Nix, Patterson & Roach Appointed Lead Counsel in MGM Mirage Securities Litigation
October 25, 2010
Civil Action No. 2:09-CV-01558-GMN-LRL -- USDC Nevada
In re: MGM Mirage Securities Litigation
Class Period: August 2, 2007 through March 5, 2009
Nix, Patterson & Roach has been named Lead Counsel in a class action brought by the Arkansas Teacher Retirement System (“ARTRS”) against MGM Mirage.
In the litigation, Lead Plaintiff alleges officers and directors of MGM issued positive statements concerning the company’s revenues and liquidity and assured the public that MGM’s CityCenter project was progressing smoothly. Lead Plaintiff alleges such statements were materially false and misleading, causing Class Members to unsuspectingly purchase MGM stock for artifically inflated prices while MGM insiders sold close to $90 million worth of their own personally held MGM stock. When the truth about MGM's deteriorating financial situation became apparent, the stock price plummeted and caused large monetary losses to investors who purchased the securities based on MGM's allegedly false representations.
If you have any questions regarding this litigation, please contact Nix, Patterson & Roach partner Brad Beckworth at 903-645-7333.