MGM Mirage Securities Litigation Settlement Website
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Welcome to the MGM Mirage Securities Litigation Settlement Website

This website has been established to provide general information related to the proposed settlement of the MGM Mirage Securities Litigation. The proposed settlement is subject to Court approval.  The capitalized terms used on this website, and not defined herein, shall have the same meanings ascribed to them in the Stipulation and Agreement of Settlement, dated August 28, 2015 (the “Stipulation”), which can be found and downloaded by clicking on the Case Documents tab above. This Action is a securities class action that is pending before the Honorable Gloria M. Navarro in the United States District Court for the District of Nevada, and the case is known as In re MGM Mirage Securities Litigation, Case No. 2:09-cv-01558-GMN-VCF.

This Action alleges violations of the federal securities laws in connection with MGM Mirage’s (now known as MGM Resorts International) ("MGM") development of CityCenter, a multi-building development featuring a casino, hotel, residential units, retail, restaurants, and entertainment venues. The Court has appointed the law firms of Robbins Geller Rudman & Dowd LLP, Kessler Topaz Meltzer & Check, LLP, and Nix Patterson & Roach, LLP as Lead Counsel. Arkansas Teacher Retirement System, Philadelphia Board of Pensions and Retirement, Luzerne County Retirement System, and Stichting Pensioenfonds Metaal en Techniek are the Court-appointed Lead Plaintiffs.

The Consolidated Complaint for Violations of Federal Securities Laws (“Consolidated Complaint”) filed in the Action on January 14, 2011, against Defendants MGM, James J. Murren, Daniel J. D’Arrigo, Robert C. Baldwin, and Deborah Lanni, as Co-Executor of the Estate of J. Terrence Lanni, generally alleged, among other things, that during the Class Period (i.e., August 2, 2007, through and including March 5, 2009), Defendants issued materially false and misleading statements and omitted material information regarding MGM’s financial condition, its access to financing, and the budget and schedule for CityCenter. The Consolidated Complaint asserted that these allegedly false and misleading statements and omissions artificially inflated the price of MGM securities.

The Consolidated Complaint further alleged that Class Members purchased or otherwise acquired MGM publicly-traded securities during the Class Period at prices artificially inflated as a result of the Defendants’ dissemination of materially false and misleading statements and omissions of material fact. The Consolidated Complaint asserted claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (“Exchange Act”), and Rule 10b-5 promulgated thereunder. Defendants deny each and all of the claims and contentions of wrongdoing alleged by Lead Plaintiffs in the litigation. Defendants contend that they did not make any materially false or misleading statements, they disclosed all material information required to be disclosed by the federal securities laws, and any alleged misstatements or omissions were not made with the requisite intent or knowledge of wrongdoing. Defendants also contend that any losses suffered by members of the Class were not caused by any false or misleading statements by Defendants and/or were caused by intervening events.

The Class is defined as all Persons or entities who purchased or otherwise acquired the publicly-traded securities of MGM during the period from August 2, 2007, through and including March 5, 2009 (the "Class Period”), and were allegedly damaged thereby.  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 by submitting a request for exclusion in accordance with the requirements set forth in the Notice of Pendency of Class Action and Proposed Settlement, Motion for Attorneys’ Fees and Settlement Fairness Hearing (the "Notice").

In exchange for the Settlement and the release of the Released Claims as well as dismissal of the Action, Defendants have agreed that a payment of $75 million will be made by Defendants (or on their behalf) to be divided, after taxes, fees, and expenses, pro rata among all Class Members who send in a valid Proof of Claim Form.

Although the information on this website is intended to assist you, it does not replace the information contained in the Notice and the Stipulation, both of which can be found and downloaded from this website. Please read the Notice and other relevant case documents to fully understand your rights.

 YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT

SUBMIT A CLAIM The only way to be eligible to receive a payment from the Settlement.  
EXCLUDE YOURSELF Get no payment. This is the only option that potentially allows you to ever be part of any other lawsuit against the Defendants or any other Released Persons about the legal claims being resolved by this Settlement. 
OBJECT Write to the Court about why you do not like the Settlement, the Plan of Allocation, and/or the request for attorneys’ fees, costs, and expenses. You will still be a member of the Class. 
GO TO A HEARING Ask to speak in Court about the fairness of the Settlement. 
DO NOTHING Receive no payment. You will, however, still be a member of the Class, which means that you give up your right to ever be part of any other lawsuit against the Defendants or any other Released Persons about the legal claims being resolved by this Settlement and you will be bound by any judgments or orders entered by the Court in the Action.

PLEASE NOTE: The Court extended the deadlines for certain Class Members whose Notice was mailed after October 24, 2015 to (i) seek exclusion from the Class, (ii) object to the Settlement, and (iii) submit a Proof of Claim Form.  For these Class Members, the extended exclusion and objection deadline is January 8, 2016 and the extended claim submission deadline is February 5, 2016.  The Court has also changed the date and time of the final Settlement hearing to March 1, 2016, at 9:00 a.m.  Please see the Court’s Stipulation and Order Continuing December 15, 2015 Settlement Hearing and Extending Certain Deadlines in Connection Therewith.

IMPORTANT DATES AND DEADLINES

Submit Claim: January 6, 2016 / February 5, 2016 
Request Exclusion: November 24, 2015 / January 8, 2016 
File Objection: November 24, 2015 / January 8, 2016 
Court Hearing on Fairness of Settlement: Continued to March 1, 2016, at 9:00 a.m.