Stockholder Derivative Complaint Filed Against Steve Wynn And Wynn Resorts Board Of Directors

LAS VEGAS, Feb. 7, 2018 /PRNewswire/ -- A shareholder derivative lawsuit has been filed in District Court, Clark County, Nevada by Eglet Prince and Chimicles & Tikellis LLP. The Plaintiff, Norfolk County Retirement System, is a current stockholder of the Company.

In the 42 page complaint, the shareholders seek redress from the injury and losses sustained by Wynn Resorts Limited as a result of egregious breaches of fiduciary duty, abuses of fiduciary power, sexual harassment and violations of law committed by the Company's founder, Chairman and Chief Executive Officer, Stephen A. Wynn. The complaint also alleges breaches of fiduciary duty by the Company's Board of Directors in turning a blind eye and disregarding a sustained pattern of sexual harassment and egregious misconduct by Mr. Wynn. The lawsuit also alleges that the compensation and benefits paid to Mr. Wynn and the directors during their fiduciary misconduct enriched them at the expense of the Company.

The complaint points out that Mr. Wynn owns 11.8% of the stock of the Company, a stake that was worth $2.4 billion, and is considered by some as integral to the Company's success. Mr. Wynn is so ingrained into the identity of the Company that his signature is the Company's logo. In a recent securities filing citing possible risks to the business, the Company claimed, "If we lost the services of Mr. Wynn, or he is unable to devote sufficient attention to our operation for any reason, our business may be significantly impaired." The complaint goes on to say that in January 2010, Mr. Wynn and his wife of 46 years, Elaine Wynn, divorced. Following the divorce, Elaine Wynn received roughly 9% of the Company in the divorce agreement. The divorce agreement placed certain restrictions on both Wynns from selling any shares of the Company without the other's consent and requires them to vote in concert. In 2012 Elaine Wynn sued Mr. Wynn in Clark County, Nevada to alter their arrangement and give her the power to sell her shares at will.

A full copy of the complaint filed by Las Vegas Attorneys Robert T. Eglet, Robert M. Adams and Erica D. Entsminger of Eglet Prince, is available upon request. Requests for copies can also be made to Nicholas E. Chimicles or Robert J. Kriner, Jr., of Chimicles & Tikellis LLP.

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

SOURCE Eglet Prince