The Las Vegas Sands Corporation is the target of a class-action lawsuit filed by the law firm of Pomerantz LLP, alleging violations of federal securities laws and other charges.
Pomerantz entered the action in United States District Court for the District of Nevada. It was filed on behalf of a class consisting of all persons (other than the defendants) who purchased or otherwise acquired Las Vegas Sands securities between Feb. 27, 2016, and Sept. 15, 2020, both dates inclusive.
According to the filing, Sands Corp and “certain of its top officials” violated portions of the Securities Exchange Act of 1934.
Las Vegas Sands was founded in 1988 and is based in Las Vegas, Nevada, the suit notes. The Company, together with its subsidiaries, develops, owns, and operates integrated resorts in Asia and the U.S., including, among others, the Marina Bay Sands resort in Singapore, which operates a casino.
The Complaint alleges that throughout the Class Period, Defendants made “materially false and misleading statements” regarding the Company's business. Specifically, Defendants allegedly 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.
