Against Crown Resorts Was Served By A Collective Claim By Shareholders

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February 4, 2022
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Crown Resorts Received A Claim On Behalf Of Shareholders

The law firm maurice blackburn lawyers filed a collective suit to the supreme court of victoria state against crown resorts limited, arguing that in the period from 11 december 2014 to october 18, 2020, crown carried out an inadequate management system and did not comply with its obligations in accordance with the laws of struggle with money laundering, including in relation to its international business, vip status and interaction with overseas tour operators.

The group lawsuit followed the announcement of the crown activities of the new south wales, as well as the proof of directors and leaders of crown. At the annual general meeting of shareholders on october 22, 2020, chairman helen kunan "unconditionally apologized" for "shortcomings of corporate governance and risk management".

The lawsuit claims that crown used misleading facts, violated its obligations to continuously disclose information and led their business contrary to the interests of shareholders in general.

Also, the reason for the claim is the fact that a regulator to combat money laundering, austrac initiated the official law enforcement investigation into crown, revealing the possible non-compliance with the rules and program to combat money laundering and / or financing terrorism. After this announcement, the securities market showed a significant response, and the price of crown shares fell by more than 5%.

A group lawsuit aims to recover compensation from the company, the search for a potential repurchase of shares by investors at fair value and to ensure that crown has implemented a proper program for learning employees of the crownbaby wash.

Source: official website of the law firm maurice blackburn lawyers

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