The Star Entertainment Group has been served with a statement of claim for a securities class action in the Supreme Court of Victoria by personal injury and compensation lawyers Maurice Blackburn.
The new claim alleges that between March 29th, 2016 and March 16th, 2022, the group made ‘misleading representations, including about its systems and processes for compliance with anti-money laundering and counter-terrorism financial obligations, that it failed to disclose relevant information it had bout those matters in the market, and conducted its affairs contrary to the interests of the members of The Star as a whole’.
The new filing is similar to a similar group proceeding filed in March of this year and follows actions on Thursday by Queensland authorities to suspend or cancel the licenses of its Queensland casinos due to breaches of AML and CFT legislation.
Under the new filings the group is alleged that the plaintiffs and group members paid more for shares in the Star than would have been the case had the company complied with its obligations and that some group members would not have purchased shares in Star had the alleged wrongdoing not occurred.
Shareholders can opt out of the group proceedings, or proceed and be eligible for compensation if it is successful.
In a release on Monday, The Star noted that it ‘intends to defend the proceedings’.
