Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC , announces that KSF has commenced an investigation into Wynn Resorts Limited
Beginning in early 2018, a series of media reports revealed widespread claims of a decades-long pattern of sexual misconduct by Chairman/CEO Steve Wynn, who subsequently resigned from the Company. On February 2, 2018, the Company retained an independent law firm to investigate the matter; however, shortly thereafter, the Board halted the review, dismissed the firm and named another firm with longstanding ties to the Company to conduct the probe.
Recently, in a lawsuit filed by former Wynn board member Kazuo Okada against Wynn board members alleging that in 2012 he was wrongfully removed from the board and his shares redeemed, the court reversed its prior ruling blocking the suit, allowing it to proceed.
The actions of its executives and board members have exposed the Company to significant negative publicity, a rating downgrade by Morgan Stanley, ongoing investigations by gaming regulatory bodies in Massachusetts, Nevada and Macau (China), and recently, a securities class action lawsuit for failing to disclose material information to investors, violating federal securities laws.
KSF’s investigation is focusing on whether Wynn Resorts’ officers and/or directors breached their fiduciary duties to Wynn Resorts shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of Wynn Resorts shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn ([email protected]), or visit https://www.ksfcounsel.com/cases/nasdaq-wynn/ to learn more.