Fri. Mar 29th, 2024
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Crown Resorts, Australia does not seem to be getting a break from continuous law suits against it. The resort is already facing probe on the grounds of money laundering allegations and for opening its doors for criminal activities, allegedly.

The Crown Resorts has been slapped with yet another litigation which has been filed by the Maurice Blackburn Lawyers law firm for lack corporate integrity resulting in stock’s failure.

Notably, according to report by Calvin Ayre, due to ongoing fraud and money laundering investigations against Crown, its stock price fell from AUD$8.99 ($6.80) to $8.25 ($6.24) in just three days in October.

Additionally, the operator was denied to open up another property in Sydney due to seriousness of the allegations.

All of this has put Crown Resorts in deep trouble and it now has deepened due to this class action suit. The suit asserts that Crown’s executives lacked moral integrity which has led to decline in stock prices. This is failure in responsible management and governance.

As per Calvin Ayre, Blackburn attorney Miranda Nagy said: “We believe these governance failures have caused real loss to shareholders who would have expected best-practice compliance with anti-money laundering obligations, especially given Crown’s repeated public statements that it took compliance with such laws seriously. Instead, it appears Crown’s systems left the company potentially exposed to criminal activity happening on its premises and through its bank accounts.”