Star Entertainment Group has been hit with a third class action lawsuit, this time by law firm Phi Finney McDonald that alleges a failure to comply with anti-money laundering and counter-terrorism financing obligations.
The operator, which was served with a statement of claim for a securities class action in the Supreme Court of Victoria, said in an update that the claims relate to the period between March 29, 2016, and June 13, 2022.
During this time frame, it is claimed that The Star made misleading representations, including about its systems and processes for compliance with anti-money laundering and counter-terrorism financing obligations; 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 the company as a whole.
Furthermore, the Brisbane headquartered group, which noted that the claim is “substantially similar” to those already filed, has voiced an intention to defend the proceedings.
On March 30, 2022, Australian law firm Slater and Gordon filed a class action lawsuit against Star for what it called “misleading or deceptive” representations regarding compliance with regulatory obligations.
The filing, said Slater and Gordon, had been made on behalf of investors who acquired shares between March 29, 2016, and March 16, 2022, who were seeking compensation amid a price decline “by more than 25 per cent, wiping more than A$1bn from the company’s value”.
This was followed up on November 7 of the same year, the firm was hit with a second class action lawsuit after law firm Maurice Blackburn filed proceedings in the Supreme Court of Victoria.
