MGM Resorts Urges Judge To Toss $91M Shareholder Suit

Law360, Los Angeles (March 18, 2014, 2:22 PM EDT) -- MGM Resorts International urged a Nevada federal judge on Monday to toss a shareholder derivative suit alleging the company's top executives pocketed $91 million by artificially inflating MGM's stock price, saying the plaintiff failed to make a pre-suit demand on MGM's board of directors.

Shareholder Mario Guerrero had sued 19 former executives on behalf of nominal defendant MGM, claiming the executives conspired to misrepresent the company's financial health, pumping up the company's stock price and selling their shares before their value plummeted in 2009.

On Monday,...
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