Eglet Prince Files 3rd Stockholder Derivative Complaint Against Steve Wynn And Wynn Resorts Board Of Directors

LAS VEGAS, Feb. 16, 2018 /PRNewswire/ -- A 3^rd lawsuit has been filed in District Court Clark County, Nevada by Eglet Prince, Bernstein Litowitz Berger & Grossman, LLP, Chimicles & Tikellis, LLP, and Saxena White, PA, derivatively on behalf of Wynn Resorts Limited. Plaintiffs, Boynton Beach Municipal Firefighters Pension Trust Fund and the Firemen's Retirement System of St. Louis are long time institutional shareholders of the Company and were stockholders during the misconduct alleged in the complaint.

The 59 page complaint, alleges that for nearly a decade, the Board of Directors remained willfully blind to the sexual predation of Wynn Resort's former Chief Executive Officer, Steve Wynn, and after this damaging information came to the Board's attention, the directors decided to align themselves with Steve Wynn—not the Company, its shareholders, or its employees. The complaint also alleges that the Board engaged in a scheme to conceal and cover-up Steve Wynn's sexual assault and sexual harassment, which is not in the interests of the Company and not an exercise of its good-faith business judgment. The complaint goes on to say, that for decades Steve Wynn tyrannized the Company by misusing corporate resources to enable his sexual harassment and assault of Wynn Resorts employees as well as Company legal resources to suppress information of his misconduct. Wynn Resorts has spent, and will continue to spend, millions of dollars on legal fees as a direct result of Steve Wynn's and the Board's misconduct. The complaint further alleges that Wynn's Board of Directors violated the Company's charter by allowing an "unsuitable" person – Steve Wynn – to continue to hold 12% of the Company's shares and to receive hundreds of millions of dollars in dividends and compensation.

Since January 25, 2018, when the Wall Street Journal published a detailed account of Steve Wynn's sexual misconduct and reign of terror, Wynn Resorts has lost approximately $2 billion in market capitalization and Wynn Resorts has suffered extreme reputational harm among its stockholders, customers, and the general public.

A full copy of the complaint filed by Las Vegas Attorneys Robert T. Eglet is available upon request at: [email protected]. Requests can also be made to:  
Katherine Sinderson, Esq. at [email protected] 
Jorge Amador, Esq., at [email protected]

For Additional Information
Contact: Robert Adams, Esq., EGLET PRINCE
Phone: 702-450-5400
Email: [email protected]

SOURCE Eglet Prince