SOURCE: Shareholders Foundation, Inc.

Shareholders Foundation, Inc.

April 09, 2012 09:50 ET

Wynn Resorts, Limited (WYNN) Investor Lawsuit Against Directors Over Alleged Wrongdoing Announced by Shareholders Foundation

SAN DIEGO, CA--(Marketwire - Apr 9, 2012) - The Shareholders Foundation, Inc. announces that a lawsuit was filed by an investor in Wynn Resorts, Limited (WYNN) shares against certain directors and officers of Wynn Resorts over alleged breaches of fiduciary duties.

Investors who purchased shares of Wynn Resorts, Limited (WYNN), and currently hold any of those WYNN shares, have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.

According to the complaint the plaintiff alleges that defendants caused and /or allowed Wynn Resorts to waste corporate assets and allow potential violations of the Foreign Corrupt Practices Act (FCPA) from at least 2009 to March 2012.

The plaintiff claims that beyond the donation of a $135 million to the University of Macau, Wynn Resorts has admitted in a recently filed litigation that according to its own investigation, Mazuo Okada, its Vice Chairman of the Board, has, for the past several years, used accounts at Wynn Resorts to attempt to allegedly improperly influence gaming regulators in the Philippines for a casino project. The plaintiff says that Mr. Okada could not have used these accounts without the knowledge and approval of the board of directors of Wynn Resorts.

Furthermore the plaintiff says that defendants have also acted in a manner contrary to the best interest of Wynn Resorts by having Wynn Resorts engage in a reckless, improper internal investigation of Okada that was designed to force Okada out of his role as Vice Chairman of Wynn Resorts.

Those who are current investors in Wynn Resorts, Limited shares have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.

The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

Contact Information

  • CONTACT:
    Shareholders Foundation, Inc.
    Trevor Allen
    +1 (858) 779-1554
    mail@shareholdersfoundation.com
    3111 Camino Del Rio North
    Suite 423
    San Diego, CA 92108