NEW YORK, March 27, 2018 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Wynn Resorts, Limited ("Wynn" or the "Company") (NASDAQ : WYNN ) of the April 23, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Wynn stock or options between February 28, 2014 and January 25, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/WYNN. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
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The lawsuit pending in the U.S. District Court for the District of Nevada is on behalf of all those who purchased Wynn securities between February 28, 2014 and January 25, 2018 (the "Class Period"). The case, Ferris, et al. v. Wynn Resorts Limited et al., No. 18-cv-00479 was transferred into the U.S. District Court for the District of Nevada on March 13, 2018 and has been assigned to Chief Judge Gloria M. Navarro.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that the Company's founder and Chief Executive Officer ("CEO"), Stephen A. Wynn, had engaged in a pattern of sexual misconduct with respect to Wynn Resorts employees, including instances of sexual assault, and that such misconduct could impact the Company's business and operations.
Specifically, on January 26, 2018, The Wall Street Journal published an article revealing that Wynn's CEO had coerced and pressured several of the Company's employees to perform sex acts. Following these revelations, the Massachusetts Gaming Commission announced that it would open a regulatory review into the Company over the reported sexual misconduct allegations.
After the announcement, Wynn's share price fell from $200.60 per share on January 25, 2018 to a closing price of $180.29 on January 26, 2018—a $20.31 or a 10.12% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Wynn's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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