WYNN.US
id: 1324
Wynn Resorts ($WYNN) $70M Investor Settlement
Late claims are being considered for compensation, subject to approval.
$70,000,000
Cash SettlementD. Nevada
Court2:18-cv-00479
Case number03/28/2016
Class period Start02/12/2018
Class period End02/03/2025
Claim deadlineWynn Resorts ($WYNN) has agreed to settle $70M with investors to resolve claims that the company failed to disclose allegations of sexual misconduct against its founder, Steve Wynn.
Outline
In January 2018, reports surfaced that Steve Wynn engaged in decades of sexual misconduct, raising concerns about Wynn Resorts' leadership. Following this, $WYNN dropped 18%, regulatory scrutiny increased, and Wynn Resorts faced a lawsuit from investors.
Timeline
January 26, 2018 – The Wall Street Journal exposed Steve Wynn’s misconduct; $WYNN dropped 18%.
February 6, 2018 – Steve Wynn resigned as CEO and Chairman of Wynn Resorts.
February 13, 2018 – Additional allegations of Wynn’s misconduct emerged.
April 9, 2018 – Investors filed a lawsuit against Wynn Resorts, alleging it failed to disclose executive misconduct and related risks.
September 2024 – Wynn Resorts agreed to a $70 million settlement with investors.
Background
Until January 2018, Wynn Resorts was a dominant force in the luxury casino and hospitality industry, with properties in Las Vegas and Macau.
However, on January 26, 2018, The Wall Street Journal published an exposé detailing decades of sexual misconduct by Steve Wynn, raising serious concerns about corporate governance. Following the report, $WYNN stock dropped 18%.
On February 6, 2018, under mounting pressure, Wynn resigned as CEO and Chairman.
However, just a week later, additional misconduct allegations surfaced, and investigators later found that Wynn Resorts failed to properly investigate prior complaints and actively worked to suppress reports of misconduct, including through nondisclosure agreements and retaliatory tactics.
On April 9, 2018, investors filed a lawsuit, alleging that Wynn Resorts failed to disclose widespread misconduct promptly.
What Can Investors Expect Now?
Wynn Resorts ($WYNN) has agreed to settle $70 million with investors to resolve claims that the company failed to disclose allegations of sexual misconduct against its founder, Steve Wynn.
If you were damaged due to this situation, you can file for a payout and get your share of the settlement. You can check if you are eligible and other details in the FAQ section below.
Case Type
US Securities Class Action
Case Status
Accepting Late Claims
Alleged Offence
Mismanagement,
Misleading Statements,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Payout per Share
1.92
Filing date
02/20/2018
Plaintiffs
John V. Ferris
Attorneys
Muehlbauer Law Office, Ltd. (Las Vegas, NV), Pomerantz LLP (New York, NY)
Defendants
Stephen A Wynn, Craig Scott Billings, Stephen Cootey, Matthew O. Maddox, Alvin V Shoemaker, Clark T. Randt, Jr., Daniel B. Wayson, J. Edward Virtue, Jay L. Johnson, John J Hagenbuch, Kimmarie Sinatra, Patricia Mulroy, Ray R. Irani,, Robert J. Miller
Judge
Hon. Cristina D. Silva
Administrator
JND Legal Administration
Settlement agreement date
2024-07-18
Exclusion deadline
03/07/2024
Objection deadline
02/03/2025
Attorney fee
$24,910,000
Trades matching type
FIFO
Frequently Asked Questions
Who is eligible for this settlement?
Do I have to sell securities to be eligible?
How long does the payout process take?
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