Settlement of In re MGM Mirage Securities Litigation
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.
- Stipulation and Agreement of Settlement
- Order Preliminarily Approving Settlement and Providing for Notice
- Notice of Pendency of Class Action and Proposed Settlement, Motion for Attorneys’ Fees and Settlement Fairness Hearing
- Proof of Claim and Release
- Declaration Re Mailing of Notice of Pendency of Class Action and Proof of Claim Form and Publication of Summary Notice, Posting on Website, etc.
- Declaration of Layn R. Phillips in Support of Settlement
- Motion for Final Approval of Settlement, Approval of Plan of Allocation, and an Award of Attorneys’ Fees and Expenses to Lead Counsel and Awards to Lead Plaintiffs
- Joint Declaration in Support of Motion for Final Approval of Settlement and Plan of Allocation, and Award of Attorneys’ Fees and Expenses and Awards to Lead Plaintiffs
- Memorandum of Points and Authorities in Support of Lead Plaintiffs’ Motion for Final Approval of Settlement and Plan of Allocation of Settlement Proceeds
- Memorandum of Points and Authorities in Support of Lead Counsel’s Motion for an Award of Attorneys’ Fees and Expenses and Awards to Lead Plaintiffs
- Declaration of Brian O. O’Mara Filed on Behalf of Robbins Geller Rudman & Dowd LLP in Support of Application for Award of Attorneys’ Fees and Expenses
- Declaration of Gregory M. Castaldo Filed on Behalf of Kessler Topaz Meltzer & Check, LLP in Support of Application for Award of Attorneys’ Fees and Expenses
- Declaration of Jeffrey J. Angelovich Filed on Behalf of Nix, Patterson & Roach, LLP in Support of Application for Award of Attorneys’ Fees and Expenses
- Declaration of John P. Aldrich, Esq. Filed on Behalf of Aldrich Law Firm, Ltd. in Support of Application for Award of Attorneys’ Fees and Expenses
- Declaration of Liaison Counsel, Curtis B. Coulter Filed on Behalf of Law Offices of Curtis B. Coulter, P.C. in Support of Application for Award of Attorneys’ Fees and Expenses
- Declaration of Inge Van Den Doel
- Declaration of Rickey Hummer
- Declaration of Jo Rosenberger Altman
- Declaration of Laura Gilson on Behalf of Lead Plaintiff, Arkansas Teacher Retirement System
- Stipulation and Order Continuing December 15, 205 Settlement Hearing and Extending Certain Deadlines in Connection Therewith
- Minute Order Continuing January 29, 2016 Final Approval Hearing to March 1, 2016
- Lead Plaintiffs’ Omnibus Response to the Objections of: (1) Nickolas A. Kacprowski (Dkt. Nos. 372, 378); (2) Colorado Public Employees’ Retirement Association (Dkt. No. 373); (3) National Automatic Sprinkler Industry Pension Fund (Dkt. No. 374); and (4) William E. Stafford, Jr. (Dkt. No. 371)
- Supplemental Declaration of Michael Joaquin Regarding Notice Procedures in Connection with Settlement; and Report on Requests for Exclusion and Proof of Claim and Release Forms Received