Faruqi & Faruqi, LLP Is Investigating Wynn Resorts on Behalf Of Its Shareholders (WYNN)
Faruqi & Faruqi, LLP, a national law firm concentrating on investor rights, consumer rights and enforcement of federal antitrust laws, is investigating potential wrongdoing at Wynn Resorts Ltd. (“Wynn” or the “Company”) (NASDAQ: WYNN). The investigation focuses on whether certain officers and directors of Wynn violated the Foreign Corrupt Practices Act (“FCPA”) by providing improper monetary benefits to government officials in Macau.
The Securities and Exchange Commission (“SEC”) sent a letter to Wynn last month asking about a $135 million gift to the University of Macau Development Foundation. The SEC’ s inquiry followed allegations in a lawsuit filed in January by a former director of Wynn and its largest shareholder, Kazuo Okada (“Okada”). Mr. 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. Should Wynn be found to be in violation of the FCPA, damages could range anywhere from fines and penalties to a loss of its status as a licensed gaming operator in the State of Nevada and elsewhere.
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