Free Market Evaluation - Send us your resume and we will give you free feedback
Disarm the Police Group Gets Saved By the Police
Disarm the Police Group Gets Saved By the Police
Michael Farren Disbarred From District of Columbia
Michael Farren Disbarred From District of Columbia
Investigation Begins Into Airline Conspiracy over Airfare
Investigation Begins Into Airline Conspiracy over Airfare
Texas Ban on Gay Marriage Lifted
Texas Ban on Gay Marriage Lifted
Your profile matches an open legal position. Apply now!
Legal Job Listings
Download PDF

Has Las Vegas Sands Violated the FCPA or Hasn’t It? View Count: 54

Apparently, during its SEC filing on Friday, the first disclosure that the Las Vegas Sands Corp, owned by billionaire Sheldon Adelson was under investigation, the company admitted possible violations of the FCPA having taken place.

According to Reuters, the company had said in its filing, “There were likely violations of the books and records and internal controls provisions of the FCPA.”

However, on Sunday night, the company released a statement saying media reports were “misleading and sensationalistic.”

Las Vegas-Review Journal reports that in its Form K-10 filing, the company had mentioned “As part of the annual audit of the company’s financial statements, the Audit Committee advised the company and its independent accountants that it had reached certain preliminary findings, including that there were likely violations of the books and records and internal controls provisions of the FCPA.”

Get JD Journal in Your Mail
Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




Speaking strictly, this is not a revelation, but an indication of the “preliminary” findings of the Audit Committee – something that would need further substantiation.

In its later statement on Sunday, the company said a Sunday New York Times headline was “inflammatory and defamatory,” in the way the paper depicted the news titling it “Casino Says it Likely Cheated.”

Media outlets across the country picked up on the news that was first reported by the Wall Street Journal, compelling the Las Vegas Sands to issue its statement observing, “The company said it will vigorously defend itself against that type of uninformed and misleading reporting.”

While Reuters reports that during the filing the company had said the issue would have no material impact on the company’s financial records and there would be no need to restate any past financial statements, shares of the Macau subsidiary of the company fell overnight by 1.5 percent.

Has Las Vegas Sands Violated the FCPA or Hasn’t It? by

Tagged: ,

Posted by on March 4, 2013. Filed under Legal News. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.

 

 

Job of the Day
Accountant for Law Firm
USA-FL-Pensacola
Cutting-edge law firm seeks experienced Staff Accountant to join their team! This position offers job security, flexibility, work-life balance, and competitive salary. Candidates should have 7 to 1...


Apply now

Related Posts: