Bernstein Liebhard LLP today announced that a class action has been filed in the United States District Court for the District of Nevada on behalf of purchasers (the “Class”) of Las Vegas Sands Corporation (“Sands” or the “Company”) common stock during the period of August 1, 2007 and November 6, 2008, inclusive (the “Class Period”). Defendants are Sands and certain of its officers and executives.
The complaint charges Sands and certain of its officers and executives with violations of the Securities Exchange Act of 1934. Sands and its subsidiaries own and operate resort and gaming properties in Las Vegas, Macao and Singapore.
The complaint alleges that, throughout the Class Period, defendants failed to disclose material adverse facts about the Company’s true financial condition, business and prospects. Specifically, the complaint alleges that 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 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 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, Sands common stock fell nearly 33%.
Plaintiffs seek to recover damages on behalf of all Class members who purchased or otherwise acquired shares of Sands during the Class Period. If you purchased or otherwise acquired Sands shares during the Class Period, and either lost money on the transaction or still hold the shares, you may wish to join in the action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than July 26, 2010.
A “lead plaintiff” is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.
Bernstein Liebhard has pursued hundreds of securities and consumer cases and recovered almost $3 billion for its clients. It has been named to The National Law Journal’s “Plaintiffs’ Hot List” in each of the last seven years.
You can obtain a copy of the complaint from the clerk of the court for the United States District Court for the District of Nevada.
Bernstein Liebhard LLP
(877) 779-1414
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Contact Information
U.
Joseph R. Seidman, Jr.
Bernstein Liebhard LLP
http://www.bernlieb.com/
(212) 779-1414
