A class action lawsuit has been announced in the United States District Court for the District of Nevada against the Turnberry/MGM Grand Towers, LLC for violation of the Securities Exchange Act of 1934 and 1933. The lawsuit has claimed to recover on behalf of all persons who purchased one or more of the securities in the Signature at the Turnberry/MGM Grand Towers, LLC and related entities, all amounts paid for MGM condominium-hotel room units as investment securities. 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 at the MGM Grand Hotel/Casino in 2006 & 2007. 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 a MGM Grand branded enterprise pursuant to the MGM Grand Rental Program.
The plaintiff take the help of law firms like Gerard & Associates, Blumenthal & Nordrehaug, Fowler White Boggs Banker, P.A.
Readers, if you want to serve as the lead plaintiff, please go to 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 rgerard@gerardlaw.com. You may also contact Normand Blumenthal or Kyle Nordrehaug of Blumenthal & Nordrehaug at (858)551-1223 or via e-mail at norm@bamlawlj.com or kyle@bamlawlj.com.
Or if you are already a plaintiff, you can view a copy of the complaint as filed online at http://www.bamlawca.com.
Source: marketwatch
Filed under Class Action, General Law, Securities Class Action | Tags: fraud, Investment Securities, Nevada Deceptive Trade Practices Act, plaintiff, Securities Exchange Act of 1934 and 1933, Turnberry/MGM Grand Towers | Comment Below
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