SAN FRANCISCO, Feb. 2, 2018 /PRNewswire/ -- Shareholder and
consumer rights law firm Schubert Jonckeer & Kolbe LLP has
launched an investigation into whether certain officers and
directors of Wynn Resorts Ltd. (NASDAQ: WYNN) breached their
fiduciary duties by causing the company to issue false and
misleading statements and failing to implement adequate
corporate policies on sexual harassment and executive pay.
Wynn Resorts Ltd. ("Wynn") develops and operates casino resorts in
Las Vegas and Macau.
On January 27, 2018, the Wall
Street Journal reported that in 2005, Stephen Wynn, Chairman of the Board and Chief
Executive Officer, paid out a $7.5
million settlement for "allegations of assault" against a
manicurist then employed at his casino resort. The Wall Street
Journal further reported that Mr. Wynn displayed "behavior that
cumulatively would amount to a decades-long pattern of sexual
misconduct," including multiple instances of "pressuring employees
to perform sex acts." In response, Wynn has created a special
committee to retain independent counsel and conduct an
investigation on behalf of the board.
Shortly after, the Wall Street Journal further reported on
critical shortcomings of Wynn's board itself. The board has
implemented an "F" grade pay-for-performance practice, including a
$330 million severance package to Mr.
Wynn, which "exceeds the upper parameter of acceptable amounts."
Even after significant restructuring, outside experts have noted
that Mr. Wynn's compensation structure remains problematic. Wynn's
board also lacks personnel with substantial corporate experience.
The company's "overall corporate governance profile [ ] ranks among the worst, not the
best, of U.S. companies."
Schubert Jonckheer & Kolbe LLP is investigating whether
Wynn's officers and directors breached their fiduciary duties to
the company by failing to address Mr. Wynn's problematic behaviors
and criticism of their governance structure over the years. The
company's officers and directors may be responsible for causing
significant financial and reputational harm.
If you are a long-term shareholder of WYNN stock and are
interested in seeking the recovery of damages on behalf of Wynn and
securing other remedial measures, please contact us for additional
information about Schubert Jonckheer & Kolbe's investigation
and your legal rights. You can contact Cassidy Kim via email at ckim@sjk.law or by
telephone at (415) 788-4220, or fill out the form on our website at
https://www.classactionlawyers.com/wynn.
About Schubert Jonckheer & Kolbe
Schubert Jonckheer & Kolbe has extensive experience in
prosecuting securities claims, representing investors throughout
the nation in securities and shareholder lawsuits. Attorney
advertising. Prior results do not guarantee similar outcomes.
View original
content:http://www.prnewswire.com/news-releases/wynn-resorts-ltd-executives-under-investigation-for-potential-breaches-of-fiduciary-duties-300592481.html
SOURCE Schubert Jonckheer & Kolbe LLP