Wynn Resorts, Limited WYNN today reported three positive recent
developments for the Company and its shareholders in combating the ongoing
smear campaign against Wynn Resorts by Kazuo Okada.
First, the Nevada Gaming Control Board has informed Wynn Resorts that it has
concluded its investigation of allegations made by Okada against Wynn Resorts
regarding an allegedly improper donation made to the University of Macau by
Wynn Macau Ltd., and determined that Okada's allegations are unfounded.
Second, the United States District Court of Nevada granted Wynn Resorts'
motion to dismiss a shareholder derivative action against the Company and
members of its Board of Directors based on the Macau donation. The Court ruled
there was insufficient legal basis for the case to proceed.
Third, Institutional Shareholder Services Inc. (“ISS”), a leading proxy
advisory firm, has issued a report recommending that shareholders of Wynn
Resorts vote to remove Okada from the Board of Wynn Resorts at a special
meeting of shareholders to be held on February 22. Okada was previously deemed
unsuitable by the Wynn Resorts Board after a lengthy investigation by former
FBI Director Louis J. Freeh uncovered evidence of improper conduct by Okada
and affiliated entities in violation of anti-corruption laws in their dealings
with Philippine officials.
In its report, ISS concluded, “In light of the material risk that Okada's
directorship poses to the Company's ability to receive gaming licenses in new
jurisdictions and maintain its licenses for current ones, ISS recommends that
shareholders vote FOR the removal of Mr. Okada as a director of the Company.”
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