A lawsuit was filed on behalf of investors in Las Vegas Sands Corp. (NYSE:LVS) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 11/04/2020 -- An investor, who purchased NYSE: LVS shares, filed a lawsuit over alleged violations of Federal Securities Laws by Las Vegas Sands Corp.
Investors who purchased shares of Las Vegas Sands Corp. (NYSE: LVS) have certain options and for certain investors are short and strict deadlines running. Deadline: December 21, 2020. NYSE: LVS investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
Las Vegas, NV based Las Vegas Sands Corp., together with its subsidiaries, develops, owns, and operates integrated resorts in Asia and the United States. On July 19, 2020, it was reported that Las Vegas Sands had settled a lawsuit brought by a former patron, Wang Xi ("Xi"), meeting his demand for a S$9.1 million ($6.5 million) payment. Xi reportedly sued the Marina Bay Sands casino in 2019 to recover S$9.1 million of his funds that the casino allegedly transferred to other patrons from his casino deposit accounts in 2015 without his approval, which triggered a probe into the casino by local authorities. It was also reported that the U.S. Department of Justice ("DOJ") "is also scrutinizing whether anti-money laundering procedures had been breached in the way the Singapore casino handles high rollers."
On September 16, 2020, it was reported that the Company's Singapore casino, Marina Bay Sands, "has hired a law firm to conduct a new investigation into employee transfers of more than $1 billion in gamblers' money to third parties[.]" Further, the article quoted Singapore's Casino Regulatory Authority stating "there were weaknesses in [Marina Bay Sands'] casino control measures pertaining to fund transfers[.]"
Shares of Las Vegas Sands Corp. (NYSE: LVS) declined from $53.51 per share on September 15, 2020, to $44.06 per share on September 24, 2020.
The plaintiff claims that between February 27, 2016 and September 15, 2020, the Defendants made false and/or misleading statements and/or failed to disclose that weaknesses existed in Marina Bay Sands' casino control measures pertaining to fund transfers, that the Marina Bay Sands' casino was consequently prone to illicit fund transfers that implicated, among other issues, the transfer of customer funds to unauthorized persons and potential breaches in the Company's anti-money laundering procedures, that the foregoing foreseeably increased the risk of litigation against the Company, as well as investigation and increased oversight by regulatory authorities, that Las Vegas Sands had inadequate disclosure controls and procedures, that consequently, all the foregoing issues were untimely disclosed, and that as a result, the Company's public statements were materially false and misleading at all relevant times.
Those who purchased shares of Las Vegas Sands Corp. (NYSE: LVS) have certain options and should contact the Shareholders Foundation.
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