A lawsuit was filed on behalf of investors in Wynn Resorts, Limited (NASDAQ: WYNN) shares over alleged securities laws violations. Deadline: April 23, 2018. NASDAQ: WYNN investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 03/06/2018 -- An investor, who purchased shares of Wynn Resorts, Limited (NASDAQ: WYNN), filed a lawsuit i over alleged Securities Laws violations by Wynn Resorts, Limited.
Investors who purchased shares of Wynn Resorts, Limited (NASDAQ: WYNN) have certain options and for certain investors are short and strict deadlines running. Deadline: April 23, 2018. NASDAQ:WYNN investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The plaintiff claims that between February 28, 2014 and January 25, 2018, the Defendants made false and/or misleading statements and/or failed to disclose that the Company's founder and Chief Executive Officer ("CEO"), Stephen (Steve) A. Wynn had engaged in a pattern of sexual misconduct with respect to Wynn Resorts employees, including instances of sexual assault, that discovery of the foregoing misconduct would subject the Company to heightened regulatory scrutiny and jeopardize Wynn's tenure at the Company, and that as a result of the foregoing, Wynn Resorts' shares traded at artificially inflated prices between February 28, 2014 and January 25, 2018, and class members suffered significant losses and damages.
On January 26, 2018, it was reported that "dozens of people The Wall Street Journal interviewed who have worked at Mr. Wynn's casinos told of behavior that cumulatively would amount to a decades-long pattern of sexual misconduct by Mr. Wynn. Some described him pressuring employees to perform sex acts." The report set 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.
On February 6, 2018, the Board of Directors of Wynn Resorts announced that it accepted the resignation of Steve Wynn as CEO and Chairman of the Board of Directors.
On February 13, 2018, media outlets reported that two women had filed new sexual misconduct reports concerning Wynn with the Las Vegas Metropolitan Police Department, alleging that Wynn had sexually assaulted them in the 1970s. One woman reported that Wynn assaulted her in Las Vegas and the other said she was assaulted in Chicago, the Las Vegas Metropolitan Police Department said in a statement.
Those who purchased shares of Wynn Resorts, Limited (NASDAQ: WYNN) have certain options and should contact the Shareholders Foundation.
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