If you purchased Las Vegas Sands securities, and/or would like to discuss your legal rights and options please visit Las Vegas Sands Shareholder Lawsuit or contact Joseph R. Seidman, Jr. toll free at (877) 779-1414 or Seidman@bernlieb.com.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business. Specifically, 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 the Company’s anti-money laundering procedures; (iii) the foregoing foreseeably increased the risk of litigation against the Company, as well as investigation and increased oversight by regulatory authorities; (iv) Las Vegas Sands had inadequate disclosure controls and procedures; (v) consequently, all the foregoing issues were untimely disclosed; and (vi) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On July 19, 2020, Bloomberg News reported that Las Vegas Sands had settled a lawsuit brought by a former patron, Wang Xi, meeting his demand for a S$9.1 million payment. Wang Xi had sued the Marina Bay Sands to recover 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. Bloomberg News also reported that the U.S. Department of Justice was also scrutinizing whether anti-money laundering procedures had been breached in the way the Singapore casino handles high rollers. On this news Las Vegas Sands’ stock price fell $1.41 per share, or 2.9% to close at $47.28 per share on July 20, 2020.
On September 16, 2020, Bloomberg reported that the Marina Bay Sands, a Las Vegas Sands’ Singapore-based casino, “hired a law firm to conduct a new investigation into employee transfers of more than $1 billion in gamblers’ money to third parties according to people familiar with the matter.”
On this news, the Las Vegas Sands’ stock price fell $2.18 per share, or 4.2% to close at $49.67 per share on September 16, 2020.
If you wish to serve as lead plaintiff, you must move the Court no later than December 21, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased Las Vegas Sands securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/lasvegassandscorporation-lvs-shareholder-class-action-lawsuit-stock-fraud-319/apply/ or contact Joseph R. Seidman, Jr. toll free at (877) 779-1414 or Seidman@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
Joseph R. Seidman
Bernstein Liebhard LLP