Wynn Resorts Shareholders to Split $70 Million Settlement

New York-based law firm Pomerantz LLP has filed a motion for preliminary approval on a $70 million settlement against Wynn Resorts Ltd. Hundreds of shareholders will split the class action settlement stemming from allegations that the company didn’t disclose the sexual misconduct of former CEO Steve Wynn. Shareholders of Wynn Resorts Ltd. allege their stock shares plummeted as a result of the 2018 sexual misconduct allegations and the failure of Wynn executives to announce any information once they were made aware of the allegations.

The case centers around misleading statements made by Wynn Resorts between March 28. 2016, and February 12, 2018. This was just weeks after media reports about the sexual harassment scandal were published. The complaint alleges defendants were aware of numerous allegations of sexual misconduct made against the former CEO over the span of several decades and defendants repeatedly denied those allegations and helped to cover them up.

Share prices saw a drastic decline in price after the scandal surfaced, dropping from $200 a share in 2018 to around $96 a share a year later. Currently, the stock is trading for around $80 a share.


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Steve Larson

An experienced trial lawyer who handles both hourly and contingent fee cases, Steve has expertise in class actions, environmental clean-up litigation, antitrust litigation, securities litigation, corporate disputes, intellectual property disputes, unfair competition claims, and disputes involving family wealth. Steve regularly represents individuals and businesses in federal and state court and has obtained class-wide recovery in multiple class actions. A veteran practitioner, Steve’s clients value his creative approach to resolving complex litigation matters.

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The information contained in this blog does not constitute legal advice, and does not create an attorney-client relationship. We make no claims, promises or guarantees about the accuracy, completeness, or adequacy of the information contained in or linked to this blog.