Ms. Wynn Vs. Mr. Wynn
Elaine Wynn, a co-founder of Wynn Resorts, said on Tuesday that Steve Wynn "set a tone at the top of the company that has given rise to years of unchecked business activities and reckless behavior."
Elaine Wynn is seeking a judicial determination to overturn a 2010 shareholders agreement that limits her ability to transfer stock that she owns without Steve Wynn's permission. In addition, Steve Wynn holds the voting rights to her stock.
Elaine Wynn was ousted from Wynn Resort's board of directors a year ago. She argued that as a member of the board, she was not allowed to raise corporate issue internally but can do so now.
She added, "The new complaint says, 'Mr. Wynn has intentionally kept the Wynn Resorts board in the dark and has turned the general counsel of the company into his co-conspirator. He has engaged in reckless, risk-taking behavior, leaving himself vulnerable to allegations of serious wrongdoing — that he made a multimillion-dollar payment and used company resources to silence and that he did not properly disclose to the board of directors.'"
Wynnn Resorts Responds
Wynn Resorts responded to Elaine Wynn's press release.
The company said that her comments are merely a "rehash" of the same accusations she has made in the past.
"Neither her nor the company's recent filings contain any new facts or revelations, as she so passionately claims," the company said in a statement. "Ms. Wynn's comments regarding our Board of Directors, their independence and their actions in this matter are false. Our company has nine distinguished directors, seven of whom are independent under NASDAQ standards, each deeply committed to the best interests of our shareholders."
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