Oct. 16, 2009 (Business Wire) -- Diaz & Galt, LLC has filed a lawsuit in the United States District Court for the District of Nevada seeking class action status on behalf of those who purchased MGM Mirage (“MGM” or the “Company”) securities between August 2, 2007 and March 5, 2009, inclusive (the “Class Period”).
Any shareholder, who purchased MGM securities during the above Class Period, may move the Court to serve as a plaintiff in this class action. If you wish to serve as lead plaintiff, you must move the Court for appointment by October 19, 2009. A lead plaintiff is a class member who acts on behalf of other class members in directing the litigation.
The Complaint charges that MGM and certain of its officers and directors violated federal securities. Specifically, the Complaint alleges that defendants made a series of materially false and misleading statements concerning MGM’s liquidity and the prospects for the development of MGM’s CityCenter. Prior to the disclosures of the true facts, MGM insiders sold close to $90 million worth of their personally held MGM stock to the public. As the true facts about MGM and the CityCenter leaked into the market, the price of MGM securities declined.
If you are a member of the class, you may, no later than October 19, 2009, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.
For a copy of the Complaint or for more information contact Diaz & Galt at 877-324-6443 or visit us at http://diazandgaltlaw.com/.
