Press release from Business Wire
Law Offices of Howard G. Smith Announces Investigation of Wynn Resorts Ltd.
Thursday, March 22, 2012
BENSALEM, Pa. (Business Wire) -- Law Offices of Howard G. Smith announces that it is investigating potential claims against Wynn Resorts Ltd. (“Wynn Resorts” or the “Company”) (NASDAQ:WYNN) and its board of directors concerning possible breaches of fiduciary duties by the Company or its fiduciaries. Wynn Resorts, together with its subsidiaries, engages in the development, ownership and operation of destination casino resorts.
The investigation is related to a $135 million donation in May 2011 from Wynn Macau – a majority-owned subsidiary of the Company – to the University of Macau Development Foundation, and allegations that certain officers and directors of Wynn Resorts violated the Foreign Corrupt Practices Act by providing improper monetary benefits to government officials in Macau.
On January 11, 2012, Kazuo Okada, a former Wynn Resorts board member and its largest shareholder, filed a lawsuit in the District Court of Clark County, Nevada, to compel the Company to produce for inspection certain books and records regarding the donation. The lawsuit claims the donation was improper because: (1) the Foundation is connected to government officials who regulate gambling in Macau; (2) the Foundation sits on government-owned land; and (3), the final installment of the payment is due in 10 years – when Wynn Resorts' Macau gaming license is set to expire.
On February 8, 2012, the Company received a letter from the Securities and Exchange Commission requesting, in connection with an inquiry by the SEC, that the Company preserve information relating to the University of Macau donation, any donations to other educational charitable institutions, including the University of Macau Development Foundation, and the Company's casino or concession gaming licenses or renewals in Macau.
If you purchased shares of Wynn Resorts and still hold those shares, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at 215-638-4847, Toll-Free at 888-638-4847, or by email to email@example.com, or visit our website at http://www.howardsmithlaw.com.
Law Offices of Howard G. Smith
Howard G. Smith, Esquire