Lerach Coughlin Stoia Geller Rudman & Robbins LLP Files Class Action Suit against Midway Games Inc.
July 06 2007 - 8:00PM
Business Wire
Lerach Coughlin Stoia Geller Rudman & Robbins LLP (�Lerach
Coughlin�) (http://www.lerachlaw.com/cases/midwaygames/) today
announced that a class action has been commenced in the United
States District Court for the Northern District of Illinois on
behalf of purchasers of Midway Games Inc. (�Midway�) (NYSE:MWY)
common stock during the period between August 4, 2005 and May 24,
2006 (the �Class Period�). If you wish to serve as lead plaintiff,
you must move the Court no later than 60 days from today. If you
wish to discuss this action or have any questions concerning this
notice or your rights or interests, please contact plaintiff�s
counsel, Darren Robbins of Lerach Coughlin at 800/449-4900 or
619/231-1058, or via e-mail at wsl@lerachlaw.com. If you are a
member of this class, you can view a copy of the complaint as filed
or join this class action online at
http://www.lerachlaw.com/cases/midwaygames/. Any member of the
purported class may move the Court to serve as lead plaintiff
through counsel of their choice, or may choose to do nothing and
remain an absent class member. The complaint charges Midway and
certain of its officers and directors with violations of the
Securities Exchange Act of 1934. Midway develops and publishes
software for major video game systems. The complaint alleges that
during the Class Period, defendants assured investors that Midway
would perform as expected in the fourth quarter of 2005. In fact,
the Company did not perform as expected because defendants had
decided to lay off 8% of the Company�s workforce and engage in
costly restructuring. Before the full costs of these decisions were
made public, however, defendants were able to sell off over $14
million of their shares on the open market within three weeks of
one another. On May 24, 2006, defendants announced that they would
have to sell $75 million in convertible notes that would be highly
dilutive to current shareholders in order to raise cash. In
response to this announcement, Midway�s stock price fell to $7.39
per share. Plaintiff seeks to recover damages on behalf of all
purchasers of Midway common stock during the Class Period (the
�Class�). The plaintiff is represented by Lerach Coughlin, which
has expertise in prosecuting investor class actions and extensive
experience in actions involving financial fraud. Lerach Coughlin, a
180-lawyer firm with offices in San Diego, San Francisco, Los
Angeles, New York, Boca Raton, Washington, D.C., Houston,
Philadelphia and Seattle, is active in major litigations pending in
federal and state courts throughout the United States and has taken
a leading role in many important actions on behalf of defrauded
investors, consumers, and companies, as well as victims of human
rights violations. Lerach Coughlin lawyers have been responsible
for more than $45 billion in aggregate recoveries. The Lerach
Coughlin Web site (http://www.lerachlaw.com) has more information
about the firm.
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