Wynn Resorts Slips Investor Suit Over Ex-CEO's Sexual Abuse
Law360 (May 28, 2020, 4:27 PM EDT) -- Wynn Resorts and several of its current and former executives dodged a proposed class action accusing the hotel and casino giant of covering up its former CEO Steve Wynn's sexual misconduct after a Nevada federal judge found on Wednesday that the company did not deceive its shareholders.
U.S. District Judge Gloria M. Navarro dismissed securities fraud claims that Wynn Resorts' efforts to hide Wynn's behavior artificially inflated the company's share price, which tumbled after sexual assault allegations against Wynn came to light.
She ruled that the alleged misstatements amounted to corporate optimism and puffery, or were forward-looking statements protected by the...
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