LOS ANGELES, Nov. 3, 2020 /PRNewswire/ -- The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Las Vegas Sands Corp. ("Las Vegas Sands " or the "Company") (LVS) - Get Report securities between February 27, 2016 and September 15, 2020, inclusive (the "Class Period"). Las Vegas Sands investors have until December 21, 2020 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
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 this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that weaknesses existed in Marina Bay Sands' casino control measures pertaining to fund transfers; (2) 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; (3) that the foregoing foreseeably increased the risk of litigation against the Company, as well as investigation and increased oversight by regulatory authorities; (4) that Las Vegas Sands had inadequate disclosure controls and procedures; (5) that, consequently, all the foregoing issues were untimely disclosed; and (6) that, as a result, the Company's public statements were materially false and misleading at all relevant times.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
If you purchased Las Vegas Sands securities during the Class Period, you may move the Court no later than December 21, 2020to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Las Vegas Sands securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View original content to download multimedia: http://www.prnewswire.com/news-releases/the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-las-vegas-sands-corp-lvs-investors-301164758.html
SOURCE The Law Offices of Frank R. Cruz, Los Angeles