There’s bad news for Midway as it’s been served with notices of several class action lawsuits regarding its stock performance for the financial year 2005/06.

The three suits are all complaining about the same thing, namely that Midway didn’t disclose, or misrepresented, adverse facts about the company's performance. They also allege Midway’s intention to implement a restructuring program, and the need for debt financing.

One of the lawsuits also mentions insider dealing saying insiders made money by selling nearly $14 million worth of shares at "artificially inflated prices."

The period of December 2005 to May 2006 was not a good one for Midway, with the company losing over 67% of its value.