MGM Securities Litigation
Securities Litigation & Portfolio Monitoring
NP served as co-Lead Counsel in this action, representing a class of investors in MGM securities in the United States District Court for the District of Nevada. The class alleged that MGM falsely misled the market regarding MGM’s ability to survive and thrive during the U.S. financial crisis and obtain adequate capital to finance its unprecedented CityCenter project. After zealously litigating this action for almost six years, NP obtained a settlement of $75 million on behalf of the class. The settlement is the largest securities class action recovery in the history of the District of Nevada—exceeding the combined amount of the next three largest securities class action recoveries. This result is particularly notable because it was obtained in the absence of a financial restatement by MGM or a regulatory or governmental agency investigation related to the same conduct. On March 1, 2016, the United States District Court for the District of Nevada granted final approval of the settlement.
The class was represented by NP partners Bradley Beckworth, Jeffrey Angelovich, Susan Whatley, Lisa Baldwin, Drew Pate, Trey Duck, and associate Cody Hill.