CHICAGO, Oct. 9, 2003 (PRIMEZONE) -- Much Shelist Freed Denenberg Ament & Rubenstein, P.C. announces that it has sued Midway Games, Inc. (NYSE:MWY) ("Midway" or the "Company") and certain of its officers and directors, along with certain underwriters, in the United States District Court for the Northern District of Illinois. The shareholder lawsuit is on behalf of all persons and entities who purchased Midway securities between December 11, 2001 and July 30, 2003 inclusive ("Class Period").
If you wish to discuss your rights and interests, or if you have information relevant to the lawsuit, you may contact Carol V. Gilden or Michael E. Moskovitz at Much Shelist Freed Denenberg Ament & Rubenstein, P.C., by calling a toll-free number 1-800-470-6824, or by sending an e-mail to investorhelp@muchshelist.com. Your e-mail should refer to Midway.
The Complaint charges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market during the Class Period, thereby artificially inflating the price of Midway securities.
Specifically, the Complaint alleges that these statements were materially false and misleading because they failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (i) that the Company was experiencing material disruptions in its internal studios such that it would be unable to meet the expected release dates for its major new game titles; (ii) that the Company's inability to develop new game titles in a timely manner was negatively impacting its ability to increase revenues and earnings; (iii) that the Company was experiencing decreased consumer demand for its released products; and (iv) as a result of the foregoing, defendants lacked a reasonable basis for their earnings projections for the Company, which were therefore materially false and misleading.
If you purchased Midway securities during the Class Period and if you meet certain other legal requirements, you may file a motion in the Court where the lawsuit has been filed to serve as a lead plaintiff. You must file your motion no later than November 25, 2003.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. The requirements for serving as a lead plaintiff are set forth in the Private Securities Litigation Reform Act of 1995 (15 U.S.C. Sections 78u-4).
Much Shelist's history is one of experience, leadership and results. For more than 25 years, Much Shelist has represented plaintiffs in class action litigation in federal and state courts across the United States. The firm has successfully prosecuted cases involving securities fraud, antitrust violations, consumer fraud, unlawful business practices and insurance company fraud. Under Much Shelist's leadership, class members have obtained judgments and settlements in excess of $4 billion.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.