This Action is a securities class action lawsuit alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as well as Securities and Exchange Commission Rule 10b-5. This lawsuit alleges that Defendants knew about or recklessly disregarded allegations of sexual misconduct against Defendant Stephen Wynn and concealed them. In concealing the allegations of sexual misconduct, Defendants made material misrepresentations or omitted material facts. Defendants are Wynn Resorts, Limited (“Wynn Resorts”), Stephen Wynn, Kimmarie Sinatra, Matthew Maddox, and Stephen Cootey.
This Action was commenced on February 20, 2018. On December 4, 2018, the Court issued an Order appointing John V. Ferris and JoAnn M. Ferris as Lead Plaintiffs, appointing Pomerantz LLP as lead counsel, and appointing Muehlbauer Law Office, Ltd. as liaison counsel.
On July 1, 2020, Lead Plaintiffs filed a Second Amended Class Action Complaint (the “SAC”). On August 14, 2020, Defendants moved to dismiss the SAC. On July 28, 2021, the Court issued an Order granting in part and denying in part Defendants’ motion to dismiss.
On July 18, 2022, Lead Plaintiffs filed a motion for class certification. On March 1, 2023, the Court certified the Class defined above, appointed Lead Plaintiffs John V. Ferris and JoAnn M. Ferris and Plaintiff Jeffrey Larsen as Class Representatives (the “Class Representatives”), appointed Pomerantz LLP as Class Counsel, and appointed Muehlbauer Law Office, Ltd. as local/liaison counsel.
The certification of the Class means that the ultimate outcome of the Action will apply in like manner to each person or entity that continues to be a member of the Class through the resolution of the litigation.
Defendants deny all claims and wrongdoing asserted in the Action and any liability arising out of the conduct alleged in the SAC.
Discovery in this Action is ongoing and fact discovery is set to be complete by May 31, 2024.
The parties will have the opportunity to file motions for summary judgment to seek Court resolution of the case and/or specific claims within the case. Opening briefs in support of summary judgment are due January 15, 2025.