Lerach Coughlin Stoia Geller Rudman & Robbins LLP Files Class Action Suit against Midway Games Inc.

  
    
  
  
    
      Lerach Coughlin Stoia Geller Rudman & Robbins LLP (“Lerach 
      Coughlin”) (http://www.lerachlaw.com/cases/midwaygames/) 
      today announced that a class action has been commenced in the United 
      States District Court for the Northern District of Illinois on behalf of 
      purchasers of Midway Games Inc. (“Midway”) 
      (NYSE:MWY) common stock during the period between August 4, 2005 and May 
      24, 2006 (the “Class Period”).
    
    
      If you wish to serve as 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 plaintiff’s counsel, Darren Robbins of 
      Lerach Coughlin at 800/449-4900 or 619/231-1058, or via e-mail at [e-mail]. 
      If you are a member of this class, you can view a copy of the complaint 
      as filed or join this class action online at http://www.lerachlaw.com/cases/midwaygames/. 
      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 complaint charges Midway and certain of its officers and directors 
      with violations of the Securities Exchange Act of 1934. Midway develops 
      and publishes software for major video game systems.
    
    
      The complaint alleges that during the Class Period, defendants assured 
      investors that Midway would perform as expected in the fourth quarter of 
      2005. In fact, the Company did not perform as expected because 
      defendants had decided to lay off 8% of the Company’s 
      workforce and engage in costly restructuring. Before the full costs of 
      these decisions were made public, however, defendants were able to sell 
      off over $14 million of their shares on the open market within three 
      weeks of one another. On May 24, 2006, defendants announced that they 
      would have to sell $75 million in convertible notes that would be highly 
      dilutive to current shareholders in order to raise cash. In response to 
      this announcement, Midway’s stock price fell 
      to $7.39 per share.
    
    
      Plaintiff seeks to recover damages on behalf of all purchasers of Midway 
      common stock during the Class Period (the “Class”). 
      The plaintiff is represented by Lerach Coughlin, which has expertise in 
      prosecuting investor class actions and extensive experience in actions 
      involving financial fraud.
    
    
      Lerach Coughlin, a 180-lawyer firm with offices in San Diego, San 
      Francisco, Los Angeles, New York, Boca Raton, Washington, D.C., Houston, 
      Philadelphia and Seattle, is active in major litigations pending in 
      federal and state courts throughout the United States and has taken a 
      leading role in many important actions on behalf of defrauded investors, 
      consumers, and companies, as well as victims of human rights violations. 
      Lerach Coughlin lawyers have been responsible for more than $45 billion 
      in aggregate recoveries. The Lerach Coughlin Web site (http://www.lerachlaw.com) 
      has more information about the firm.