LOS ANGELES, Dec. 10, 2020 /PRNewswire/ -- Glancy Prongay & Murray LLP ("GPM") reminds investors of the upcoming December 21, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Las Vegas Sands Corp. ("Las Vegas Sands " or the "Company") (NYSE: LVS) securities between February 27, 2016 and September 15, 2020, inclusive (the "Class Period").
If you suffered a loss on your Las Vegas Sands investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/las-vegas-sands-corp/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.
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.
If you purchased or otherwise acquired Las Vegas Sands securities during the Class Period, you may move the Court no later than December 21, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action 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 action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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SOURCE Glancy Prongay & Murray LLP