Bloomberg BNA’s Corporate Law & Accountability Report is available on the Corporate Law Resource Center. This news service keeps corporate practitioners informed of legal developments of...
By Che Odom
Jan. 29 — A federal court Jan. 27 denied a request by directors and officers of Las Vegas Sands Corp. that a shareholder and his attorneys be sanctioned and ordered to pay attorneys' fees after their complaint alleging securities violations was dismissed a second time.
Judge James C. Mahan of the U.S. District Court for the District of Nevada ruled that shareholder W.A. Sokolowski and his attorneys complied with the requirements of Federal Rule of Civil Procedure 11(b), which relates to representations to the court. Mahan also found that Sokolowski's claims were presented for proper purposes and warranted by law.
Although the complaints were dismissed on the same grounds , the defendants were mistaken in arguing that the filings were identical, the court continued. Instead, the amended complaint was a good-faith effort to fix deficiencies, though it used vague and conclusory statements, the court said.
Sokolowski sued under federal and state securities laws, accusing management of misrepresenting the casino-and-hotel company's internal controls to allow a “widespread scheme of overseas bribery, kickbacks, money laundering and other wrongful behavior,” according to his complaint.
His initial January 2014 complaint was dismissed, in part for not demonstrating that he had held stock in the company during the relevant period.
His attorneys filed an amended complaint in August 2014, which “did attempt to set forth new factual allegations demonstrating continuity of ownership from the time of some of the factual allegations to initiation of the present litigation,” the judge ruled.
Las Vegas Sands is headed by its 82-year-old chairman, chief executive officer and founder Sheldon Gary Adelson, a named defendant.
To contact the reporter on this story: Che Odom in Washington at email@example.com
To contact the editor responsible for this story: Yin Wilczek at firstname.lastname@example.org
The opinion is available at http://www.bloomberglaw.com/public/document/WA_SOKOLOWSKI_individually_and_on_Behalf_of_LAS_VEGAS_SANDS_CORP_/1.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to email@example.com.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to firstname.lastname@example.org.
Put me on standing order
Notify me when new releases are available (no standing order will be created)