SAN DIEGO, CA / ACCESSWIRE / February 16, 2018 / The Shareholders Foundation, Inc. announces that a lawsuit was filed by a current investor in shares of Wynn Resorts, Limited (NASDAQ: WYNN) against certain Steve Wynn and certain directors of Wynn Resorts, Limited.
Investors, who purchased shares of Wynn Resorts, Limited (NASDAQ: WYNN) shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
On January 26, 2018, a report was published setting forth accounts of former employees of Mr. Wynn describing a decades long pattern of alleged sexual misconduct with Company employees by Mr. Wynn. Reportedly more than 150 people who work or had worked with Mr. Wynn were contacted. Most of those reportedly stated they worried that doing so could hurt their future employment options because of Mr. Wynn's influence in the casino industry. For the report reportedly dozens of people, who have worked at Wynn's casinos and described a pattern of sexual misconduct, were interviewed. Among other allegations, the report stated that in 2005, a manicurist who worked at Wynn Las Vegas was forced by Mr. Wynn to have sex with Mr. Wynn after giving him a manicure in his office suite. The manicurist soon left the Company and Mr. Wynn ultimately paid her a $7.5 million settlement. It was reported that Mr. Wynn paid the settlement from his personal funds and allegedly deliberately kept it secret so it would not distract from the recent opening of the Wynn Las Vegas and the impending opening of Wynn Macau.
The plaintiff alleges that allegations of such egregious fiduciary misconduct by Wynn Resorts' Chairman and CEO involving the Company could not be ignored without an investigation by fiduciaries acting in good faith based on any proper rational business purpose. Furthermore, the plaintiff claims that the Wynn Resorts, Limited Board allegedly knowingly failed to investigate the credible allegations and continued to support Mr. Wynn's positions of leadership, compensation and suitability as a gaming operator. The plaintiff alleges that the board of directors of Wynn Resorts, Limited knowingly turned a blind eye to allegations of patently egregious misconduct by Mr. Wynn involving the Company, taking no action to protect the Company and its suitability for regulatory compliance and to discharge the directors' known fiduciary duties to the Company to do otherwise until the January 26, 2018 report shed light to the public, and even then the board of directors was merely conducting an internal investigation.
Investors, who purchased shares of Wynn Resorts, Limited (NASDAQ: WYNN), should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
CONTACT:
Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
mail@shareholdersfoundation.com
3111 Camino Del Rio North
Suite 423
SOURCE: Shareholders Foundation, Inc.
