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Gaming Guru

Tim O'Reiley
 

Judge dismisses lawsuit against Las Vegas Sands

14 December 2012

Clark County District Judge Susan Scann on Wednesday dismissed a shareholder derivative lawsuit against Las Vegas Sands Corp. and its board of directors, part of the fallout from the recession four years ago.

The complaint, filed in March, claimed damages on behalf of the company for the steep stock slide as the economy stumbled in 2008. In addition, the complaint alleged that top management's policies and lack of disclosure caused the lost value for shareholders, not the general economy.

Scann noted that the case was filed well after the three-year statute of limitation imposed by Nevada law. The lawyers said the company had stonewalled them by responding to the demand letter that preceded the lawsuit with questions about whether the named representative of the shareholders actually owned stock at the time. Scann said the company's response was valid.

The judge allowed the shareholders to file a new complaint within two months based on what is termed unjust enrichment by the board of directors, but she saw no evidence this had occurred.

The company has already won a similar case in front of another judge, while another is pending in federal court.