A securities class action has been brought against the Star Entertainment Group. Maurice Blackburn Lawyers filed the lawsuit on behalf of the shareholders of the Star Entertainment Group. Star acted against the best interests of the shareholders, according to the lawsuit.
The Star Entertainment Group has been served with a statement of claim for a securities class action in the Supreme Court of Victoria.
Maurice Blackburn Lawyers filed the lawsuit on behalf of the shareholders of the Star Entertainment Group. According to the firm, the class action alleges that Star acted against the best interests of their shareholders.
In the period from 29 March 2016 to 16 March 2022, Star had inadequate systems and processes for ensuring compliance with its obligations under anti-money laundering and counter-terrorism financing laws.
According to the filings, shareholders paid more for their shares than they would have if they knew how the business was being run. Some shareholders claim that they wouldn’t have bought shares if they’d known that the company wasn’t compliant with local regulations.
Star Entertainment stated in a statement on Monday that it would defend the proceedings.
Star was fined 100 million Australian dollars (64 million) for license violations that included allowing money laundering at its casino.