PRLog - March 7, 2011 - SAN DIEGO -- After Las Vegas Sands Corp disclosed that it received a subpoena by the SEC in regards to possible Foreign Bribery and potential Foreign Corrupt Practices Act violations an investigation on behalf of current long term investors in Las Vegas Sands Corp. (NYSE:LVS) was announced.
If you are a current long term investor in Las Vegas Sands Corp. (NYSE:LVS), and/or if you have information relating the investigation including former employees and/or whistleblowers, you have certain options and you should contact the Shareholders Foundation by email email@example.com or call +1(858) 779 - 1554.
Las Vegas Sands Corp., located in Las Vegas, Nevada, owns and operates also the Sands Macao, The Venetian Macao Resort Hotel, the Four Seasons Hotel Macao, Cotai Strip and the Plaza Casinoin the Macau Special Administrative Region of the People’s Republic of China.
The investigation by a law firm on behalf of current long term investors in Las Vegas Sands Corp. (NYSE:LVS) concerns whether certain officer and directors at Las Vegas Sands Corp. breached their fiduciary duties and can be held liable for possibly violating the U.S. Foreign Corrupt Practices Act (“FCPA”), which prohibits companies from making improper payments to foreign officials for the purpose of obtaining or keeping business. According to the Justice Department “the Foreign Corrupt Practices Act was enacted for the purpose of making it unlawful for certain classes of persons and entities to make payments to foreign government officials to assist in obtaining or retaining business. Specifically, the anti-bribery provisions of the FCPA prohibit the willful use of the mails or any means of instrumentality of interstate commerce corruptly in furtherance of any offer, payment, promise to pay…to a foreign official to influence the foreign official in his or her official capacity … to secure any improper advantage in order to assist in obtaining or retaining business for or with, or directing business to, any person.”
On March 1, 2011 Las Vegas Sands Corp disclosed in its annual report that it received a subpoena from the U.S. Securities & Exchange Commission requesting that the company to produce documents related to its compliance with the FCPA. The company also disclosed that the DOJ was conducting a similar investigation.
Las Vegas Sands said it believes that the subpoena may have emanated from allegations contained in a lawsuit filed by former Chief Executive Officer Steven Jacobs of Las Vegas Sands’ Hong Kong-listed unit Sands China Ltd.
On October 20, 2010, Steven C. Jacobs filed a lawsuit against Las Vegas Sands Corp and Sands China Ltd. alleging breach of contract against Las Vegas Sands Corp and Sands China Ltd. and breach of the implied covenant of good faith and fair dealing and tortious discharge in violation of public policy against Las Vegas Sands Corp.
Jacobs’s complaint alleges, among other things, that Las Vegas Sands CEO Adelson repeatedly threatened to terminate Jacobs when he objected to and/or refused to carry out demands by Anderson , such as that Jacobs uses improper leverage against unnamed senior government officials of Macau in order to obtain government concessions, that he performs secret investigations regarding the business and financial affairs of various high-ranking members of the Macau government so that any negative information obtained could be used to exert leverage, that he retains a lawyer who was part of the Macau government, or that he misleads the board of Sands China by refraining from disclosing truthful and material information.
Las Vegas Sands reportedly said it denies the allegations made by Jacobs and intends to cooperate in the investigations. The Wall Street Journal reported that “[a]nalysts said the U.S. investigations likely would have a negative effect on Sands' shares.”
Besides the FCPA investigations Las Vegas Sands Corp. faces also a lawsuit by investors of the common stock of Las Vegas Sands Corp. (NYSE:
Las Vegas Sands Corp. reported in 2007 Total Revenue of $2.95057billion, in 2008 $4.389.95billion, in 2009 $4.5631billion, and in 2010 $6.853billion. Its Net Income declined from 2007 from $116/69million to a Net Loss of $163.56million ion 2008 and a Net Loss of $354.48million in 09, but then increased to a Net Income of $407.46million in 2010.
Las Vegas Sands stock (LVS) traded on November 04, 2008, at $15.50 per share, and on November 07, 2008, as low as $6.52 per share. LVS shares reached over $88 per share in 2008, and traded during 2007 as high as $138.93 per share.
Shares of Las Vegas Sands Corp. (LVS) traded recently at $43.84 per share, down from its 52weekHigh of $55.47.
Those who are current long term investors in Las Vegas Sands Corp. (NYSE: LVS), and/or those who have information relating the investigation including former employees and/or whistleblowers, have certain options and should contact the Shareholders Foundation by email firstname.lastname@example.org or call +1(858) 779 - 1554.
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