Wynn Resorts, Limited : Wynn Resorts Investor Investigation - The Briscoe Law Firm and Powers Taylor, LLP Announce Investigation of the Officers and Directors of Wynn Resorts, Ltd.
03/30/2012| 05:15pm US/Eastern
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Former United States Securities and United States Securities and
Exchange Commission attorney Willie
Briscoe, founder of The
Briscoe Law Firm, PLLC, and the securities litigation firm of Powers
Taylor, LLP announce that the firms are investigating legal claims
against the officers and Board of Directors of Wynn Resorts, Ltd.
("Wynn") (NASDAQ: WYNN) related to potential violations of the Foreign
Corrupt Practices Act by allegedly providing improper monetary benefits
to the University of Macau Development Foundation.
If you are an affected investor and you want to learn more about the
lawsuit or join the action, contact Patrick Powers at Powers Taylor,
LLP, toll free (877) 728-9607, via e-mail at patrick@powerstaylor.com,
or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via
email at WBriscoe@TheBriscoeLawFirm.com.
There is no cost or fee to you.
The Securities and Exchange Commission ("SEC") recently sent a letter to
Wynn asking about a $135 million gift to the University of Macau
Development Foundation. The SEC's inquiry was made as result of
allegations in a lawsuit filed in January by a former director of Wynn
and its largest shareholder, Kazuo Okada ("Okada"). According to his
lawsuit, Okada claims that 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 ten years, the precise moment
when Wynn's Macau gaming license is set to expire.
"If Wynn is found to have violated the Foreign Corrupt Practices Act,
then the company could face a range of potential damages including
everything from monetary fines and penalties to losing its status as a
licensed gaming operator in Nevada and elsewhere. Based on our
investigation, we are prepared to pursue litigation to preserve the
company and the value of Wynn's stock for all shareholders, including
seeking removal of certain officers and directors and monetary
payments," said shareholder rights attorney Willie Briscoe.
The
Briscoe Law Firm, PLLC is a full service business litigation,
commercial transaction, and public advocacy firm with more than 20 years
of experience in complex litigation and transactional matters.
Powers
Taylor, LLP is a boutique litigation law firm that handles a variety
of complex business litigation matters, including claims of investor and
stockholder fraud, shareholder oppression, shareholder derivative suits,
and security class actions.
Powers Taylor, LLP
Patrick Powers, 877-728-9607
patrick@powerstaylor.com
or
The
Briscoe Law Firm, PLLC
Willie Briscoe, 214-706-9314
WBriscoe@TheBriscoeLawFirm.com
© Business Wire 2012
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