RADNOR, Pa.--(BUSINESS WIRE)--The law firm of Kessler Topaz Meltzer & Check, LLP reminds Wynn Resorts, Limited (Nasdaq: WYNN) (“Wynn Resorts” or the “Company”) shareholders that a class action lawsuit has been filed on behalf of purchasers of the Company’s securities between February 28, 2014 and January 25, 2018, inclusive (the “Class Period”).
REMINDER: Wynn Resorts shareholders who purchased securities during the Class Period may, no later than April 23, 2018, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this action please visit https://www.ktmc.com/new-cases/wynn-resorts-limited#join
Shareholders who wish to discuss this action and their legal options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne Bell, Esq.) at (888) 299-7706 or at email@example.com.
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 the Company’s 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; (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 entitled “Dozens of People Recount Pattern of Sexual Misconduct by Las Vegas Mogul Steve Wynn.” According to the article, “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.
Wynn Resorts shareholders may, no later than April 23, 2018, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a 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 in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com.