordered the case closed.
December 30, 2008 - The plaintiffs filed a revised second amended complaint.

November 24, 2008 - Defendants filed a motion to dismiss.

September 23, 2008 - The plaintiffs filed a second amended complaint.

September 22, 2008 - A lead plaintiff motion was filed.

August 6, 2008 - The plaintiff filed an amended complaint on behalf of investors who purchased PENN common shares between March 20, 2008 and July 3, 2008. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between March 20, 2008 and July 3, 2008.

July 3, 2008 - An investor in shares of Penn National Gaming Inc (NASDAQ: PENN) filed a lawsuit in the U.S. District Court for the District of Maryland against Penn National Gaming Inc over alleged violations of Federal Securities Laws.

According to the complaint the plaintiff charges Penn National Gaming Inc and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The complaint alleges that between April 1, 2008 and July 3, 2008 defendants issued materially false and misleading statements regarding Penn National Gaming Inc's business and financial results.

In the complaint, the plaintiff alleges securities fraud upon a misrepresentation in violation of Section 10(b) and/or Rule 10b-5 of the Securities Exchange Act of 1934. The claim arises out of Penn National Gaming Inc’s (NASDAQ: PENN) agreement to a merger buyout from funds affiliated with Fortress Investment Group and Centerbridge Partners LP at $67.00 per share. Specifically, Penn National Gaming Inc publicly announced via national press release that it had entered into a definitive agreement by PNG Acquisition Company Inc an entity indirectly owned by certain funds managed by affiliates of Fortress Investment Group and Centerbridge Partners LP.

According to the complaint under the terms of the merger agreement, Penn National Gaming Inc announced that if the merger was completed by June 15, 2008, Penn National Gaming Inc’s shareholders would be entitled to receive $67.00 in cash, without interest, for each share of Penn National Gaming Inc's (NASDAQ: PENN) common stock they own. If the merger was not completed by June 15, 2008, Penn National Gaming Inc (NASDAQ: PENN) promised that the $67.00 per share merger consideration would be increased by $0.0149 per day. Upon Penn National Gaming Inc’s merger and target date announcement and aforesaid representations, Penn National Gaming Inc’s (NASDAQ: PENN) stock, which had been trading in the mid to low 50s, jumped to over $63 per share, so the lawsuit. On July 3, 2008, shares of Penn National Gaming Inc (NASDAQ: PENN) fell to a new low, after Penn National Gaming Inc abruptly announced that its planned $5.82 billion takeover by Fortress Investment Group and Centerbridge Partners LP has been terminated.

Penn National Gaming Inc announced that as a result of the termination, it would be receiving $1.475 billion, which would consist of $225 million cash termination fee and the purchase of $1.25 billion of Penn National Gaming Inc’s redeemable preferred equity due in 2015. The complaint alleges that upon information and belief, sometime after Penn National Gaming Inc’s merger announcement, while Penn National Gaming Inc’s stock was on the rise, Penn National Gaming Inc’s family members and close associates began rapidly selling Penn National Gaming Inc’s (NASDAQ: PENN) stock. Consequently, the price of Penn National Gaming Inc’s stock began to deteriorate. In April, May and June of 2008, Penn National Gaming Inc was publicly announcing status of approval by the various states in order to fraudulently bolster its stock price by instilling shareholders of the belief that a merger was still going to take place.

The complaint stated that in April, May, and June of 2008, Penn National Gaming Inc failed to disclose that it was negotiating the termination of the merger agreement. The plaintiff alleges that Penn National Gaming Inc made the omission knowingly, or with reckless disregard for the truth thereof, and with the intent to deceive or defraud. According to the lawsuit Penn National Gaming Inc’s omission created misrepresentation which induced Plaintiff to purchase the security at issue, Penn National Gaming Inc's material omission caused Plaintiff to suffer monetary damage.