Star Entertainment shareholders are suing the Australian casino firm, alleging that it failed to run the company ethically or responsibly.
Star has been accused of making false or deceptive assertions regarding its compliance with regulatory difficulties, according to Slater and Gordon, an Australian law firm.
Slater and Gordon Class Actions Senior Associate Ben Zocco, said: “For the last six years, Star has held itself out to be a model casino operator that took its obligations seriously and followed not only the letter of the law, but the spirit of the law.”
“Star insisted that it took compliance seriously and ran its business ethically, honestly and with integrity. Our investigations to date, in addition to the extraordinary evidence revealed so far in the Bell Inquiry, suggests that they did everything but.
“When investors purchase shares in a listed company, they are entitled to assume that all of the material information relevant to its financial position had been disclosed to the market. Our case is that Star failed to do so, and, therefore, investors are entitled to compensation for their losses.”