Las Vegas Sands Chairman Sheldon Adelson’s bad decisions have cost the company hundreds of millions of dollars, and a court should take control of the company, a shareholder says in a derivative complaint in Clark County Court.
William A. Sokolowski says he bought shares in Las Vegas Sands in February 2012, and that since then decisions largely made by Adelson and current and former board members have violated fiduciary duties to shareholders.
Sokolowski wants the court to take control of the company and shareholders reimbursed for losses. The 78-page complaint accuses Adelson of “operating the company in an illegal manner, including knowingly violating and thereafter covering up of, inter alia, various provisions of the Foreign Corrupt Practices Act, the Bank Secrecy Act, the Securities and Exchange Act of 1934, and the Sarbanes-Oxley Act.”
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 company’s casinos in violation of the Bank Secrecy Act and by wasting corporate assets in a personal vendetta against his former colleague, Steven C. Jacobs, the former president of Sands China, who has just settled a lawsuit in this court.”
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