| Company: | Las Vegas Sands Corp |
| Ticker Symbol: | LVS |
| Class Period: | Aug-1-07 to Nov-6-08 |
| Date Filed: | May-25-10 |
| Lead Plaintiff Deadline: | Jul-24-10 |
| Court: | District of Nevada |
| Allegations: | |
The complaint charges Las Vegas Sands and certain of its officers and executives with violations of the Exchange Act. Las Vegas 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 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 acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
