{"id":262967,"date":"2023-03-06T16:10:45","date_gmt":"2023-03-06T22:10:45","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=262967"},"modified":"2023-03-07T12:52:24","modified_gmt":"2023-03-07T18:52:24","slug":"wynn-resorts-shareholder-suit-over-misconduct-can-proceed","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/wynn-resorts-shareholder-suit-over-misconduct-can-proceed\/","title":{"rendered":"Wynn Resorts Shareholder Suit Over Sex Misconduct Claims Can Proceed"},"content":{"rendered":"

A shareholder lawsuit that accuses Wynn Resorts executives of deceiving investors by failing to disclose Steve Wynn\u2019s alleged sexual misconduct can proceed as a class-action complaint, a federal judge has determined.<\/p>\n

\"Steve
Shareholders claim the Wynn Resorts board knew about allegations of sexual misconduct against the company’s then-Chairman and CEO, Steve Wynn, above, but did nothing. (Image: Las Vegas Sun<\/em>)<\/figcaption><\/figure>\n

US District Judge Andrew Gordon made no judgment on the allegations contained in the lawsuit. But by granting it permission to represent a class, he paved the way for anyone who bought or owned the casino giant’s shares between Feb. 28, 2014, and Jan. 25, 2018, to join the case.<\/p>\n

The suit names Wynn Resorts Ltd and several current and former executives, including former CEO Matt Maddox and current CEO Craig Scott Billings. It is one of several shareholder lawsuits<\/a> filed in the wake of allegations against Wynn.<\/strong><\/p>\n

On Jan. 26, 2018, The Wall Street Journal<\/em> published an article titled \u201cDozens of People Recount Pattern of Sexual Misconduct by Las Vegas Mogul Steve Wynn.\u201d The story claimed that Wynn had coerced several Wynn Resorts employees to perform sex acts on him, and had paid a $7.5 million settlement<\/a> to one who claimed she was pregnant with Wynn\u2019s child.<\/p>\n

Wynn, who resigned as chairman and CEO later that year, has always denied these allegations.<\/p>\n

Share Prices Plummet\u00a0<\/strong><\/h2>\n

On the day the article was published, the Massachusetts Gaming Commission announced a regulatory review of the company.<\/p>\n

Wynn was building the $2.6 billion Encore Boston Harbor during the review, and investors feared its license was in jeopardy. After the article was published, other women also came forward to make allegations, causing the price to fall further, according to the lawsuit.<\/p>\n

Ultimately, the company\u2019s share price fell $20.31, or 10.12% in a day.<\/p>\n

Massachusetts regulators fined Wynn Resorts $35 million for not disclosing the allegations and for the existence of the $7.5 million settlement, but allowed the company to keep its license.<\/p>\n

\u2018Precipitous Decline\u2019<\/strong><\/h2>\n

\u201cAs a result of Defendants\u2019 wrongful acts and omissions, and the precipitous decline in the market value of the Company\u2019s securities, Plaintiffs and other Class members have suffered significant losses and damages,\u201d the complaint stated. \u201c[\u2026] As the senior managers and\/or directors of Wynn Resorts, the Individual Defendants had knowledge of the details of Wynn Resorts\u2019 internal affairs.\u201d<\/p>\n

\n

The plaintiffs point to numerous statements and press releases released by Wynn Resorts before the WSJ<\/em> published its revelations. These included references to the company\u2019s Code\u00a0of Business Conduct and Ethics, which states that \u201call reported violations of the Code will be taken seriously and promptly investigated.\u201d<\/p>\n<\/div>\n

In his 27-page determination, Judge Gordon noted that a Wynn Resorts press release after publishing the WSJ article\u00a0denied the allegations. But a subsequent \u201cdeluge of calls\u201d to the Nevada Gaming Control Board and Las Vegas Metro Police about Wynn\u2019s alleged behavior was \u201csufficiently tied to these denials to support an inference of price impact.\u201d<\/p>\n

The lawsuit seeks monetary damages, interest, legal fees, and other costs.<\/p>\n","protected":false},"excerpt":{"rendered":"

A shareholder lawsuit that accuses Wynn Resorts executives of deceiving investors by failing to disclose Steve Wynn\u2019s alleged sexual misconduct can proceed as a class-action complaint, a federal judge has determined. US District Judge Andrew Gordon made no judgment on the allegations contained in the lawsuit. But by granting it permission to represent a class, […]<\/p>\n","protected":false},"author":36,"featured_media":197041,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,81886,60,18],"tags":[84735,85375,81940,81941],"acf":[],"yoast_head":"\nWynn Resorts Shareholder Suit Over Misconduct Can Proceed<\/title>\n<meta name=\"description\" content=\"Wynn Resorts shareholder complaint over Steve Wynn\u2019s alleged sexual misconduct can proceed as a class-action lawsuit, a federal judge rules.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/wynn-resorts-shareholder-suit-over-misconduct-can-proceed\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wynn Resorts Shareholder Suit Over Misconduct Can Proceed\" \/>\n<meta property=\"og:description\" content=\"Wynn Resorts shareholder complaint over Steve Wynn\u2019s alleged sexual misconduct can proceed as a class-action lawsuit, a federal judge rules.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/wynn-resorts-shareholder-suit-over-misconduct-can-proceed\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-06T22:10:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-07T18:52:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/01\/20141031_SUN_SteveWynn_0169_t653.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"799\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Philip Conneller\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@casinoorgphilc\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Philip Conneller\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/wynn-resorts-shareholder-suit-over-misconduct-can-proceed\/\",\"url\":\"https:\/\/www.casino.org\/news\/wynn-resorts-shareholder-suit-over-misconduct-can-proceed\/\",\"name\":\"Wynn Resorts Shareholder Suit Over Misconduct Can Proceed\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-resorts-shareholder-suit-over-misconduct-can-proceed\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-resorts-shareholder-suit-over-misconduct-can-proceed\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/01\/20141031_SUN_SteveWynn_0169_t653.jpg\",\"datePublished\":\"2023-03-06T22:10:45+00:00\",\"dateModified\":\"2023-03-07T18:52:24+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/58769b72851c8cf117fb58ca150ebf8b\"},\"description\":\"Wynn Resorts shareholder complaint over Steve Wynn\u2019s alleged sexual misconduct can proceed as a class-action lawsuit, a federal judge rules.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-resorts-shareholder-suit-over-misconduct-can-proceed\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/wynn-resorts-shareholder-suit-over-misconduct-can-proceed\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/wynn-resorts-shareholder-suit-over-misconduct-can-proceed\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/01\/20141031_SUN_SteveWynn_0169_t653.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/01\/20141031_SUN_SteveWynn_0169_t653.jpg\",\"width\":1200,\"height\":799,\"caption\":\"Steve Wynn, above, denies he tried to influence the Trump administration to deport Chinese political exile Guo Wengui to China. 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