Wynn 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.
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.
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.
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.