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Midway Hit With Class Action Lawsuits

  Class Action  -   POSTED: 2007/07/19 14:01

The law firm of Schiffrin Barroway Topaz & Kessler has given notice of a class action suit against Midway Games on behalf of all common stock purchasers. The complaint alleges that Midway violated  the Securities Exchange Act of 1934, and charges the company with failing to disclose that it was "grossly underperforming because it was experiencing operational difficulties." Said difficulties would, according to the suit, force Midway to secure debt financing, making the company's previous financial statements so much stuff and nonsense. Or, as the suit puts it, "lacking in any reasonable basis when made."

A bevy of similar suits have been filed by the law firms Federman & Sherwood, Brower Piven, and Brian M. Felgoise, P.C. The suit filed by Vianale & Vianale is particularly juicy, alleging that Midway execs forgot to mention that they'd ditched their own stocks after learning that one of the company's prominent investors, Sumner Redstone, was pulling the plug all further investments with Midway.


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