NEW YORK, Jan. 31, 2018 /PRNewswire/ -- Bernstein Liebhard
LLP is investigating whether the Board of Directors of Wynn
Resorts, Limited ("Wynn Resorts" or the "Company") (NASDAQ: WYNN)
breached their fiduciary duties to the Company's shareholders.
Wynn Resorts is a developer, owner and operator of casino
resorts. The Company is led by Chairman and Chief Executive
Officer Stephen A. Wynn.
On January 26, 2018, the Wall
Street Journal reported that dozens of past and present Wynn
Resorts employees had accused Mr. Wynn of sexual misconduct
spanning over a decade. In a lawsuit against Mr. Wynn, Wynn
Resorts co-founder Elaine Wynn, Mr.
Wynn's ex-wife and a former Wynn Resorts Board Member, revealed
that Mr. Wynn had paid a $7.5 million
settlement to one former employee due to sexual misconduct.
Elaine Wynn reportedly learned about
this incident in 2009 and is said to have alerted a representative
for the Wynn Resorts Board right away. Several other
incidents of sexual misconduct are alleged against Mr. Wynn in the
Wall Street Journal article. These incidents expose
the Company, which is highly dependent on Mr. Wynn's reputation, to
significant harm, including the potential loss of licenses and
legal liability.
After the Wall Street Journal article, shares of Wynn
Resorts fell $20.31 per share, or
more than 10%, to close at $180.29 on
January 26, 2018, thereby injuring
Wynn Resorts shareholders. In total, the Company has lost a
staggering $2.4 billion in market
capitalization since January 26,
2018. In response to the Wall Street Journal article
alleging a pervasive pattern of sexual misconduct by Mr. Wynn, the
Wynn Resorts Board has formed a special committee to investigate
the allegations against him.
If you currently own Wynn Resorts shares and are interested in
discussing your rights, or if you have relevant information
concerning this matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414
or seidman@bernlieb.com.
Bernstein Liebhard LLP has pursued hundreds of
securities, consumer, and shareholder rights cases and
recovered over $3.5 billion for its
clients. The Firm has been named to The National Law
Journal's "Plaintiffs' Hot List" thirteen times.
ATTORNEY ADVERTISING. © 2018 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New
York 10016, (212) 779-1414. The lawyer responsible for this
advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not
guarantee or predict a similar outcome with respect to any future
matter.
Contact Information
Joseph R. Seidman, Jr.
Bernstein Liebhard LLP
http://www.bernlieb.com
(212) 779-1414
seidman@bernlieb.com
View original content with
multimedia:http://www.prnewswire.com/news-releases/bernstein-liebhard-llp-investigates-claims-on-behalf-of-shareholders-of-wynn-resorts-ltd-300591244.html
SOURCE Bernstein Liebhard LLP