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LVS Shareholders want Control From Adelson
LAS VEGAS SANDS SHAREHOLDER WANTS THE COURTS TO REMOVE CONTROL FROM OWNER ADELSON
78-page court filing alleges bad decisions cost shareholders millions and that executive management violated fiduciary duties to shareholders.
Sheldon Adelsons Las Vegas Sands gambling group faced another court fight this week following a Clark County Court filing by shareholder William A. Sokolowski alleging that decisions largely made by Adelson and current and former board members have violated fiduciary duties to shareholders.
Invoking the provisions of the Foreign Corrupt Practices Act, the Bank Secrecy Act, the Securities and Exchange Act of 1934, and the Sarbanes-Oxley Act, the filing claims that Adelson operated the company in an illegal manner, including knowingly violating and thereafter covering up of, inter alia, various provisions of the US laws.
The filing appeals to the court to take control of the company and ensure that shareholders are reimbursed for their losses.
Sokolowski says Sands board members have done nothing to "implement appropriate controls to prevent hundreds of millions of dollars from being paid out without appropriate documentation or authorization, acquiescing in money laundering at the companys casinos in violation of the Bank Secrecy Act and wasting corporate assets in a personal vendetta against his [Sokolowskis] former colleague, Steven C. Jacobs, the former president of Sands China, who has just settled a lawsuit in this court."
The plaintiff claims that managers place loyalty to Adelson above that to the company and shareholders, and accuses them of wasting corporate assets in "overly aggressive and improper litigation;" and giving Adelson free rein in Macau, where Sokolowski claims evidence indicates Adelson "concealed ties to Chinese organized crime and ordered bribery and blackmail of government officials."
The filing also accuses LVS management of acquiescing to money laundering, which they tacitly admitted by agreeing to pay $75 million to settle with the US Department of Justice.
And it alleges that a proposed casino development in Spain was scrapped because Adelson demanded that the country relax its money laundering laws, and that board members turned a blind eye when the company provided prostitutes for high-rollers and took other unethical and unlawful actions, including disseminating false information.
Among the serious accusations leveled at Adelson and his executives are waste of corporate assets, unjust enrichment, breach of contract, breach of loyalty and breach of duty of candor.
The plaintiff asks the court to appoint a conservator or special master to oversee Las Vegas Sands handling of shareholder derivative lawsuits; appoint a compliance officer to ensure Sands compliance with federal laws; and declare that current and former board members violated their fiduciary duty to the Sands and its shareholders.
He also wants Adelson et al. ordered to repay Las Vegas Sands for damages caused by their decisions and a declaration that co-defendants PricewaterhouseCoopers, Las Vegas Sands former auditor, and its managing partner, Frederick Hipwell, breached their agreements with Las Vegas Sands and caused damages.
The filing names as defendants Adelson, and Las Vegas Sands Board members Michael A. Leven, Jason N. Ader, Irwin Chafetz, Charles D. Forman, Irwin A. Siegel, Charles A. Koppelman, Jeffrey H. Schwartz, Robert G. Goldstein, Micheline Chau, Steven L. Gerard, George Jamieson, David Levi, George P. Koo, Hipwell and PricewaterhouseCoopers.
Las Vegas Sands has not yet responded to the filing.
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
Fair Play Bets and QuickFire in Deal -
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Cavaliers Aim to Take Down Wizards on 2/22/18 -
The Cleveland Cavaliers have looked like a different team since making their moves at the trade deadline. The Washington Wizards are up next for the Cavaliers, who will be at home after the All-Star break.
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