MGM Mirage

Settlement of In re MGM Mirage Securities Litigation
No. 2:09-cv-01558-GMN-VCF

The parties have reached a settlement of this action, pending in the United States District Court for the District of Nevada. The settlement provides for the payment of $75,000,000.00 for the benefit of eligible Class Members.

Lead Plaintiffs Stichting Pensioenfonds Metaal en Techniek, Arkansas Teacher Retirement System, Philadelphia Board of Pensions and Retirement, and Luzerne County Retirement System alleged that Defendants made materially false and misleading statements and failed to disclose material facts concerning: (i) MGM’s financial status, liquidity, and access to capital markets; (ii) CityCenter’s massive budget overruns; and (iii) CityCenter’s construction defects and schedule delays.

The Class consists of all Persons or entities who, between August 2, 2007 and March 5, 2009, inclusive, purchased or otherwise acquired publicly-traded securities of MGM, and were allegedly damaged thereby. The securities include both MGM common stock as well as certain MGM Bonds. Excluded from the Class are Defendants, officers and directors of MGM, members of each Defendant’s immediate family, any entity in which any Defendant has or had a controlling interest, Defendants’ legal representatives, and the heirs, successors or assigns of any such excluded party. Also excluded from the Class are those Persons who timely and validly exclude themselves therefrom pursuant to the Notice of Pendency of Class Action and Proposed Settlement, Motion for Attorneys’ Fees and Settlement Fairness Hearing.

The settlement was preliminarily approved by the Court on September 11, 2015. The Court had originally scheduled a final approval hearing for December 15, 2015, at 9:00 a.m., which was later continued to January 29, 2016. The final approval hearing will now take place on March 1, 2016 at 9:00 a.m.

If you are a Class Member, to receive a payment from the settlement proceeds, you must submit a claim form postmarked no later than January 6, 2016. The claim form can be obtained by clicking on the Proof of Claim and Release link below.

Alternatively, you can submit your claim online. Online claims must be submitted by January 6, 2016. For more information, and to file your claim online, visit the Claims Administrator’s MGM Securities Litigation website www.mgmmiragesecuritieslitigation.com.

Please note: The Court extended the deadlines for certain Settlement Class Members whose Notice was mailed after October 24, 2015 to (i) seek exclusion from the Settlement Class, (ii) object to the Settlement, and (iii) submit a Proof of Claim form. For these Settlement Class Members, the extended exclusion and objection deadline is January 8, 2016 and the extended claim submission deadline is February 5, 2016.  Please see the Court’s Stipulation and Order Continuing December 15, 2015 Settlement Hearing and Extending Certain Deadlines in Connection Therewith.

Your legal rights and options in this settlement, including the securities included in the settlement and the dates by which Class members’ objections must be received by the Court and counsel, are set forth in the Notice of Pendency of Class Action and Proposed Settlement, Motion for Attorneys’ Fees and Settlement Fairness Hearing.

If you have any questions about the settlement or the litigation, please contact Rick Nelson at 1-800-449-4900.


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