Another Shareholder Files Suit Against Wynn Resorts
By: Brenda Stokes
on Friday, April 06, 2012
Just yesterday we reported that two shareholders had filed suit against Wynn Resorts and its directors. However, it looks like that number can be increased by one more, as now a total of four shareholders have filed a lawsuit against the resort directors.
The latest filing is very similar to the previous three and deals with the main conflict between board member Kazuo Okada and Wynn. As you may remember, Okada claimed that Wynn donated $135 million to the University of Macau, a violation of ethics, since the company has a casino license in that area of China.
On the other side of the dispute, Wynn claimed Okada gave unethical perks to Filipino gaming regulators and has plans to create a resort in the Philippines that would directly compete with Wynn.
The very first lawsuit lists all the board members, including Okada as defendants. However, the most recent three basically agree with Okada's claims. He is not a defendant in these cases. Maryanne Solak, a Virginia resident and shareholder filed the latest lawsuit. In it, she asks the Wynn directors to pay damages directly to the company so that all the shareholders will benefit.
As was the case yesterday, Wynn is still not making any comments about the various lawsuits or the claims made against them. It's highly likely that all of these lawsuits will be combined into one claim for easier litigation.