Las Vegas NowShareholder Sues MGM Mirage Over Stock Prices
Casino operator MGM Mirage is facing a federal lawsuit from a shareholder who says the company's executives misled investors about its financial position and profited from selling stock at high prices.
The lawsuit filed late Wednesday in U.S. District Court in Nevada seeks class action status on behalf of shareholders who bought stock between August 2007 and March 2009.
Lawyers for Robert Lowinger, who bought stock during the 18-month period, say MGM Mirage insiders sold personal stock worth nearly $90 million at high prices before reports of financial problems at the company and its largest development became public.
A spokesman for the Las Vegas-based company could not immediately be reached for comment.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
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