Australia law firm files class action against Star Casino for securities violations
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Australia law firm files class action against Star Casino for securities violations

Australian law firm Maurice Blackburn Lawyers filed a class action for shareholders of the Star Entertainment Group (Star Casino). The class action alleges Star Casino engaged in misleading and deceptive condition, breached casino disclosure obligations and acted contrary to the interests of shareholders from March 2016 through March 2022.

Maurice Blackburn Lawyers stated, “The proceeding alleges that…Star [Casino] had inadequate systems and processes for ensuring compliance with its obligations under anti-money laundering (AML) and counter-terrorism financing laws (CTF), and had inadequate systems and processes for ensuring compliance with Australian regulatory obligations.”

The class action was sparked by “damning revelation” made during an October 10, 2021 joint investigative piece from 60 Minutes, The Sydney Morning Herald and The Age into Star. The piece revealed information that caused Star Casino share prices to drop 23% in one day on the Australian Stock Exchange.

Star Casino announced it “intends to defend the proceedings.” Additionally, Star Casino noted that the class action is similar to one filed by Slater and Gordon on March 30, 2022. Both Maurice Blackburn Lawyers and Slater and Gordon filed suit in Australian courts.