LAS VEGAS (CN) – A shareholders derivative complaint accuses Sheldon Adelson, CEO of the Las Vegas Sands empire, of a welter of financial misdeeds. They say the Sands overextended construction projects during a financial downturn, putting future projects in peril and causing the layoffs of thousands of workers.
The mistakes. “jeopardized numerous current and future construction projects, caused the firing of thousands of its construction workers, called into question the financial solvency of a once successful and sound company, and massively diluted the value of LVS shares for its current shareholders by having to raise significant amounts of new capital.”
The company owns the Venetian Resort Hotel Casino, The Palazzo Resort Hotel Casino, The Sands Expo and Convention Center, The Congress Center and the Sands Macau and the Venetian Macau Resort Hotel in Macau, China.
Plaintiffs’ lead counsel in Clark County Court is G. Mark Albright with Albright, Stoddard & Warnick.