Abraham, Fruchter & Twersky, LLP Files Class Action Suit Against MGM Mirage
19 Agosto 2009 - 6:34PM
Marketwired
Abraham, Fruchter & Twersky, LLP today announced that a class
action law suit has been commenced in the United States District
Court for the District of Nevada on behalf of purchasers of MGM
Mirage ("MGM" or the "Company") (NYSE: MGM) common stock between
August 2, 2007 and March 5, 2009, inclusive (the "Class Period").
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.
Plaintiff seeks to recover damages on behalf of all purchasers
of MGM common stock during the Class Period. The Plaintiff is
represented by Abraham, Fruchter & Twersky, LLP which has
extensive experience in securities class action cases, and the firm
has been ranked among the leading class action law firms in terms
of recoveries achieved by a survey of class action law firms
conducted by Institutional Shareholder Services. If you would like
to discuss this action or if you have any questions concerning this
notice or your rights as a potential class member or lead
plaintiff, you may contact: Jack G. Fruchter or Arthur J. Chen of
Abraham, Fruchter & Twersky, LLP at 212-279-5050, or via e-mail
at jfruchter@aftlaw.com or achen@aftlaw.com, respectively. If you
wish to serve as lead plaintiff, you must move the Court no later
than October 18, 2009. Any member of the proposed class may move
the Court to serve as lead plaintiff through counsel of their
choice, or may choose to do nothing and remain a member of the
proposed class.
Attorney Advertising. Prior Results Do Not Guarantee A Similar
Outcome.
Contact: Jack G. Fruchter Arthur J. Chen Abraham, Fruchter &
Twersky, LLP One Penn Plaza, Suite 2805 New York, N.Y. 10119
Telephone: (212) 279-5050
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