The Star Entertainment to face class action in Victoria
Maurice Blackburn, a personal injury and compensation lawyer, has served a statement of claim on Star Entertainment Group.
Australia.- The Star Entertainment Group Limited has reported in a company filing that it has been served with a statement of claim for a securities class action at the Supreme Court of Victoria. The action was lodged by Maurice Blackburn, a personal injury and compensation lawyer.
The casino operator said it intends to defend itself against the claim. However, the news caused Star’s shares to fall by 23 per cent, losing around $1bn in shareholder value.
The company said: “The claim alleges that in the period between 29 March 2016 and 16 March 2022, The Star made misleading representations, including about its systems and processes for compliance with anti-money laundering and counter-terrorism financing obligations, that it failed to disclose relevant information it had about those matters to the market, and conducted its affairs contrary to the interests of the members of The Star as a whole.”
A week ago, The Star reported that two of its subsidiaries have received show-cause notices from the Queensland regulator, the Office of Liquor and Gaming Regulation (OLGR). Notices have been served on The Star Entertainment Qld Limited as Brisbane licensee and Star Gold Coast lessee. The Star Entertainment Qld Custodian Pty Ltd has been served notice as licensee of The Star Gold Coast.
The notices relate to issues arising from the independent external review of the Star’s Queensland casinos undertaken by the Honourable Robert Gotterson AO, from Adam Bell SC’s report for New South Wales, OLGR’s own investigation and the attorney-general’s response. The Star Entertainment Group has until November 25 to demonstrate why disciplinary action should not be taken.
