Leading securities class action law firm Phi Finney McDonald has filed a class action on behalf of shareholders against The Star Entertainment Group Ltd in the Supreme Court of Victoria.
The lawsuit aims to recover losses on behalf of investors who purchased or held shares during the period 29 March 2016 until 13 June 2022, alleging that the share price was inflated due to breaches of continuous disclosure obligations and misleading and deceptive conduct.
The class action claims Star failed to inform investors of systemic non-compliance with anti-money laundering and counter-terrorism (AML/CTF) law, conduct disguising gambling money as hotel expenses, and other contraventions.
Phi Finney McDonald director Tim Finney says the case has been launched following an extensive investigation.
“We have conducted detailed due diligence into the proceeding, including the Bell Review in NSW, the Gotterson Review in Queensland, the AUSTRAC proceeding against Star and the ASIC proceeding against current and former directors of Star,” he said.
The representative plaintiff for investors is Jowene Pty Ltd, as trustee for Biro Citer Souvenirs Pty Limited Pension Fund. The class action is funded by Woodsford, a global ESG engagement and litigation finance business. Woodsford and PFM have previously partnered to bring ongoing class actions against ANZ, Nuix and Macquarie, as well as a class action against Westpac alleging systemic contraventions of AML/CTF obligations.
Current and former shareholders who acquired or held an interest in Star shares between 29 March 2016 and 13 June 2022 who would like more information may email: firstname.lastname@example.org