As the stocks of corporations in Las Vegas and across the nation continue to plummet to dangerous lows, many shareholders are getting very anxious and concerned about the situation. But they have found a way to voice their frustrations toward these sad financial developments in the form of lawsuits. Two Las Vegas Sands Corp. shareholders are actually suing the corporation for gross mismanagement and an assortment of other allegations.

Just last week, the stock price for Las Vegas Sands Corp. closed out for the day at $4.64 on the New York Stock Exchange. That brought it down 39 cents which was 7.75%. As a popular and extremely successful company, Las Vegas Sands has lost much ground in terms of being able to retain much of its solid reputation. It has now become the victim of many jokes. Obviously those jokes are told by people unaffiliated with the corporation who did not lose their fortunes in this financial crisis. The lawsuit indicated that the shareholders believe that the senior management of the Las Vegas Sands Corp. did considerable wrong in the way they managed the company’s funds and the plaintiffs have alleged that the company has even made some sort of admission to that effect.

For their part, the folks at Las Vegas Sands Corp. chose not to discuss any details related to any pending lawsuits at this time. Las Vegas Sands is not the only company to fall from such great heights during 2008. Others including Boyd Gaming Corp. International Game Technology and the MGM Mirage have also experienced some very difficult times. Each of these companies have had their stock prices fall anywhere from 70 to more than 90%. That is a tough blow for a company, even a strong company, to recover from.

Tags: economy, Las Vegas Casinos, las vegas sands corp., shareholders lawsuit

This entry was posted on Sunday, December 7th, 2008 at 1:40 am and is filed under Las Vegas Casinos. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.