LAS VEGAS SANDS SHAREHOLDER ALERT
Securities Litigation Partner James Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Las Vegas Sands Corporation To Contact Him Directly To Discuss Their Options
NEW YORK - ( NewMediaWire ) - December 03, 2020 - If you suffered losses exceeding $100,000 investing in Las Vegas Sands Corporation stock or options between February 27, 2016 and September 15, 2020 and would like to discuss your legal rights, click here: www.faruqilaw.com/LVS or call Faruqi & Faruqi partner James Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
There is no cost or obligation to you.
Faruqi & Faruqi, LLP, a leading minority and certified woman-owned national securities law firm, is investigating potential claims against Las Vegas Sands Corporation (“Las Vegas Sands” or the “Company”) (NYSE:LVS) and reminds investors of the December 21, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
As detailed below, the lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) weaknesses existed in Marina Bay Sands’ casino control measures pertaining to fund transfers; (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.
On July 19, 2020, Bloomberg News reported that Las Vegas Sands had settled a lawsuit brought by a former patron, Wang Xi (“Xi”), meeting his demand for a S$9.1 million ($6.5 million) payment. Xi reportedly sued the Marina Bay Sands casino in 2019 to recover S$9.1 million of his 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 (“DOJ”) “is 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.
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 (“CRA”) as stating that “there were weaknesses in [Marina Bay Sands’] casino control measures pertaining to fund transfers[.]”
On this news, Las Vegas Sands’ stock price fell $2.18 per share, or 4.2%, to close at $49.67 per share on September 16, 2020.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Las Vegas Sands’ conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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