Las Vegas Sands (LVS) Stock Purchasers File Securities Fraud Class Action Lawsuit Against Las Vegas Sands Corp. Over Alleged False and Misleading Statements About Increasing Competition in Macau and Purported Liquidity Problems.
A securities fraud class action lawsuit was filed against Las Vegas Sands Corp. (LVS) on behalf of purchasers of Las Vegas Sands common stock between August 1, 2007 and November 6, 2008 (the class period) in the United States District Court for the District of Nevada, alleging that Las Vegas Sands violated federal securities laws by issuing false and misleading financial information to investors, according to class action news reports.
The Las Vegas Sands securities fraud class action complaint reportedly alleges that Las Vegas Sands violated the Securities Exchange Act of 1934 by, among other things, failing to disclose that:
- increasing competition in Macau was purportedly eroding the Las Vegas Sands’s foothold in the region, undermining Las Vegas Sands’ representations that everything was proceeding according to plan;
- Las Vegas Sands was allegedly facing a liquidity crisis due to ongoing expenditures of capital in Macau and Singapore, forcing Las Vegas Sands to divert funds from other operations to its Asian properties;
- Las Vegas Sands could not allegedly weather the economic downturn, because the credit markets were drying up and Las Vegas Sands had failed to timely tap those markets; and
- increasing visitor restrictions in Macau, which Las Vegas Sands purportedly represented would not impact Las Vegas Sands as significantly as its competitors, were allegedly expected by Las Vegas Sands to have just as devastating an effect on Las Vegas Sands.
For more information on the Las Vegas Sands securities fraud class action lawsuit, read the Las Vegas Sands securities class action complaint.
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