Robbins Geller Rudman & Dowd LLP Announces Proposed Settlement of MGM Mirage Securities Litigation

LAS VEGAS, Oct. 13, 2015 /PRNewswire/ -- The following statement is being issued by Robbins Geller Rudman & Dowd LLP regarding the MGM Mirage Securities Litigation:

UNITED STATES DISTRICT COURT
DISTRICT OF NEVADA

TO:     ALL PERSONS OR ENTITIES WHO PURCHASED OR OTHERWISE ACQUIRED THE PUBLICLY-TRADED SECURITIES OF MGM MIRAGE (NOW KNOWN AS MGM RESORTS INTERNATIONAL) ("MGM") DURING THE PERIOD FROM AUGUST 2, 2007, THROUGH AND INCLUDING MARCH 5, 2009, AND WERE ALLEGEDLY DAMAGED THEREBY (THE "CLASS")

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the District of Nevada, that the above-captioned litigation ("Action") has been preliminarily certified as a class action for the purposes of settlement only and that a settlement has been proposed for $75,000,000.00 in cash.  A hearing will be held on December 15, 2015, at 9:00 a.m., before the Honorable Gloria M. Navarro, Chief United States District Judge, at the United States District Court for the District of Nevada, Lloyd D. George U.S. Courthouse, 333 Las Vegas Blvd. South, Las Vegas, NV 89101, for the purpose of determining: (1) whether the proposed Settlement of the claims in the Action for the amount of $75,000,000.00 should be approved by the Court as fair, reasonable, and adequate; (2) whether a Final Judgment and Order of Dismissal with Prejudice ("Judgment") should be entered by the Court dismissing the Action with prejudice and releasing the Released Claims; (3) whether the Plan of Allocation of the Net Settlement Fund is fair, reasonable, and adequate and should be approved; and (4) whether the application of Lead Counsel for the payment of attorneys' fees, costs, and expenses should be approved.

IF YOU PURCHASED OR OTHERWISE ACQUIRED MGM PUBLICLY-TRADED SECURITIES¹ DURING THE TIME PERIOD FROM AUGUST 2, 2007, THROUGH AND INCLUDING MARCH 5, 2009 ("CLASS PERIOD"), YOUR RIGHTS WILL BE AFFECTED BY THE SETTLEMENT OF THIS ACTION, INCLUDING THE RELEASE AND EXTINGUISHMENT OF CLAIMS YOU MAY POSSESS RELATING TO YOUR PURCHASE OR ACQUISITION OF MGM PUBLICLY-TRADED SECURITIES DURING THE CLASS PERIOD.  If you have not received a detailed Notice of Pendency of Class Action and Proposed Settlement, Motion for Attorneys' Fees and Settlement Fairness Hearing ("Notice") and a copy of the Proof of Claim and Release form, you may obtain copies of these documents by writing to MGM Securities Litigation, Claims Administrator, c/o Gilardi & Co. LLC, P.O. Box 8040, San Rafael, CA 94912-8040, or on the Internet at www.mgmmiragesecuritieslitigation.com. If you are a Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release form by mail, postmarked, or online no later than January 6, 2016, establishing that you are entitled to recovery.

If you purchased or otherwise acquired MGM publicly-traded securities during the Class Period and you desire to be excluded from the Class, you must submit a request for exclusion so that it is received no later than November 24, 2015, in the manner and form explained in the detailed Notice referred to above.  All members of the Class who do not timely and validly request exclusion from the Class will be bound by any judgment entered in the Action pursuant to the Stipulation and Agreement of Settlement.  If you submit a request for exclusion, you will have no right to recover money pursuant to the Settlement and will have to pursue any claims against the Defendants independently.  Lead Counsel offer no advice and no opinion on whether you will be able to maintain such claims.

Any objection to the Settlement, the Plan of Allocation, or Lead Counsel's request for attorneys' fees, costs, and expenses, must be received by each of the following recipients no later than November 24, 2015:

CLERK OF THE COURT
UNITED STATES DISTRICT COURT
DISTRICT OF NEVADA
Lloyd D. George U.S. Courthouse
333 Las Vegas Blvd. South
Las Vegas, NV  89101

Lead Counsel:

Counsel for Defendants:

PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.  If you have any questions about the Settlement, you may contact Lead Counsel at the addresses listed above.

¹ MGM securities means: both MGM common stock as well as the following debt securities ("MGM Bonds"): (i) 5.875% MGM Bonds, due 2/27/14; (ii) 6.0% MGM Bonds, due 10/1/09; (iii) 6.625% MGM Bonds, due 7/15/15; (iv) 6.75% MGM Bonds, due 9/1/12; (v) 6.75% MGM Bonds, due 4/1/13; (vi) 6.875% MGM Bonds, due 4/1/16; (vii) 7.5% MGM Bonds, due 6/1/16; (viii) 7.625% MGM Bonds, due 1/15/17; (ix) 8.375% MGM Bonds, due 2/1/11; (x) 8.5% MGM Bonds, due 9/15/10; and (xi) 13% MGM Bonds, due 11/15/13.

SOURCE Robbins Geller Rudman & Dowd LLP

Related Links

http://www.mgmmiragesecuritieslitigation.com