Star Entertainment is accused of misleading the market, breaching continuous obligation laws and wiping billions of dollars from the company’s value.
will fight a third class action in the Victorian Supreme Court with solicitors from Phi Finney McDonald filing a claim on behalf of shareholders against the casino giant.Gordon and Maurice Blackburn, which filed separate yet similar class actions last year that alleged the company misled the market, breached continuous obligation laws and wiped billions of dollars from the company’s value.
The claim alleges during that period the Star made misleading representations, including about its systems and processes for compliance with anti-money laundering and counter-terrorism financing obligations. The claims also state Star failed to disclose relevant information it had about those matters to the market, and conducted its affairs contrary to the interests of the members of Star as a whole.The Star added the claim was “substantially similar” to the separate securities class actions filed by SlaterThe Maurice Blackburn statement of claim highlights, in particular, the fall in Star’s share price from $4.
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