Las Vegas Sands Corp.
Class Period: Aug 2, 2007 to Nov 6, 2008
Lead Plaintiff Deadline: Jul 26, 2010 + Deadline passed
Summary of Case:
A securities class action has been filed against Las Vegas Sands Corp. (LVS) ("Las Vegas Sands" or the "Company") on behalf of all securities purchasers from August 1, 2007 through November 6, 2008, inclusive ("Class Period"), in the United States District Court of Nevada.
The complaint alleges that throughout the Class Period, defendants failed to disclose material adverse facts about Las Vegas Sands' true financial condition, business and prospects. Specifically, defendants failed to disclose that: (i) increasing competition in Macau was steadily eroding the Company's foothold in the region, which undermined defendants' representations that everything was proceeding according to plan; (ii) the Company was facing a significant liquidity crisis as a result of its ongoing expenditure of capital in Macau and Singapore, which forced the Company to divert funds from other operations to develop its Asian properties; (iii) the Company could not, in fact, weather the economic downturn, because the credit markets were drying up and Las Vegas Sands had failed to timely access those markets; and (iv) increasing visitor restrictions in Macau, which defendants represented would not impact the Company as significantly as its competitors (or otherwise publicly dismissed), were expected by defendants to have just as devastating an effect on Las Vegas Sands.
On November 6, 2008, the Company's auditor, PricewaterhouseCoopers LLP ("PwC"), expressed doubt about the Company's ability to continue as a going concern, prompting PwC to issue a going concern qualification which alerted shareholders to the true extent of the Company's perilous condition. In response, the trading price of Las Vegas Sands common stock plummeted nearly 33%.
If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.