NEW YORK, Nov. 20, 2020 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP reminds investors that a class action lawsuit has been filed in the U.S. District Court for the District of Nevada on behalf of those who acquired Las Vegas Sands Corp. (“ Las Vegas Sands ” or the “Company”) (NYSE: LVS) securities during the period from February 27, 2016 through September 15, 2020, inclusive (the “Class Period”). Investors have until December 21, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On July 19, 2020, Bloomberg reported that Las Vegas Sands had settled a lawsuit brought by a former patron for $6.5 million. The lawsuit against the Company’s casino in Singapore, Marina Bay Sands, alleged that the casino transferred funds from his casino deposit accounts without his approval, which triggered a probe by local authorities. The article reported that the U.S. Department of Justice “is also scrutinizing whether anti-money laundering procedures had been breached in the way the Singapore casino handles high rollers.”
On this news, the Company’s stock price fell $1.41, or approximately 3%, to close at $47.28 per share on July 20, 2020, thereby injuring 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 also stated that Singapore’s Casino Regulatory Authority had identified “weaknesses in [Marina Bay Sands’] casino control measures pertaining to fund transfers.”
On this news, the Company’s stock price fell $2.18 per share, or 4%, to close at $49.67 per share on September 16, 2020, thereby injuring investors further.
The complaint filed in the Class Action alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Marina Bay Sands, a Las Vegas Sands resort in Singapore, casino’s control measures pertaining to fund transfers had weaknesses; (2) 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; (3) the foregoing foreseeably increased the risk of litigation against the Company, as well as investigation and increased oversight by regulatory authorities; (4) Las Vegas Sands had inadequate disclosure controls and procedures; (5) consequently, all the foregoing issues were untimely disclosed; and (6) as a result, the Company’s public statements were materially false and misleading at all relevant times.
If you acquired Las Vegas Sands securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney at 212-371-6600, by email at email@example.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, and whistleblower litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney’s website: www.kmllp.com.
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