Las Vegas Sands Corp. Class Action Lawsuit
- Company Name
- Las Vegas Sands Corp.
- Stock Symbol
- Class Period
- February 27, 2016 to September 15, 2020
- Motion Deadline
- December 21, 2020
- District of Nevada
The Las Vegas Sands Corp. class action lawsuit charges Las Vegas Sands Corp. and two of its senior executives with violations of the Securities Exchange Act of 1934 and seeks to represent purchasers or acquirers of Las Vegas Sands securities between February 27, 2016 and September 15, 2020, inclusive (the “Class Period”). The Las Vegas Sands class action lawsuit was commenced on October 22, 2020 in the District of Nevada and is captioned The Daniels Family 2001 Revocable Trust v. Las Vegas Sands Corp., No. 20-cv-01958. The case is assigned to Judge Gloria M. Navarro.
Las Vegas Sands develops, owns, and operates integrated resorts in Asia and the United States. Las Vegas Sands’ properties include the Marina Bay Sands resort and casino in Singapore. On August 23, 2006, Las Vegas Sands’ wholly owned subsidiary, Marina Bay Sands Pte. Ltd., entered into a development agreement with the Singapore Tourism Board to design, develop, construct and operate the Marina Bay Sands resort. Under the agreement, Las Vegas Sands was required to comply with certain laws and procedures regulated by the Singapore Tourism Board and the Singapore Casino Regulatory Authority
The Las Vegas Sands class action lawsuit alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (i) weaknesses existed in Marina Bay Sands’ casino control measures pertaining to fund transfers; (ii) 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 Las Vegas Sands’ anti-money laundering procedures; (iii) Las Vegas Sands had inadequate disclosure controls and procedures; and (iv) as a result of the foregoing, Las Vegas Sands faced an increased threat of regulatory action and litigation.
On July 19, 2020, Bloomberg reported that Las Vegas Sands had reached a $6.5 million settlement with a former patron of the Marina Bay Sands casino regarding allegations that the casino had transferred the patron’s funds to third parties from the patron’s casino deposit accounts without the patron’s consent. Bloomberg also reported that the U.S. Department of Justice is “scrutinizing whether anti-money laundering procedures had been breached in the way the Singapore casino handles high rollers.” On this news, the price of Las Vegas Sands stock declined nearly 3%, damaging investors.
Then, on September 16, 2020, Bloomberg reported that 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.” The article quoted the Singapore Casino Regulatory Authority as stating that “there were weaknesses in [Marina Bay Sands’] casino control measures pertaining to fund transfers.” On this news, the price of Las Vegas Sands stock declined over 4%, damaging investors.
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Las Vegas Sands securities during the Class Period to seek appointment as lead plaintiff in the Las Vegas Sands class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Las Vegas Sands class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Las Vegas Sands class action lawsuit. An investor’s ability to share in any potential future recovery of the Las Vegas Sands class action lawsuit is not dependent upon serving as lead plaintiff. If you wish to serve as lead plaintiff of the Las Vegas Sands class action lawsuit or have questions concerning your rights regarding the Las Vegas Sands class action lawsuit, please provide your information here or contact counsel, Michael Albert of Robbins Geller, at 800/449-4900 or 619/231-1058 or via e-mail at email@example.com. Lead plaintiff motions for the Las Vegas Sands class action lawsuit must be filed with the court no later than December 21, 2020.
Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities class action litigation. With 200 lawyers in 9 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history. For seven consecutive years, ISS Securities Class Action Services has ranked the Firm in its annual SCAS Top 50 Report as one of the top law firms in the world in both amount recovered for shareholders and total number of class action settlements. Robbins Geller attorneys have helped shape the securities laws and have recovered tens of billions of dollars on behalf of aggrieved victims. Beyond securing financial recoveries for defrauded investors, Robbins Geller also specializes in implementing corporate governance reforms, helping to improve the financial markets for investors worldwide. Robbins Geller attorneys are consistently recognized by courts, professional organizations and the media as leading lawyers in the industry.