Las Vegas Sands Prevails in Securities Class Action

Date

January 6, 2017

Author

Mike Heuer

Source


Region


Subject

litigation

URL

http://www.cdcgamingreports.com/las-vegas-sands-prevails-in-securities-class-action/

U.S. District Judge Andrew Gordon in a 45-page opinion dismissed a key allegation against Las Vegas Sands and CEO Sheldon Adelson, which defeated a federal securities class action. Lead plaintiff Frank J. Fosbre Jr. in 2010 filed a 122-page amended class action accusing Las Vegas Sands, Adelson and then-COO William P. Wiedner of lying to investors about business matters in Macau in order to prevent a bankruptcy filing during the Great Recession.