Wynn Resorts investors may receive additional information about the case by clicking the link "Submit Your Information" above.
According to the complaint, Wynn Resorts owns and operates luxury hotels and destination resorts in, among other places, Las Vegas and Macau, China. Until recently, Stephen (“Steve”) A. Wynn was the Company’s Chairman and Chief Executive Officer (“CEO”).
The shareholder class action complaint alleges that Wynn Resorts and certain of its executive officers made a series of false and misleading statements to investors during the Class Period, and failed to disclose that: (i) the Company’s founder and CEO, Steve Wynn had engaged in a pattern of sexual misconduct with respect to Wynn Resorts employees, including instances of sexual assault; (ii) discovery of the foregoing misconduct would subject the Company to heightened regulatory scrutiny and jeopardize Steve Wynn’s tenure at the Company; and (iii) as a result of the foregoing, Wynn Resorts’ shares traded at artificially inflated prices during the Class Period.
On January 26, 2018, The Wall Street Journal published an article titled “Dozens of People Recount Pattern of Sexual Misconduct by Las Vegas Mogul Steve Wynn,” revealing detailed accounts of how that Wynn had coerced and pressured several Wynn Resorts employees to perform sexual acts. According to the Wall Street Journal, “dozens of people… who have worked at Mr. Wynn’s casinos told of behavior that cumulatively would amount to a decades-long pattern of sexual misconduct by Mr. Wynn.”
Following this news, shares of the Company’s stock declined $20.31 per share, or over 10%, to close on January 26, 2018 at $180.29, on unusually heavy trading volume. The following trading day the Company’s stock declined an additional $16.81 per share, or 9.3%, to close on January 29, 2018 at $163.48, again on heavy trading volume
If you are a member of the class described above, you may no later than April 23, 2018 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at firstname.lastname@example.org. For more information about Kessler Topaz Meltzer & Check, LLP, please visit our website at http://www.ktmc.com. If you would like additional information about the suit, please fill out the attached form as promptly as possible and return it by fax to 610-667-7056, or by mail in the enclosed envelope.
Kessler Topaz Meltzer & Check, LLP
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