DALLAS--(BUSINESS WIRE)--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.