Steve Wynn Sued
Shareholders Claim Sexual Cover-Up Tanked Stock
2/20/2018 3:36 PM PST
Steve Wynn has yet another legal problem … the shareholders of Wynn Resorts have just filed a class action lawsuit against the fallen mogul and other execs, claiming they covered up what they call Wynn’s “pattern of sexual misconduct.”
According to the lawsuit, obtained by TMZ, the shareholders say media disclosures about Wynn’s alleged sexual impropriety have tanked the stock. They say the first story ran January 26 and the stock has dropped 18% since.
The shareholders note in their lawsuit there’s a Code of Business Conduct and Ethics that applies to Wynn and others and it requires disclosure to shareholders when the Code is violated. The clear intimation — the company knew of Wynn’s alleged misdeeds and buried them.