San Diego, CA -- (SBWIRE) -- 03/19/2012 -- An investigation for investors in NASDAQ:WYNN share over potential breaches of fiduciary duties by certain officers and directors of Wynn Resorts, Limited was announced in connection with certain transaction to the University of Macau Development Foundation.
Investors who purchased shares of Wynn Resorts, Limited (NASDAQ:WYNN) have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm focuses on potential claims on behalf of investors in Wynn Resorts, Limited (NASDAQ:WYNN) concerning whether certain officers and directors of Wynn Resorts, Limited the Foreign Corrupt Practices Act ("FCPA") by providing improper monetary benefits to government officials in Macau.
In May 2011, Wynn Macau, a majority owned subsidiary of Wynn Resorts, Limited, made a $135 million commitment to the University of Macau Development Foundation in support of the new Asia-Pacific Academy of Economics and Management.
Wynn Resorts, Limited said that the contribution consists of a $25 million payment made in May 2011 and a commitment for additional donations of $10 million each year for the calendar years 2012 through 2022 inclusive.
On February 8, 2012 Wynn Resorts, Limited received a letter from the Salt Lake Regional Office of the U.S. Securities and Exchange Commission (“SEC”) requesting that, in connection with an informal inquiry by the SEC, Wynn Resorts, Limited preserve information relating to the contribution made to the University of Macau, any donations by the Company to any other educational charitable institutions, including the University of Macau Development Foundation, and the Company’s casino or concession gaming licenses or renewals in Macau. The Company has informed the Salt Lake Regional Office that it intends to fully comply with the SEC’s request.
The SEC' s inquiry followed allegations in a lawsuit filed in January by a former director of Wynn and its largest shareholder, Kazuo Okada.
Mr. Okada claims that the donation was improper because (1) the University of Macau Development Foundation is connected to government officials who regulate gambling in Macau, the University of Macau Development Foundation sits on government owned land; and the final installment of the payment is due in ten years, the precise moment when Wynn's Macau gaming license is set to expire.
NASDAQ:WYNN shares traded in July 2011 as high as over $165 per share and dropped the end of 2011 to almost $100 per share. Since then NASDAQ:WYNN shares have recovered some value and closed on Friday, March 16, 2012 at $126.96 per share.
Those who purchased shares of Wynn Resorts, Limited (NASDAQ:WYNN) and currently hold those Wynn Resorts, Limited (NASDAQ:WYNN) shares, have certain options and should contact the Shareholders Foundation.
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