According to the law firm press release, Wynn Resorts owns and operates luxury hotels and destination casino resorts. The Company owns and operates Wynn Las Vegas and Encore in Las Vegas, Nevada, and Wynn Macau and Wynn Palace in Macau, China, and it is currently constructing a new $2.4 billion property called Wynn Boston Harbor in Everett, Massachusetts.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company’s founder and Chief Executive Officer (“CEO”) 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 the CEO’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, and class members suffered significant losses and damages.
On March 13, 2018, this case was transferred to the District of Nevada under Docket 18-CV-00479. On December 4, the Court issued an Order appointing Lead Plaintiffs and Counsel. Lead Plaintiffs filed an amended Complaint on March 1, 2019. Defendants filed Motions to Dismiss the amended Complaint on April 15. On May 27, 2020, the Court issued an Order granting Defendants' Motions to Dismiss. Lead Plaintiffs were given leave to amend the Complaint.