Contact Information: 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
Abraham, Fruchter & Twersky, LLP Files Class Action Suit Against MGM Mirage
| Source: Abraham, Fruchter & Twersky, LLP
NEW YORK, NY--(Marketwire - August 19, 2009) - 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.