SAN DIEGO--(BUSINESS WIRE)-- Haeggquist & Eck, LLP, a leading shareholder rights litigation firm, is investigating whether certain directors and officers of Wynn Resorts, Limited (“Wynn Resorts”) (NasdaqGS: WYNN) breached their fiduciary duties to shareholders by turning a blind eye to Wynn’s sexual misconduct and actively concealing accusations against him.
Several shareholder derivative suits have been filed against the Board, including one by the state of Oregon on Tuesday, March 6, 2018. “The story of Steven Wynn is a cliché: a powerful man preying on the powerless. But the directors of Wynn Resorts were not powerless…They were the only people with the knowledge and ability – and the duty to the company – to investigate and stop Steve Wynn’s misconduct. They chose, instead, to be complicit with Steve Wynn and use company resources to attempt to cover up his behavior out of self-interest.”
A Wall Street Journal article from late January revealed that Wynn paid a $7.5 million settlement to a former employee who alleged Wynn forced her to have sex with him in 2005, spurring dozens of similar accusations.
The Board became aware of the settlement sometime after 2009, but did not take action until February 2, 2018, when it announced its own internal investigation headed up by O’Melveny & Myers. When Wynn resigned on February 6, 2018, Wynn Resorts abruptly canceled the investigation and fired O’Melveny.
Wynn Resorts’ stock price plunge 10% as a result of Wynn’s misconduct, and Wynn Resorts also faces ongoing investigations by gaming regulators in Nevada, Massachusetts and Macau.
What You Can Do
If you are a Wynn Resorts shareholder, you may have legal claims against Wynn Resorts’ directors and officers. If you wish to discuss this investigation, or have questions about your legal rights, please call attorney Amber Eck at 619-342-8000 or e-mail her at firstname.lastname@example.org. There is no cost or obligation to you.
Haeggquist & Eck, LLP is a nationally recognized leader in shareholder rights law. The firm represents individual investors in shareholder derivative lawsuits, and members of the firm have helped shareholders recover more than $1 billion of value for themselves and the companies in which they have invested.
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Haeggquist & Eck, LLP
Amber Eck, 619-342-8000
Source: Haeggquist & Eck, LLP