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In re MGM Mirage Secs. Litig.

United States District Court, D. Nevada

November 25, 2014

In re MGM MIRAGE SECURITIES LITIGATION

For Halcrow, Inc., Interested Party: Leland E. Backus, LEAD ATTORNEY, Backus-Carranza, Las Vegas, NV.

For Tutor Perini Building Corp., Interested Party: Amanda C Yen, LEAD ATTORNEY, McDonald Carano Wilson, Las Vegas, NV; William A. S. Magrath, II, LEAD ATTORNEY, McDonald Carano Wilson, Reno, NV; George F. Ogilvie, III, McDonald Carano Wilson LLP, Las Vegas, NV.

For Robert Lowinger, Plaintiff: David Rosenfeld, PRO HAC VICE, Robbins Geller Rudman & Dowd LLP, Melville, NY; Jack G Fruchter, Jeffrey Simon Abraham, PRO HAC VICE, Abraham Fruchter & Twersky LLP, New York, NY; Joseph Russello, Coughlin Stoia Geller Rudman & Robbins LLP, Melville, NY; Ross C Goodman, Goodman Law Group, Las Vegas, NV; Samuel H. Rudman, Robbins Geller Rudman & Dowd LLP, Melville, NY; Brian O. O'Mara, Robbins Geller Rudman & Dowd LLP, San Diego, CA.

For Arkansas Teacher Retirement System, Lead Plaintiff, Plaintiff: Bradley E Beckworth, Susan Whatley, LEAD ATTORNEYS, PRO HAC VICE, Nix, Patterson & Roach, LLP, Daingerfield, TX; Curtis B. Coulter, LEAD ATTORNEY, Law Offices of Curtis B. Coulter PC, Reno, NV; Darren J. Check, Sean M. Handler, LEAD ATTORNEYS, PRO HAC VICE, Kessler Topaz Meltzer & Check, LLP, Radnor, PA; Erik Peterson, LEAD ATTORNEY, PRO HAC VICE, Kessler Topaz Meltzer & Check, LLP, San Francisco, CA; Jeffrey J Angelovich, Lisa Baldwin, LEAD ATTORNEYS, PRO HAC VICE, Nix, Patterson & Roach, LLP, Austin, TX; Matt Keil, LEAD ATTORNEY, PRO HAC VICE, Keil & Goodson P.A., Texarkana, AR; Ramzi Abadou, LEAD ATTORNEY, PRO HAC VICE, Kahn Swick & Foti, LLC, San Francisco, CA; Brian O. O'Mara, Robbins Geller Rudman & Dowd LLP, San Diego, CA; Eli R Greenstein, Jennifer Joost, Stacey M. Kaplan, Kessler Topaz Meltzer & Check, LLP, San Francisco, CA; John Goodson, Keil & Goodson P.A., Texarkana, AR; Ryan A. Llorens, PRO HAC VICE, Robbins Geller Rudman & Dowd LLP, San Diego, CA.

For Philadelphia Board of Pensions and Retirement, Lead Plaintiff, Luzerne County Retirement System, Lead Plaintiff, Plaintiffs: Bradley E Beckworth, Susan Whatley, LEAD ATTORNEYS, PRO HAC VICE, Nix, Patterson & Roach, LLP, Daingerfield, TX; Christopher Nelson, LEAD ATTORNEY, PRO HAC VICE, Barroway Topaz Kessler Meltzer & Check, LLP, Radnor, PA; Curtis B. Coulter, LEAD ATTORNEY, Law Offices of Curtis B. Coulter PC, Reno, NV; Darren J. Check, Gregory M. Castaldo, Sean M. Handler, LEAD ATTORNEYS, PRO HAC VICE, Kessler Topaz Meltzer & Check, LLP, Radnor, PA; Eli R Greenstein, Jennifer Joost, Paul A Breucop, Stacey M. Kaplan, LEAD ATTORNEYS, Kessler Topaz Meltzer & Check, LLP, San Francisco, CA; Erik Peterson, LEAD ATTORNEY, PRO HAC VICE, Kessler Topaz Meltzer & Check, LLP, San Francisco, CA; Jeffrey J Angelovich, Lisa Baldwin, LEAD ATTORNEYS, PRO HAC VICE, Nix, Patterson & Roach, LLP, Austin, TX; John Goodson, LEAD ATTORNEY, Keil & Goodson P.A., Texarkana, AR; Margaret Onasch, LEAD ATTORNEY, Kessler Topaz Meltzer & Check, LLP, Radnor, PA; Matt Keil, LEAD ATTORNEY, PRO HAC VICE, Keil & Goodson P.A., Texarkana, AR; Ramzi Abadou, LEAD ATTORNEY, PRO HAC VICE, Kahn Swick & Foti, LLC, San Francisco, CA; Brian O. O'Mara, Robbins Geller Rudman & Dowd LLP, San Diego, CA; Ryan A. Llorens, PRO HAC VICE, Robbins Geller Rudman & Dowd LLP, San Diego, CA.

For Robert W Kegley, Sr., Plaintiff: Andrew R. Muehlbauer, PRO HAC VICE, Cooksey, Toolen, Gage, Duffy & Woog, Costa Mesa, CA; Griffith H Hayes, Cooksey, Toolen, Gage, Duffy & Woog, Las Vegas, NV.

For DeKalb County Pension Fund, Plaintiff: James M Wilson, Robert W. Killorin, Chitwood Harley Harnes LLP, Atlanta, GA; Ze'eva K Banks, Chitwood Harley Harnes, Atlanta, GA.

For Khachatur Hovhannisyan, Plaintiff: Charles C. Diaz, Law Office of Charles C. Diaz, Reno, NV.

For Stichting Pensioenfonds Metaal en Techniek, Lead Plaintiff, Plaintiff: Bradley E Beckworth, Susan Whatley, LEAD ATTORNEYS, PRO HAC VICE, Nix, Patterson & Roach, LLP, Daingerfield, TX; Brian O. O'Mara, LEAD ATTORNEY, Matthew I Alpert, Robbins Geller Rudman & Dowd LLP, San Diego, CA; Curtis B. Coulter, LEAD ATTORNEY, Law Offices of Curtis B. Coulter PC, Reno, NV; Jeffrey J Angelovich, Lisa Baldwin, LEAD ATTORNEYS, PRO HAC VICE, Nix, Patterson & Roach, LLP, Austin, TX; Ryan A. Llorens, LEAD ATTORNEY, Arthur C. Leahy, Darren J. Robbins, PRO HAC VICE, Robbins Geller Rudman & Dowd LLP, San Diego, CA; Eli R Greenstein, Jennifer Joost, Stacey M. Kaplan, Kessler Topaz Meltzer & Check, LLP, San Francisco, CA; Erik Peterson, PRO HAC VICE, Kessler Topaz Meltzer & Check, LLP, San Francisco, CA; John P. Aldrich, Aldrich Law Firm, Ltd., Las Vegas, NV; Ramzi Abadou, PRO HAC VICE, Kahn Swick & Foti, LLC, San Francisco, CA.

For MGM Mirage, also known as MGM Resorts International, Defendant: George M Garvey, LEAD ATTORNEY, Gregory D. Phillips, PRO HAC VICE, Munger, Tolles & Olson LLP, Los Angeles, CA; Matthew David Rowen, LEAD ATTORNEY, Munger, Tolles & Olson, Los Angeles, CA; Todd L. Bice, LEAD ATTORNEY, Jarrod L. Rickard, Pisanelli Bice PLLC, Las Vegas, NV; Benjamin J Maro, Munger, Tolles & Olson LLP, Los Angeles, CA; Brad Brian, PRO HAC VICE, Los Angeles, CA.

For James J Murren, Daniel J D'Arrigo, Robert C Baldwin, also known as Robert H Baldwin, Defendants: Charles Elder, Margaret Claire O'Sullivan, LEAD ATTORNEYS, Irell & Manella LLP, Los Angeles, CA; William K Briggs, LEAD ATTORNEY, Irell & Manella, Los Angeles, CA; Akke Levin, Morris Peterson, Las Vegas, NV; David Siegel, Glenn K Vanzura, PRO HAC VICE, Irell & Manella LLP, Los Angeles, CA; Steve L. Morris, Morris Law Group, Las Vegas, NV.

For Deborah Hower Lanni, Co-Executor of the Estate of J. Terrence Lanni, Defendant: Charles Elder, Margaret Claire O'Sullivan, LEAD ATTORNEYS, Irell & Manella LLP, Los Angeles, CA; Glenn K Vanzura, LEAD ATTORNEY, PRO HAC VICE, Irell & Manella LLP, Los Angeles, CA; William K Briggs, LEAD ATTORNEY, Irell & Manella, Los Angeles, CA; Steve L. Morris, Morris Law Group, Las Vegas, NV.

ORDER

CAM FERENBACH, UNITED STATES MAGISTRATE JUDGE.

This action involves the Arkansas Teacher Retirement System, et al .'s class action against MGM Resorts International, et al . under the Securities Exchange Act of 1934, 15 U.S.C. § 78a et seq . (First Amend. Compl. (#152) at 82-83[1], Three motions are before the court: (1) MGM Resorts International's Motion to Compel (#267), (2) the Arkansas Teacher Retirement System's Motion to Compel (#268), and (3) MGM Resorts International's Motion for a Protective Order (#272). Each is ripe.[2] For the reasons explained below, the first motion is granted and the latter two are denied.

BACKGROUND[3]

In 2004, MGM Resorts International announced plans for the " CityCenter Project:" a spectacular multi-billion dollar " city within a city" on the Las Vegas strip. (Amend. Compl. (#152) at ¶ 1). The plan involved numerous high rises, including a 4, 000 room luxury hotel and casino, several 400-room, non-gaming hotels, 2, 650 units of luxury condominiums, and 55, 000 square feet of retail, dining, and entertainment space. (Id.) It was the largest privately funded construction project in United States' history.

Three years later, the Great Recession struck. (Id. at ¶ 3). Despite the global financial meltdown, MGM repeatedly stated that its balance sheet was sound and that it remained optimistic about the CityCenter Project. ( See, e.g., id . at ¶ 95). Its shareholders, however, found optimism harder to maintain. On October 12, 2007, MGM's stock hit an all-time high of $96.40. (Id. at ¶ 67). By March 5, 2009, it experienced a precipitous drop and traded at an all-time low of $1.89 per share. (Id. at ¶ 155). Meanwhile, a Clark County construction inspection revealed that one of the buildings involved in the CityCenter Project (i.e., the Harmon Tower) had a 50% chance of collapse in a strong earthquake. Faulty rebar had been installed, undermining the structural integrity of the steel reinforcement columns that provide support for each floor.

Two lawsuits commenced. First, on August 19, 2009, the Arkansas Teacher Retirement System, Philadelphia Board of Pensions and Retirement, and Luzerne County Retirement System (" Lead Plaintiffs") initiated this action in federal court. They allege that, between 2007 and 2009, MGM knowingly mislead investors regarding MGM's financial health and the success of the CityCenter Project. They contend that MGM's misrepresentations its financial condition violated the Securities Exchange Act of 1934, 15 U.S.C. § 78a et seq . ( See ...


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