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Australian law firm Maurice Blackburn Lawyers filed a class action for shareholders of the Star Entertainment Group (Star Casino). The class action alleges Star Casino engaged in misleading and deceptive condition, breached casino disclosure obligations and acted contrary to the interests of shareholders from March 2016 through March 2022.
Maurice Blackburn Lawyers stated, “The proceeding alleges that…Star [Casino] had inadequate systems and processes for ensuring compliance with its obligations under anti-money laundering (AML) and counter-terrorism financing laws (CTF), and had inadequate systems and processes for ensuring compliance with Australian regulatory obligations.”
The class action was sparked by “damning revelation” made during an October 10, 2021 joint investigative piece from 60 Minutes, The Sydney Morning Herald and The Age into Star. The piece revealed information that caused Star Casino share prices to drop 23% in one day on the Australian Stock Exchange.
Star Casino announced it “intends to defend the proceedings.” Additionally, Star Casino noted that the class action is similar to one filed by Slater and Gordon on March 30, 2022. Both Maurice Blackburn Lawyers and Slater and Gordon filed suit in Australian courts.
The post Australia law firm files class action against Star Casino for securities violations appeared first on JURIST - News.
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Maurice Blackburn Lawyers stated, “The proceeding alleges that…Star [Casino] had inadequate systems and processes for ensuring compliance with its obligations under anti-money laundering (AML) and counter-terrorism financing laws (CTF), and had inadequate systems and processes for ensuring compliance with Australian regulatory obligations.”
The class action was sparked by “damning revelation” made during an October 10, 2021 joint investigative piece from 60 Minutes, The Sydney Morning Herald and The Age into Star. The piece revealed information that caused Star Casino share prices to drop 23% in one day on the Australian Stock Exchange.
Star Casino announced it “intends to defend the proceedings.” Additionally, Star Casino noted that the class action is similar to one filed by Slater and Gordon on March 30, 2022. Both Maurice Blackburn Lawyers and Slater and Gordon filed suit in Australian courts.
The post Australia law firm files class action against Star Casino for securities violations appeared first on JURIST - News.
Continue reading...
Note: We don't have any responsibilities about this news. Its been posted here by Feed Reader and we had no controls and checking on it. And because News posted here will be deleted automatically after 21 days, threads are closed so that no one spend time to post and discuss here. You can always check the source and discuss in their site.