Press release from Business Wire
Glancy Binkow & Goldberg LLP Announces Investigation of Wynn Resorts, Limited.
Friday, March 23, 2012
Glancy Binkow & Goldberg LLP Announces Investigation of Wynn Resorts, Limited.18:00 EDT Friday, March 23, 2012 LOS ANGELES (Business Wire) -- Glancy Binkow & Goldberg LLP announces that it is investigating potential claims on behalf of shareholders of Wynn Resorts, Limited (“Wynn Resorts” or the “Company”) (NASDAQ:WYNN) 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 Clark County, Nevada, alleging that the donation to the University of Macau Development Foundation 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 that the Company preserve information relating to the donation to the University of Macau, any other donations to other educational charitable institutions, including the University of Macau Development Foundation and Wynn Resorts' 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 Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by telephone at (310) 201-9150, Toll Free at (888) 773-9224, by e-mail to email@example.com, or visit our website at http://www.glancylaw.com. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules. Glancy Binkow & Goldberg LLP, Los Angeles, CAMichael Goldberg(310) 201-9150 or (888) firstname.lastname@example.org