Pomerantz LLP announces that a class action lawsuit has been filed
against Wynn Resorts Limited (“Wynn Resorts” or the “Company”)
and certain of its officers. The class action, filed in United
States District Court, for the Southern District of New York, and
docketed under 18-cv-01549, is on behalf of a class consisting of
investors who purchased or otherwise acquired Wynn Resorts securities,
seeking to recover compensable damages caused by defendants’ violations
of the Securities Exchange Act of 1934.
If you are a shareholder who purchased Wynn Resorts securities between
February 28, 2014, and January 25, 2018, both dates inclusive, you have
until April 23, 2018, to ask the Court to appoint you as Lead Plaintiff
for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org
or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who
inquire by e-mail are encouraged to include their mailing address,
telephone number, and the number of shares purchased.
here to join this class action]
Wynn Resorts owns and operates luxury hotels and destination casino
resorts. The Company owns and operates Wynn Las Vegas and Encore in Las
Vegas, Nevada, and Wynn Macau and Wynn Palace in Macau, China, and it is
currently constructing a new $2.4 billion property called Wynn Boston
Harbor in Everett, Massachusetts.
The Complaint alleges that throughout the Class Period, Defendants made
materially false and misleading statements regarding the Company’s
business, operational and compliance policies. Specifically, Defendants
made false and/or misleading statements and/or failed to disclose that:
(i) 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; (ii) discovery of the foregoing misconduct would subject the
Company to heightened regulatory scrutiny and jeopardize Wynn’s tenure
at the Company; and (iii) as a result of the foregoing, Wynn Resorts’
shares traded at artificially inflated prices during the Class Period,
and class members suffered significant losses and damages.
On January 26, 2018, The Wall Street Journal published an article
titled “Dozens of People Recount Pattern of Sexual Misconduct by Las
Vegas Mogul Steve Wynn,” revealing detailed accounts that Wynn had
coerced and pressured several Wynn Resorts employees to perform sex
acts. According to the Wall Street Journal, “dozens of people…
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.” It was further revealed that Wynn had paid a Wynn Resorts
employee $7.5 million after being accused of forcing the employee to
have sex with him. Following these revelations, the Massachusetts Gaming
Commission announced that it would open a regulatory review into the
Company over the sexual misconduct allegations reported in the Wall
Street Journal article.
On this news, Wynn Resorts’ share price fell $20.31, or 10.12%, to close
at $180.29 on January 26, 2018.
On that same day, the Board of Directors of Wynn Resorts announced the
formation of a Special Committee of the Board comprised solely of
independent directors to investigate the allegations contained in the Wall
Street Journal article.
On February 6, 2018, the Company issued a press release entitled “Wynn
Resorts CEO Steps Down,” announcing the immediate resignation of Wynn as
the Company’s CEO and Chairman of the Board of Directors.
On February 13, 2018, post-market,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
On this news, Wynn Resorts’ share price closed at $164.16 on February
14, 2018, a decline of $36.44, or 18.16%, from the Company’s January 25,
2018 closing price.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and
Paris, is acknowledged as one of the premier firms in the areas of
corporate, securities, and antitrust class litigation. Founded by the
late Abraham L. Pomerantz, known as the dean of the class action bar,
the Pomerantz Firm pioneered the field of securities class actions.
Today, more than 80 years later, the Pomerantz Firm continues in the
tradition he established, fighting for the rights of the victims of
securities fraud, breaches of fiduciary duty, and corporate misconduct.
The Firm has recovered numerous multimillion-dollar damages awards on
behalf of class members. See www.pomerantzlaw.com
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SOURCE: Pomerantz LLP
Robert S. Willoughby, 888-476-6529 Ext. 9980
Copyright Business Wire 2018