{"id":70942,"date":"2018-02-22T18:00:15","date_gmt":"2018-02-23T02:00:15","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=70942"},"modified":"2018-02-22T17:04:55","modified_gmt":"2018-02-23T01:04:55","slug":"shareholder-lawsuits-pile-up-against-wynn-resorts","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/shareholder-lawsuits-pile-up-against-wynn-resorts\/","title":{"rendered":"Shareholder Lawsuits Pile Up Against Wynn Resorts"},"content":{"rendered":"

Wynn Resorts\u2019 board could be facing an avalanche of legal action from disgruntled shareholders, angered by its apparent failure to keep the alleged behavior of its disgraced former chairman and CEO in check.<\/p>\n

\"Wynn
Matt Maddox, the new CEO of Wynn Resorts said this week he was unaware of the allegations against Steve Wynn prior to the Wall Street Journal story. But at least one shareholder lawsuit claims the board must have known. (Image: Isaac Brekken\/AP)<\/figcaption><\/figure>\n

Lawsuits were beginning to mount this week, as a class action suit in New York joined two shareholder derivative suits filed in Nevada earlier this month.<\/p>\n

Steve Wynn resigned on February 6, a week after a Wall Street Journal<\/em> expos\u00e9 accused him of a pattern of sexual misconduct against his staff that allegedly went back decades. He denies the allegations.<\/p>\n

Two Wynn Resorts investors began the class action suit on Tuesday in the US District Court for the Southern District of New York. They claim Wynn\u2019s alleged behaviour, and the plunge in share prices that followed the Wall Street Journal<\/em> piece, has hurt them financially.<\/p>\n

As a class action suit, any aggrieved Wynn Resorts shareholder is eligible to join.<\/p>\n

New CEO Denies Prior Knowledge<\/strong><\/h2>\n

The suit states that on February 6th<\/sup> Wynn Resort\u2019s stock price fell more than $20 per share to $180 following the news that the Massachusetts Gaming Commission<\/a> had begun a suitability investigation into Wynn.<\/p>\n

The probe raised the possibility to investors that Wynn Resorts\u2019 gaming license in Massachusetts, where the company is building the $1.6 billion Wynn Boston Harbor, might be in jeopardy.<\/p>\n

\n

A week later, further revelations that two women had filed complaints to police about being sexually assaulted by Wynn in the 1970s, caused stock to plummet to $164 per share, the suit claims.<\/strong><\/p>\n<\/div>\n

On Tuesday, Wynn Resorts\u2019 newly appointed CEO Matt Maddox<\/a> denied that he had known about the allegations against Wynn before the 27 January, when the media storm hit. In an interview with the New York Times<\/em>, he urged people to “hold off making any judgment until the investigations into the accusations are complete.”<\/p>\n

Implications for Mohegan Sun?<\/strong><\/h2>\n

But according to one of the Nevada lawsuits, at least some board members must have known. It cites press reports that \u201ca board representative\u201d was notified of Wynn\u2019s behaviour in 2009 by his then-wife Elaine Wynn. It also cites a 2015 lawsuit brought by Mrs Wynn that accuses her ex-husband of \u201creckless risk-taking behavior.\u201d<\/p>\n

Meanwhile, Connecticut tribal casino operator Mohegan Sun is engaged in a protracted lawsuit against the Massachusetts Gaming Commission over its decision to award the sole east Massachusetts casino license to Wynn Resorts, back in 2015.<\/p>\n

Mohegan Sun, which lost the bid, believes Wynn\u2019s license should be negated. It claims the gaming commission overlooked the criminal backgrounds of members of a company that sold Wynn Resorts the land on which Wynn Boston Harbor is being built.<\/p>\n

Wynn\u2019s behavior, which ironically is being investigated by the target of Mohegan Sun\u2019s litigation, could provide a new twist in the case.<\/p>\n","protected":false},"excerpt":{"rendered":"

Wynn Resorts\u2019 board could be facing an avalanche of legal action from disgruntled shareholders, angered by its apparent failure to keep the alleged behavior of its disgraced former chairman and CEO in check. Lawsuits were beginning to mount this week, as a class action suit in New York joined two shareholder derivative suits filed in […]<\/p>\n","protected":false},"author":42,"featured_media":70946,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[21,60,18],"tags":[],"acf":[],"yoast_head":"\nWynn Resorts Lawsuits From Shareholders Pile Up<\/title>\n<meta name=\"description\" content=\"Wynn Resorts lawsuits grow with new class action in New York as new CEO Matt Maddox claims he was aware of allegations of Wynn\u2019s behaviour.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wynn Resorts Lawsuits From Shareholders Pile Up\" \/>\n<meta property=\"og:description\" content=\"Wynn Resorts lawsuits grow with new class action in New York as new CEO Matt Maddox claims he was aware of allegations of Wynn\u2019s behaviour.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/shareholder-lawsuits-pile-up-against-wynn-resorts\/\" \/>\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=\"2018-02-23T02:00:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2018-02-23T01:04:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/02\/matt-maddox.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2048\" \/>\n\t<meta property=\"og:image:height\" content=\"1365\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Casino.org Staff Writer\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Casino.org Staff Writer\" \/>\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\/shareholder-lawsuits-pile-up-against-wynn-resorts\/\",\"url\":\"https:\/\/www.casino.org\/news\/shareholder-lawsuits-pile-up-against-wynn-resorts\/\",\"name\":\"Wynn Resorts Lawsuits From Shareholders Pile Up\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/shareholder-lawsuits-pile-up-against-wynn-resorts\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/shareholder-lawsuits-pile-up-against-wynn-resorts\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/02\/matt-maddox.jpg\",\"datePublished\":\"2018-02-23T02:00:15+00:00\",\"dateModified\":\"2018-02-23T01:04:55+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/8c48bf89dc86da77b4d856c7b3b78d77\"},\"description\":\"Wynn Resorts lawsuits grow with new class action in New York as new CEO Matt Maddox claims he was aware of allegations of Wynn\u2019s behaviour.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/shareholder-lawsuits-pile-up-against-wynn-resorts\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/shareholder-lawsuits-pile-up-against-wynn-resorts\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/shareholder-lawsuits-pile-up-against-wynn-resorts\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/02\/matt-maddox.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/02\/matt-maddox.jpg\",\"width\":2048,\"height\":1365,\"caption\":\"Matt Maddox, the new CEO of Wynn Resorts said this week he was unaware of the allegations against Steve Wynn prior to the Wall Street Journal story. 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