Wynn Resorts Ltd. (NASDAQ: WYNN)
Hagens Berman Sobol Shapiro LLP alerts investors in Wynn Resorts Ltd. (NASDAQ: WYNN) to the firm's investigation of allegations that the board of directors violated its fiduciary duties to investors and the company related to sexual misconduct on the part of the Company's CEO and Chairman.
If you purchased and continue to hold securities of WYNN between November 1, 2017 and January 29, 2018 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing WYNN@hbsslaw.com.
On January 26, 2018, The Wall Street Journal reported that dozens of people recount a pattern of sexual misconduct by Wynn Resorts’ now-former CEO and Chairman (Steve Wynn). This news drove the price of Wynn shares down $20.31, or about 10%, to close at $180.29 that day. The stock price continued to fall during intraday trading on January 29, 2018.
The Massachusetts state gambling regulator, which granted Wynn a casino license in 2014, reportedly will conduct a regulatory review following the WSJ report. The Nevada Gaming Control Board and
Macau regulators, as well as a special committee of the Wynn board of directors, reportedly are
investigating the claims concerning Mr. Wynn.
The Wall Street Journal reported on February 9, 2018, that the Wynn board stopped an independent law firm investigation into the allegations.
“We’re focused on the reported misconduct that, if true and if known to the Wynn board, inflicted
significant damages on the Company,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Wynn should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email WYNN@hbsslaw.com.
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