Gerard & Associates Files Class Action Suit Against Turnberry/MGM Grand Towers, LLC; First Command Planning Is Not Being Sued in This Lawsuit.
The corrected release reads:
GERARD & ASSOCIATES FILES CLASS ACTION SUIT AGAINST TURNBERRY/MGM GRAND TOWERS, LLC; FIRST COMMAND PLANNING IS NOT BEING SUED IN THIS LAWSUIT
The law firms of Gerard & Associates, Blumenthal & Nordrehaug, Fowler White Boggs Banker, P.A., and Robert Fellmeth announced today, that on July 2, 2008, a class action pending in the United States District Court for the District of Nevada was amended to add claims for violations of the Securities Exchange Act of 1934. The amended complaint seeks to recover, on behalf of all persons who purchased one or more of the securities in the Signature at the MGM Grand Hotel/Casino sold by Turnberry/MGM Grand Towers, LLC and related entities ("Class Members"), all amounts paid for MGM condominium-hotel room units as investment securities. This case is entitled Sussex, et al. v. Turnberry/MGM Grand Towers, LLC, et al., Case No. 08 cv 00773.
If you wish to serve as a 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 Robert Gerard of Gerard & Associates at (702) 251-0093, or via e-mail at firstname.lastname@example.org. You may also contact Normand Blumenthal or Kyle Nordrehaug of Blumenthal & Nordrehaug at (858)551-1223 or via e-mail at email@example.com or firstname.lastname@example.org. If you are a member of this class, you can view a copy of the complaint as filed online at http://www.bamlawca.com. If you wish to retain our firm, join the group of lead plaintiffs, and assure your participation in any recovery, please complete and execute the Certification form posted at the above website and return it to us as promptly as possible by faxing to (702) 251-0094 or by mailing it to Gerard & Associates, 2840 South Jones Boulevard, Building D, Suite #4, Las Vegas, Nevada 89146. 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 amended complaint alleges that Turnberry/MGM Grand Towers, LLC and related entities violated the Securities Exchange Act of 1934 and the Securities Act of 1933. The complaint further alleges that the defendants' conduct also violated Nevada Deceptive Trade Practices Act, Nevada Securities Act and constituted fraud.
The amended complaint alleges that Defendants illegally and fraudulently sold Plaintiffs and others the air rights to hotel condominium room units as investment securities (the "Securities") at the Signature at the MGM Grand Hotel/Casino in 2006 & 2007. Central to the Defendants' marketing of the Securities were the omission of material facts and the representations that the Securities would generate substantial amounts of revenue to the purchaser. The amended complaint alleges that the reason the air rights to the hotel condominium units are securities is because (a) the value of the units are all dependent upon the success or failure of the MGM Grand branded enterprise; (b) Defendants' sales promotions of the investment in the hotel room gave rise to a reasonable understanding that a valuable benefit, over and above the entire amount paid for the physical air rights to the hotel room, would accrue to purchasers as a result of the operation of the enterprise as an MGM Grand branded enterprise pursuant to the MGM Grand Rental Program; and, (c) the purchasers, as owners of shares in the enterprise, did not receive and did not intend to receive the right to exercise any practical or actual control over the managerial decisions of the MGM Grand enterprise. The amended complaint further alleges that Defendants' marketing of the Securities overtly emphasized the revenue split and the amount of revenue the purchaser would receive from the rental of the Securities, branded as MGM Hotel rooms with the MGM Grand enterprise and that Defendants intentionally omitted material facts about the Securities and the revenue therefrom. As a result of the Defendants' sale of unregistered securities through false and misleading statements, and the concealment of facts known to them, Class Members were induced into purchasing these Securities as investments and are now entitled to rescission and/or damages.
The Plaintiffs in this case are represented by the law firms of Gerard & Associates, Blumenthal & Nordrehaug, Fowler White Boggs Banker, P.A., and Robert Fellmeth, which have expertise in prosecuting investor class actions and extensive experience in actions involving consumer fraud and deception. These firms are located in Las Vegas, Nevada, San Diego, California, and Tampa, Florida and are devoted to the protection of consumers and have been active in major litigation in state and federal courts throughout the United States. The Blumenthal & Nordrehaug website is located at www.bamlawca.com and has more information about this firm. The Gerard & Associates website is located at www.gerardlaw.com and has more information about this firm.
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|Date:||Jul 22, 2008|
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