Shareholder Class Action Filed Against Midway Games Inc. by the Law Firm of Schiffrin Barroway Topaz & Kessler, LLP
July 16 2007 - 5:00PM
PR Newswire (US)
RADNOR, Pa., July 16 /PRNewswire/ -- The following statement was
issued today by the law firm of Schiffrin Barroway Topaz &
Kessler, LLP: Notice is hereby given that a class action lawsuit
was filed in the United States District Court for the Northern
District of Illinois on behalf of all common stock purchasers of
Midway Games Inc. (NYSE:MWY) ("Midway" or the "Company") from
August 4, 2005 to May 24, 2006 inclusive (the "Class Period"). If
you wish to discuss this action or have any questions concerning
this notice or your rights or interests with respect to these
matters, please contact Schiffrin Barroway Topaz & Kessler, LLP
(Darren J. Check, Esq. or Richard A. Maniskas, Esq.) toll free at
1-888-299-7706 or 1-610-667-7706, or via e-mail at . The Complaint
charges Midway and certain of its officers and directors with
violations of the Securities Exchange Act of 1934. Midway is a
leading developer and publisher of interactive entertainment
software for the global video game market, including all major
video game systems. More specifically, the Complaint alleges that
the Company failed to disclose and misrepresented the following
material adverse facts which were known to defendants or recklessly
disregarded by them: (1) that the Company was grossly
underperforming because it was experiencing operational
difficulties; (2) as such, the Company would be forced to engage in
a restructuring program at a cost of over $17 million; (3) that the
Company was in severe need of capital to continue operations, and
as a result would be required to secure debt financing; and (4) as
a result of the above, the Company's financial and operational
statements were lacking in any reasonable basis when made. Between
December 16, 2005 and May 24, 2006, the Company made a series of
disclosures concerning the true state of its business operations.
These disclosures caused shares of the Company's stock to decline
from $23.25 per share on December 16, 2005, to $7.39 per share on
May 25, 2006, a cumulative decline of $15.86 per share, or over 67
percent of their value. Plaintiff seeks to recover damages on
behalf of class members and is represented by the law firm of
Schiffrin Barroway Topaz & Kessler which prosecutes class
actions in both state and federal courts throughout the country.
Schiffrin Barroway Topaz & Kessler is a driving force behind
corporate governance reform, and has recovered billions of dollars
on behalf of institutional and individual investors from the United
States and around the world. For more information about Schiffrin
Barroway Topaz & Kessler or to sign up to participate in this
action online, please visit http://www.sbtklaw.com/ If you are a
member of the class described above, you may, not later than
September 4, 2007, move the Court to serve as lead plaintiff of the
class, if you so choose. 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. You may retain
Schiffrin Barroway Topaz & Kessler or other counsel of your
choice, to serve as your counsel in this action. CONTACT: Schiffrin
Barroway Topaz & Kessler, LLP Darren J. Check, Esq. Richard A.
Maniskas, Esq. 280 King of Prussia Road Radnor, PA 19087
1-888-299-7706 (toll free) or 1-610-667-7706 Or by e-mail at
DATASOURCE: Schiffrin Barroway Topaz & Kessler, LLP CONTACT:
Darren J. Check, Esq. or Richard A. Maniskas, Esq., both of
Schiffrin Barroway Topaz & Kessler, LLP, +1-888-299-7706 (toll
free) or +1-610-667-7706, Web site: http://www.sbtklaw.com/
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