Steve Wynn is actually gone, nevertheless his company's board is actually still under scrutiny

Former plaintiff reacts to Wynn resignation

Steve Wynn is actually out at Wynn Resorts, nevertheless the company he founded as well as also its board of directors are still under scrutiny.

Wynn as well as also the company’s nine remaining board members were hit which has a shareholder lawsuit on Tuesday afternoon.

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The complaint claims the board “knowingly turned a blind eye to allegations of patently egregious misconduct” by Wynn, as well as also of which their actions, or lack thereof, constituted “egregious breaches of fiduciary duty.”

Wynn stepped down as CEO as well as also board chairman Tuesday evening, citing an “avalanche of negative publicity” of which he claimed made of which impossible to do his job.

Wynn’s departure has not resolved the problems facing Wynn Resorts since the Wall Street Journal detailed numerous allegations of sexual misconduct against Wynn in a lengthy investigation. The two states where Wynn has casino licenses are conducting investigations, as well as also lawsuits against the company could drag on for years.

“They’re in a tough spot, because [Wynn’s] name is actually on the door,” said Charles Elson, who studies corporate governance at the University of Delaware.

Related: How much is actually Steve Wynn’s exit package worth?

The shareholder suit, which comes coming from the Massachusetts-based Norfolk County Retirement System, was filed in Clark County District Court in Nevada shortly before Wynn’s resignation was announced.

Wynn Resorts declined to comment on the lawsuit. Wynn has denied all charges against him, calling them “preposterous.”

More legal action could be coming. some other law firms have said they’re exploring possible shareholder suits, as well as also have urged people who own stock to contact them.

Then there are the pending state investigations into the company. Officials in Massachusetts as well as also Nevada of which oversee the company’s gaming licenses are still looking into allegations of sexual misconduct against Wynn.

In a statement, the Massachusetts Gaming Commission said Wednesday of which of which needs to assess the “overall impact as well as also implications” of Wynn’s resignation, nevertheless of which its probe is actually ongoing.

Wynn Resorts is actually developing a massive resort as well as also casino in Boston Harbor of which’s set to open in 2019.

Related: Massachusetts Steve Wynn probe hinges on $7.5 million settlement to manicurist

The Nevada Gaming Control Board said in a statement Wednesday of which of which plans to “continue with its investigation.”

On top of all of which, the Wynn Resorts board of directors has to complete its own investigation into Wynn’s behavior.

The board formed a special committee to look into claims against Wynn after the Journal story was published. of which’s headed by Patricia Mulroy, the company’s only female director.

at This kind of point of which Wynn has resigned, the board’s investigation is actually even more urgent, said Betsy Atkins, a corporate governance expert who currently serves on the boards of Schneider Electric (SBGSF), HD Supply (HDS), Cognizant (CTSH) as well as also Volvo.

“of which will definitely affect the severance negotiation as well as also the exit package,” Atkins said.

of which’s not clear how much money Wynn will receive on his way out the door. The company has indicated of which some kind of severance is actually on the table.

“Details of Mr. Wynn’s separation agreement will be disclosed when they are finalized,” the company said in its press Discharge announcing the leadership change.

sy88pgw (brand new York) First published February 7, 2018: 6:49 PM ET


Steve Wynn is actually gone, nevertheless his company's board is actually still under scrutiny

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