Stockholders v MGM Mirage

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MGM Mirage

Case ID: 5538

Category: Stocks

Last Update: 08/25/2009

Country:

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.

If you bought MGM Mirage securities and would like to obtain information about the MGM Mirage lawsuit, then you are invited to call Kahn Swick & Foti, LLC toll free at (866) 467-1400 extension 100 to speak with an attorney or visit www.ksfcounsel.com.

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