LVS Fires Back at Misleading and Sensationalistic Reporting of Company's Most Recent Financial Disclosure: story
LAS VEGAS, NV--(Marketwire - Mar 3, 2013) - Las Vegas Sands Corp. ( NYSE : LVS ) today fired back at various media headlines and press reports that have suggested that the company violated any of the anti-bribery provisions of the Foreign Corrupt Practices Act (FCPA).
The company did not report any violations of the anti-bribery provisions of the FCPA and it said news reports stating otherwise, such as the headline in today's New York Times which described the matter by saying "Casino Says it Likely Cheated," are both inflammatory and defamatory. The company said it will vigorously defend itself against that type of uninformed and misleading reporting.
In the company's 10-K disclosure filed with the Securities and Exchange Commission (SEC) last Friday it made no such statement and insists no violations of the anti-bribery provisions of the FCPA have occurred. Instead, the company said that in its preliminary findings the company's Audit Committee had advised that there were "likely violations" of the books and records and internal controls provisions (i.e. "accounting provisions") of the FCPA. A potential violation of the accounting provisions could range anywhere from a single transaction recorded incorrectly to other errors in the accounting records.
Additionally, the company's independent auditors -- who have been auditing the company for more than a decade -- issued an unqualified opinion on the financial statements for the year ended December 31, 2012. Those financial statements also included the disclosure that any violations of the accounting provisions have not had a material impact on the financial statements of the company and did not warrant any restatement of its past financial statements.
From Seeking Alpha: Monday, March 4, 8:29 AM ET
Shares of Las Vegas Sands (LVS) drop 1.5% premarket after earlier reports that the company admitted to breaking bribery laws are reeled back quite a bit to a version in which only a single transaction or set of transactions were recorded incorrectly. Analysts are considering the event a non-story given the company's long history of dipping in and out of legal trouble without its long-term share price skipping a beat.