Lowinger v. MGM Mirage et al

Filing 376

ORDER re: Stipulation to Continue 12/15/15 Settlement hearing. The Settlement Hearing, currently calendared for 12/15/15, will be continued to 1/29/2016 at 9:30 a.m. in LV Courtroom 7D, of the Lloyd D. George Federal Courthouse in Las Vegas, Nevada. Signed by Chief Judge Gloria M. Navarro on 12/7/15. (Copies have been distributed pursuant to the NEF - PS)

Case 2:09-cv-01558-GMN-VCF Document 375 Filed 12/03/15 Page 1 of 12

UNITED STATES DISTRICT COURT
DISTRICT OF NEVADA
In re MGM MIRAGE SECURITIES
LITIGATION

This Document Relates To:
ALL ACTIONS.

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No. 2:09-cv-01558-GMN-VCF
CLASS ACTION
STIPULATION AND [PROPOSED] ORDER
CONTINUING DECEMBER 15, 2015
SETTLEMENT HEARING AND
EXTENDING CERTAIN DEADLINES IN
CONNECTION THEREWITH

Case 2:09-cv-01558-GMN-VCF Document 375 Filed 12/03/15 Page 2 of 12

WHEREAS, on September 11, 2015, the Court entered its Order Preliminarily Approving
Settlement and Providing for Notice (“Notice Order”) (ECF No. 352) which, among other things,
granted preliminary approval of the settlement reached in the above-captioned litigation
(“Settlement”) and approved the form and set forth the manner for disseminating notice of the
Settlement to persons and entities who, between August 2, 2007 and March 5, 2009, inclusive,
purchased or otherwise acquired the publicly-traded securities of MGM Mirage (now known as
MGM Resorts International), and were allegedly damaged thereby (“Class Members”);
WHEREAS, as detailed in the October 22, 2015 Declaration of Carole K. Sylvester
(“Sylvester Decl.”) (ECF No. 355), previously submitted to the Court on behalf of the Courtauthorized claims administrator, Gilardi & Co. LLC (“Gilardi”), Gilardi mailed copies of the
Court-approved Notice of Pendency of Class Action and Proposed Settlement, Motion for
Attorneys’ Fees and Settlement Fairness Hearing (“Notice”) and Proof of Claim and Release
form (“Proof of Claim”) to potential Class Members as well as brokerages, custodial banks and
other institutions (“Nominees”) in accordance with the Notice Order (see Sylvester Decl. ¶¶4-9);
WHEREAS, as is typical in securities cases, the majority of securities purchased during
the relevant period are held by Nominees for the benefit of their customers who are the beneficial
owners of the securities (i.e., in “street name”). Accordingly, Gilardi utilized its own proprietary
database to reach as many potential Class Members through Nominees as possible (see Sylvester
Decl. ¶5). The Declaration of Michael Joaquin Regarding Notice Procedures in Connection with
Settlement (“Joaquin Decl.”), attached hereto as Exhibit A, describes the extensive Nominee
outreach performed and steps taken by Gilardi to ensure that a successful notice program was
conducted (see generally Joaquin Decl. ¶¶3-14);

Case 2:09-cv-01558-GMN-VCF Document 375 Filed 12/03/15 Page 3 of 12

WHEREAS, pursuant to the Notice Order and as set forth in the Notice, Nominees were
requested to, within ten (10) calendar days after receiving the Notice, provide Gilardi with the
names and addresses of potential Class Members or request additional copies of the Notice to
forward to potential Class Members directly (see Notice Order ¶9);
WHEREAS, despite Gilardi’s extensive efforts to encourage Nominees to respond to the
Notice in a timely manner, many of the Nominees did not do so. In fact, 32 Nominees responded
after October 24, 2015 (i.e., 30 days prior to the November 24, 2015 deadline for submitting
objections or requesting exclusion from the Class set forth in the Notice Order and Notice (see
Notice Order ¶¶16, 18)). See Joaquin Decl. ¶16. This delayed response from certain Nominees
resulted in a large number of Notices being mailed after October 24, 2015 (Id. ¶17); and
WHEREAS, while the settling parties recognize both that no notice program can be
designed or implemented with 100% certainty to reach every potential investor in a timely
fashion, particularly given that such programs are dependent upon the timely response of nonparty Nominees that may not comply with the Court’s deadlines, and that holding stock in street
name comes with certain inherent risks,1 the sheer volume of the belated Nominee requests in
connection with this Settlement is of such a magnitude that the settling parties believe a
continuance of the Settlement Hearing, currently calendared for December 15, 2015, to January
29, 2015, or the earliest possible date thereafter at the Court’s convenience, and an extension of
certain deadlines established in the Notice Order, are warranted;
1

See In re Dataproducts Corp. S’holders Litig., 1991 WL 165301, at *10 n.6 (Del. Ch. Aug. 22,
1991) (“stockholders who choose to hold stock in street name must bear the risks (which accompany
the advantages) associated with that decision, including the risk that they may not receive
information as promptly as stockholders who choose to hold shares in their own name”) (citation
omitted). See also Torrisi v. Tucson Elec. Power Co., et al., 8 F.3d 1370 (9th Cir. 1993); In re
Marsh & McLennan Cos., Inc. Sec. Litig., 2009 WL 5178546, at *24 (S.D.N.Y. Dec. 23, 2009).
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Case 2:09-cv-01558-GMN-VCF Document 375 Filed 12/03/15 Page 4 of 12

IT IS ACCORDINGLY STIPULATED, pursuant to LR 7-1, by and between the
undersigned counsel for the settling parties that:
(i)

Gilardi will mail a postcard, substantially in the form attached hereto as Exhibit

B, to all Class Members to advise them of the rescheduled Settlement Hearing and the new
deadlines in connection therewith, by no later than December 9, 2015;
(ii)

Gilardi will update the Settlement website to reflect the rescheduled Settlement

Hearing and the new deadlines in connection therewith, by no later than December 9, 2015;
(iii)

Class Members whose Notice was mailed after October 24, 2015 and who wish

to request exclusion from the Class must submit their request for exclusion in accordance with
the requirements set forth in the Notice so that it is received by Gilardi on or before January 8,
2016;
(iv)

Class Members whose Notice was mailed after October 24, 2015 and who wish

to object to any aspect of the Settlement must submit their objection in accordance with the
requirements set forth in the Notice so that it is received by the Court and counsel on or before
January 8, 2016;
(v)

Any reply papers shall be filed and served no later than seven (7) calendar days

prior to the date of the Settlement Hearing;
(vi)

The Settlement Hearing, currently calendared for December 15, 2015, will be

continued to January 29, 2016, or the earliest possible date thereafter at the Court’s convenience;
and
(vii)

Class Members whose Notice was mailed after October 24, 2015 and who wish to

submit a Proof of Claim in order to be potentially eligible to receive a distribution from the net
Settlement proceeds must submit a Proof of Claim postmarked, or online through the Settlement
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Case 2:09-cv-01558-GMN-VCF Document 375 Filed 12/03/15 Page 5 of 12

website, on or before February 5, 2016, unless such time is otherwise extended by order of the
Court.

DATED: December 3, 2015

ROBBINS GELLER RUDMAN
& DOWD LLP
ARTHUR C. LEAHY
ELLEN GUSIKOFF STEWART
BRIAN O. O’MARA (Nevada Bar #8214)
RYAN A. LLORENS
MATTHEW I. ALPERT
NATHAN W. BEAR
IVY T. NGO
s/ Ellen Gusikoff Stewart (with permission)
ELLEN GUSIKOFF STEWART
655 West Broadway, Suite 1900
San Diego, CA 92101
Telephone: [phone]
619/231-7423 (fax)
NIX PATTERSON & ROACH, LLP
BRADLEY E. BECKWORTH
JEFFREY J. ANGELOVICH
SUSAN WHATLEY
LISA P. BALDWIN
JOHN HULL
TREY DUCK
s/ Jeffrey J. Angelovich (with permission)
JEFFREY J. ANGELOVICH
205 Linda Drive
Daingerfield, TX 75638
Telephone: [phone]
903/645-4415 (fax)

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Case 2:09-cv-01558-GMN-VCF Document 375 Filed 12/03/15 Page 6 of 12

KESSLER TOPAZ MELTZER
& CHECK, LLP
ELI R. GREENSTEIN
JENNIFER L. JOOST
PAUL A. BREUCOP
s/ Eli R. Greenstein
ELI R. GREENSTEIN
One Sansome Street, Suite 1850
San Francisco, CA 94104
Telephone: [phone]
415/400-3001 (fax)
Lead Counsel for Plaintiffs
ALDRICH LAW FIRM, LTD.
JOHN P. ALDRICH (Nevada Bar #6877)
1601 South Rainbow Blvd., Suite 160
Las Vegas, NV 89146
Telephone: [phone]
702/227-1975 (fax)
LAW OFFICES OF CURTIS B. COULTER, P.C.
CURTIS B. COULTER (Nevada Bar #3034)
403 Hill Street
Reno, NV 89501
Telephone: [phone]
775/342-3381 (fax)
Liaison Counsel for Plaintiffs

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Case 2:09-cv-01558-GMN-VCF Document 375 Filed 12/03/15 Page 7 of 12

DATED: December 3, 2015

MUNGER, TOLLES & OLSON LLP
BRAD D. BRIAN
GEORGE M. GARVEY
GREGORY D. PHILLIPS
BENJAMIN J. MARO
s/ George M. Garvey (with permission)
GEORGE M. GARVEY
355 South Grand Avenue
Thirty-Fifth Floor
Los Angeles, CA 90071
Telephone: [phone]
213/687-3702 (fax)
PISANELLI BICE, PLLC
TODD L. BICE
JARROD L. RICKARD
400 South Seventh Street,
Suite 300
Las Vegas, NV 89101
Telephone: [phone]
702/214-2101 (fax)
Attorneys for Defendant MGM Resorts
International
IRELL & MANELLA LLP
DAVID SIEGEL
GLENN K. VANZURA
s/ Glenn K. Vanzura (with permission)
GLENN K. VANZURA
1800 Avenue of the Stars, Suite 900
Los Angeles, CA 90067
Telephone: [phone]
310/203-7199 (fax)

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Case 2:09-cv-01558-GMN-VCF Document 375 Filed 12/03/15 Page 8 of 12

MORRIS LAW GROUP
STEVE MORRIS
ROSA SOLIS-RAINEY
300 South Fourth Street – Suite 900
Las Vegas, NV 89101
Telephone: [phone]
702/474-9422 (fax)
Attorneys for Defendants James J. Murren, Daniel
J. D’Arrigo, Robert C. Baldwin, and Deborah
Hower Lanni, as Co-Executor of the Estate of J.
Terrence Lanni

IT IS SO ORDERED:

__________________________________
HONORABLE GLORIA M. NAVARRO
UNITED STATES DISTRICT JUDGE
December 7, 2015
DATED: _______________

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Case 2:09-cv-01558-GMN-VCF Document 375 Filed 12/03/15 Page 9 of 12

CERTIFICATE OF SERVICE
I hereby certify that on December 3, 2015, I authorized the electronic filing of the
foregoing with the Clerk of the Court using the CM/ECF system which will send notification of
such filing to the e-mail addresses denoted on the attached Electronic Mail Notice List, and I
hereby certify that I caused to be mailed the foregoing document or paper via the United States
Postal Service to the non-CM/ECF participants indicated on the attached Manual Notice List and
to those listed below who have also filed objections.
I certify under penalty of perjury under the laws of the United States of America that the
foregoing is true and correct. Executed on December 3, 2015.
s/ Eli R. Greenstein
ELI R. GREENSTEIN
KESSLER TOPAZ MELTZER
& CHECK, LLP
One Sansome Street, Ste. 1850
San Francisco, CA 94104
Tel: [phone]
Fax: [phone]
E-mail: [e-mail]

William E. Strafford, Jr., CFA
6502 Chipstead Lane
Charlotte, NC 28277
Colorado PERA
Office of the General Counsel
Attn: Adam L. Franklin
PO Box 5800
Denver, CO 80217

National Automatic Sprinkler Industry
Attn: Michael W. Jacobson
8000 Corporate Drive
Landover, MD 20785

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Case 2:09-cv-01558-GMN-VCF Document 375-1 Filed 12/03/15 Page 1 of 10

UNITED STATES DISTRICT COURT
DISTRICT OF NEVADA
In re MGM MIRAGE SECURITIES LITIGATION )
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This Document Relates To:
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ALL ACTIONS.
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No. 2:09-cv-01558-GMN-VCF
CLASS ACTION
DECLARATION OF MICHAEL JOAQUIN
REGARDING NOTICE PROCEDURES IN
CONNECTION WITH SETTLEMENT

Case 2:09-cv-01558-GMN-VCF Document 375-1 Filed 12/03/15 Page 2 of 10
I, Michael Joaquin, declare and state as follows:
1.

I am the Director of Securities of Gilardi & Co. LLC (“Gilardi”), located at 3301

Kerner Boulevard, San Rafael, California 94901.

At the request of Lead Counsel, I am

providing this declaration to give the Court and the parties to the above-captioned action
information about the procedures and methods that were used to provide notice of the proposed
settlement to the investors who comprise the class preliminarily certified by the Court for
purposes of settlement (“Class”) and the current status of the administration.

I make this

declaration based on personal knowledge, and if called to testify I could and would do so
competently.
2.

Pursuant to its September 11, 2015 Order Preliminarily Approving Settlement and

Providing for Notice (“Notice Order”), Gilardi was retained as the Claims Administrator to
provide notice and claims administration services in connection with the settlement of the abovecaptioned action.
THE NOTICE CAMPAIGN
3.

As required by Federal Rule of Civil Procedure 23, the notice plan in this matter

used procedures that satisfy due process requirements and are designed to provide effective
direct mail notification to every investor who is a member of the Class and who could be
identified with reasonable effort. The Class consists of all persons or entities who purchased or
otherwise acquired the publicly-traded securities of MGM Mirage (now known as MGM Resorts
International) (“MGM”) during the period from August 2, 2007, through and including March 5,
2009, and were allegedly damaged thereby.1 MGM publicly-traded securities are further defined
in the Notice as MGM common stock and 11 MGM debt securities.

1

Excluded from the Class are Defendants, officers and directors of MGM, members of each
Defendant’s immediate family, any entity in which any Defendant has or had a controlling
interest, Defendants’ legal representatives, and the heirs, successors or assigns of any such
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Case 2:09-cv-01558-GMN-VCF Document 375-1 Filed 12/03/15 Page 3 of 10

4.

In accordance with the Court’s Notice Order, on October 8, 2015, Gilardi mailed

a copy of the Notice and Proof of Claim and Release form (“Proof of Claim” and, together with
the Notice, the “Claim Package”), by First-Class Mail to the 4,268 persons and entities identified
as potential Class Members by MGM’s stock transfer agent.2
5.

The identities of the vast majority of Class Members are not known by MGM’s

stock transfer agent. This is because securities are often held in “street name,” that is, in the
name of banks and other institutions who hold the securities for the benefit of individuals and
entities. Thus, as part of Gilardi’s normal mailing procedures, in order to obtain the contact
information for investors that hold their securities in street name, which represent the vast
majority of Class Members in these types of cases, Gilardi mailed a Claim Package and cover
letter to 252 banks and other institutions that hold securities for the benefit of their clients
(“Nominee Holders”) on October 8, 2015.

The Nominee Holders include a group of

firms/institutions who have requested notification on every case involving publicly-traded
securities and are contained in a database created, maintained and regularly updated by Gilardi.
In Gilardi’s experience, the institutions included in this database represent a significant majority
of the beneficial holders of the securities in most settlements involving publicly-traded
companies. Gilardi also sent a Claim Package and appropriate cover letter on October 8, 2015 to
each of the 4,194 financial institutions registered with the U.S. Securities and Exchange
excluded party, and those Persons who timely and validly exclude themselves therefrom by
submitting a request for exclusion in accordance with the requirements set forth in the Notice of
Pendency of Class Action and Proposed Settlement, Motion for Attorneys’ Fees and Settlement
Fairness Hearing (“Notice”).
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See also Declaration of Carole K. Sylvester Regarding (A) Mailing of the Notice of Pendency
of Class Action and Proposed Settlement, Motion for Attorneys’ Fees and Settlement Fairness
Hearing and the Proof of Claim and Release Form, (B) Publication of the Summary Notice, (C)
Posting on Settlement Website, and (D) Requests for Exclusion Received to Date dated October
22, 2015 (ECF No. 355) (“Mailing Declaration”), at ¶4.
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Commission at the time of the initial mailing.

The cover letter accompanying the Claim

Packages notified the Nominee Holders and other financial institutions of the pendency of this
action as a class action and proposed settlement and informed them of their obligation to, within
ten days of receiving the Notice, either provide the names and addresses of their clients who may
be Class Members or request additional copies of the Claim Package to provide directly to their
clients. A sample copy of the cover letter is attached hereto as Exhibit A.
6.

The Claim Package was also provided electronically to 456 institutions that

monitor securities class actions for their investor clients and regularly act on their behalf in these
matters. These institutions generally obtain the information required and submit claims directly
on behalf of their clients. These institutions include brokerages that regularly file claims on
behalf of both large and small investors in securities class action settlements administered by
Gilardi and other claims administrators.
7.

Pursuant to the Notice Order, Gilardi supplemented the direct mailing program

described above by publishing the Summary Notice in the Investor’s Business Daily (“IBD”)
national edition on October 13, 2015. The IBD is a business-focused national newspaper with an
audience made up primarily of securities investors and investment professionals. The IBD
provides a cost-effective mechanism to complement the extremely robust direct mail notification
conducted. The Summary Notice was also posted on October 13, 2015 with PR Newswire, an
online newswire service, where it was available for a month. News outlets often use posted
notices as the basis for their own stories about litigation settlements involving publicly-traded
companies, thereby creating added awareness of the proposed settlement among investors.
8.

Gilardi also established on October 8, 2015 and maintains a settlement-specific

website (www.mgmmiragesecuritieslitigation.com) where key documents are posted, including
the Stipulation and Agreement of Settlement, the Notice and Proof of Claim, the executed Notice
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Case 2:09-cv-01558-GMN-VCF Document 375-1 Filed 12/03/15 Page 5 of 10
Order, and other relevant documents. The website also provides summary information regarding
the case and settlement and highlights important dates. All posted documents are available for
download from the website.
9.

Since the execution of the Mailing Declaration on October 22, 2015, Gilardi has

continued to receive requests from potential Class Members, Nominee Holders and other
institutions for copies of the Claim Package in response to the notice campaign. As a result, as
of November 30, 2015, Gilardi has mailed an aggregate of 190,924 Claim Packages to potential
Class Members, Nominee Holders and other institutions by First-Class mail, bulk mail, or
electronically.
GILARDI’S NOMINEE OUTREACH EFFORTS
10.

Gilardi has long-standing relationships with all of the primary Nominee Holders,

and they are accustomed to providing Gilardi with information regarding their clients from their
records and obtaining reimbursement for doing so. As set forth above, Gilardi began its outreach
to Nominee Holders and other institutions on October 8, 2015 by mailing these entities a copy of
the Claim Package in accordance with the Court’s Notice Order. As an additional measure,
Gilardi caused a copy of the Claim Package to be published by the Depository Trust Company
(“DTC”) on the DTC Legal Notice System (“LENS”). LENS enables participating bank and
broker nominees to review the Claim Package and contact Gilardi for copies of the Claim
Package for their clients.
11.

As part of Gilardi’s standard procedure, since the initial notice mailing on

October 8, 2015, Gilardi has also provided three supplemental notification letters to Nominee
Holders who did not respond to the initial notice mailing requesting them to provide the names
and addresses of potential Class Members. Those supplemental notifications were mailed to

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Case 2:09-cv-01558-GMN-VCF Document 375-1 Filed 12/03/15 Page 6 of 10
these Nominee Holders on October 23, November 6, and November 23, 2015.

A fourth

supplemental notification is scheduled to be mailed on December 7, 2015.
12.

The vast majority of names and addresses of potential Class Members are

received from Nominee Holders in response to this solicitation. Responses from Nominee
Holders are provided in several different ways, and may consist of data files containing the name
and address information of potential Class Members to be processed and mailed by Gilardi, preprinted labels containing the name and address information of potential Class Members to be
affixed to Claim Packages for mailing by Gilardi, or bulk requests for blank Claim Packages to
be forwarded by Nominee Holders directly to their customers and clients who may be Class
Members. Of the responses received from Nominee Holders to date, more than 90% were
computer files containing the name and address information of potential Class Members.
Nominee Holders typically provide to Gilardi the most current address information they have
available for the potential Class Members.
13.

Gilardi has promptly mailed Claim Packages to all potential Class Members

identified by Nominee Holders. Gilardi has also promptly mailed copies of the Claim Package
directly to Nominee Holders who indicated that they would directly forward the documents to
their customers and clients who may be Class Members. Gilardi has also promptly mailed copies
of the Claim Package directly to any potential Class Members who requested copies of the Claim
Package by phone, mail, or e-mail.
14.

All name and address data obtained by Gilardi was checked against the United

States Postal Service’s National Change of Address database to identify any address changes
before mailing the Claim Package. Claim Packages that were returned as undeliverable mail
were also reviewed to determine if an alternative or updated address was available from the
Postal Service, and were then re-mailed to the updated or alternative address. In cases where no
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Case 2:09-cv-01558-GMN-VCF Document 375-1 Filed 12/03/15 Page 7 of 10
address was available from the Postal Service, Gilardi attempted to obtain updated or alternative
address information from private databases and/or address locator services, and re-mailed the
Claim Package if such information was available.
15.

As is quite common, a number of computer files and requests for Claim Packages

submitted by Nominee Holders and other institutions were received by Gilardi after the deadline
for response set forth in the Notice Order and the Notice. Pursuant to the Notice Order and as set
forth in the Notice, Nominee Holders and other institutions were requested to, within ten (10)
days after receiving the Notice, provide Gilardi with the names and addresses of potential Class
Members or request additional copies of the Notice to forward to potential Class Members
directly.
16.

As of November 30, 2015, a total of 79 Nominee Holders and other institutions

have responded to the Notice, including 10 Nominee Holders or institutions which indicated in
their response that they had no records of potential Class Members to provide. Despite the
nominee outreach efforts described above, many of these Nominee Holders and financial
institutions did not respond in a timely manner, and 32 responses which included computer files
or requests for the Claim Package were received after October 24, 2015 (i.e., 30 days prior to the
deadline for submitting objections or requesting exclusion from the Class). In fact, Gilardi has
continued to receive computer files and requests for Claim Packages from Nominee Holders,
other institutions and potential Class Members. In addition, Claim Packages have been returned
to Gilardi as undeliverable mail and have been re-mailed if a new address can be identified.
While Gilardi has promptly mailed Claim Packages in response to all such requests, as a result of
these delayed responses from Nominee Holders and others, many Claim Packages were mailed
after October 24, 2015.

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17.

Of the 190,924 Claim Packages mailed by Gilardi as of November 30, 2015,

142,842 were mailed after October 24, 2015, including 1,228 Claim Packages which were
returned as undeliverable mail and re-mailed to a new address.
18.

As of December 2, 2015, an additional 3,174 Claim Packages are in the process of

being mailed. These mailings relate to Claim Packages which were returned as undeliverable
mail and for which a new address has been identified, computer files which were received on
November 30, 2015 from RBC Dominion Securities Inc. and FirstSouthwest, and requests for the
Claim Package received on or after December 1, 2015 from potential Class Members. Gilardi
anticipates that Claim Packages will be mailed to these names and addresses on or before
December 9, 2015.
POSTCARD MAILING
19.

As set forth in the accompanying Stipulation and [Proposed] Order Continuing

December 15, 2015 Settlement Hearing and Extending Certain Deadlines in Connection
Therewith (“Stipulation”), Gilardi is prepared to mail a postcard, substantially in the form
attached as Exhibit B to the Stipulation, to all Class Members to advise them of the new dates
and deadlines in connection with the settlement as approved by the Court.

I declare under penalty of perjury that the foregoing is true and correct and that this
declaration was executed this 2nd day of December, 2015, at San Rafael, California.

MICHAEL JOAQUIN

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Exhibit A

Case 2:09-cv-01558-GMN-VCF Document 375-1 Filed 12/03/15 Page 10 of 10

3301 Kerner Blvd.
San Rafael, CA 94901
P: [phone]
F: [phone]

October 8, 2015

«FirstName» «LastName»
«Company»
«Addr1»
«Addr2»
Cincinnati, OH 45202
«FCountry»
Re: MGM Securities Litigation
Dear «GENDER» «LastName»:
Please find enclosed the Settlement Notice and Proof of Claim and Release for the above referenced litigation.
Please note both the class period and the designated eligible securities described on page one of the Notice,
specifically the inclusion of “all persons or entities who purchased or otherwise acquired the publicly-traded
securities of MGM Mirage (now known as MGM Resorts International) (“MGM”) during the period from
August 2, 2007 through and including March 5, 2009, and were allegedly damaged thereby.” MGM publiclytraded securities include common stock and the following debt securities (“MGM Bonds”): (i) 5.875% MGM
Bonds, due 2/27/14; (ii) 6.0% MGM Bonds, due 10/1/09; (iii) 6.625% MGM Bonds, due 7/15/15; (iv) 6.75%
MGM Bonds, due 9/1/12; (v) 6.75% MGM Bonds, due 4/1/13; (vi) 6.875% MGM Bonds, due 4/1/16; (vii)
7.5% MGM Bonds, due 6/1/16; (viii) 7.625% MGM Bonds, due 1/15/17; (ix) 8.375% MGM Bonds, due
2/1/11; (x) 8.5% MGM Bonds, due 9/15/10; and (xi) 13% MGM Bonds, due 11/15/13. In addition, the Notice
provides that the Exclusion Deadline is November 24, 2015, and that the Claim Filing Deadline is
January 6, 2016.
Please pay particular attention to the "Special Notice to Securities Brokers and Other Nominees" on page
twelve of the Notice. Please do not make your own copies of the Proof of Claim Form, as copies may not be
accepted for processing. Additional copies of the appropriate documents may be requested by contacting us at
the above address and/or phone number.
If we conduct the necessary mailing on your behalf, please submit names and addresses either via email to
[e-mail], via CD Rom to the above address or contact [phone] to obtain secure FTP
transmission instructions. Mailing labels will be accepted, but you may be requested to provide an additional
copy of the address information you send. Do not include any confidential information that should not appear
on a mailing label.
The data provided must be in one of the following formats:
ASCII Fixed Length file
ASCII Tab Delimited file
Microsoft Excel spreadsheet
Your request must also specify the case name and Control Total(s) (for example, the total number of name and
address records provided) for each file submission.
If you have any questions, please call [phone].
Sincerely,
Gilardi & Co. LLC

MGM Mirage Securities Litigation. A copy of the Notice of Pendency of Class Action and Proposed
Settlement, Motion for Attorneys’ Fees and Settlement Fairness Hearing (the “Notice”) and Proof
of Claim and Release form (“Proof of Claim Form”) for this settlement was mailed to the name and
address printed on the front of this postcard.
Unfortunately, and at no fault of the Claims Administrator or Counsel, some brokers and nominees
did not provide the names and addresses of their clients who are potential Class Members to the
Claims Administrator within ten days of their receipt of the Notice, as required by the Notice
and Court. To accommodate Class Members who did not receive timely Notice, the Court has
ordered that the deadline to request exclusion from the Class or submit an objection to the proposed
Settlement, the proposed Plan of Allocation, Lead Counsel’s fee, cost, and expense application, and/
or Lead Plaintiffs’ request for costs and expenses has been extended from November 24, 2015 to
Month DD, 2016.
Requests for exclusion and objections must be submitted in accordance with the requirements
outlined in sections 13 and 18 of the Notice, respectively.
The Court also has ordered that the deadline to submit a Proof of Claim Form in order to be
potentially eligible to receive a distribution from the net settlement proceeds has been extended
from January 6, 2016 to Month DD, 2016.
In addition, the date and time of the Settlement Fairness Hearing has been continued from
December 15, 2015 at 9:00 a.m. to Month DD, 2016 at 00:00a./p.m.
If you have any questions or require further information please contact the Claims Administrator
at [phone] or by email at [e-mail]. If you wish to review the Notice or other
case related documents, please go to: www.mgmmiragesecuritieslitigation.com

Gilardi & Co. LLC is the Court-appointed Claims Administrator for the settlement Page the
Case 2:09-cv-01558-GMN-VCF Document 375-2 Filed 12/03/15reached in1 of 2

MGMMRAGE

In re MGM Mirage Securities
Litigation,
No. 2:09-cv-01558-GMN-VCF

from the United States District
Court for the District of Nevada

Claims Administrator
c/o Gilardi & Co. LLC
P.O. Box 8040
San Rafael, CA 94912-8040

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