Las Vegas Sands directors hit with shareholder lawsuit
Posted by: Chris Albright on Wed, Jan 28, 2009Share this post
Veteran securities fraud attorney Marc Henzel has filed a lawsuit against Sheldon Adelson and the other Las Vegas Sands Corp. directors, alleging they failed to properly oversee the casino-resort giant and are responsible for a huge decline in the value of its stock.
Henzel, who is based in Pennsylvania, teamed with Las Vegas attorneys G. Mark Albright and Martin Muckleroy to file the suit Jan. 16 in Clark County District Court on behalf of shareholder Caleb Hartmann against the board of directors: Adelson (chairman of the board and chief executive), Irwin Chafetz, Charles Forman, George Koo, Michael Leven, James Purcell, Irwin Siegel and William Weidner.
This is a “derivative” lawsuit in which the attorneys are seeking approval to have Hartmann sue on behalf of Las Vegas Sands Corp. against its own directors. Read the rest of the story…