Two more shareholder lawsuits were filed Wednesday against 11 directors of Wynn Resorts Ltd. as the fallout over board member Kazuo Okada continues.
Okada and Wynn Resorts have been battling in two Las Vegas courts since January over charges and countercharges of wrongdoing.
The allegations relate to Las Vegas-based Wynn’s agreement to donate $135 million to the University of Macau, which Okada has suggested is improper given Wynn’s gaming license there, and countercharges Okada provided improper benefits to Filipino gaming regulators and is developing a resort in the Philippines that will compete against Wynn’s resorts.
On March 27, shareholder Louisiana Municipal Police Employees Retirement System sued all 12 board members, including Okada, claiming their activities had harmed the company.
On Wednesday, two more shareholders filed suit against 11 of the directors; Okada wasn’t named as a defendant in either suit.
Wednesday’s suits focus on the University of Macau donation and note that Okada was the only director who voted against the $135 million gift pledge.
''This transfer of tens of millions of dollars is a waste of corporate assets and exposed the company to violations of the Foreign Corrupt Practices Act (FCPA),'' one of the lawsuits charges.
The FCPA is a U.S. law aimed at deterring U.S. companies from paying bribes to greedy foreign officials. Wynn has said its attorneys determined the gift to the University of Macau was in compliance with the law.
Wynn Resorts hasn’t responded to the three shareholder lawsuits and, lately, hasn’t been commenting on the lawsuits.
The shareholder in Wednesday’s first lawsuit, the Boilermakers Lodge No. 154 Retirement Fund, based in Pennsylvania, is represented by attorneys at the Las Vegas law firm Reisman Sorokac.
Participating in the suit are other firms active in shareholder cases, including Robbins Umeda LLP in San Diego; the Warner Law firm in Cypress, Texas; and Stephen O’Brien & Associates in Pittsburgh.
The suit seeks unspecified damages as well as a requirement that Wynn improve its corporate governance and FCPA-compliance procedures and policies.
A second suit was filed Wednesday by shareholder Danny Hinson, a South Carolina resident.
He's represented by Aldrich Law Firm Ltd. in Las Vegas and Weiser Law Firm P.C. in Berwyn, Pa.
Participating in that suit are Hutton Law Group in San Diego and the Law Office of Alfred G. Yates Jr. P.C. in Pittsburgh.
Wednesday’s lawsuits came as no surprise — several law firms around the country have announced they’re investigating Wynn Resorts. Such announcements are typically aimed at finding shareholder plaintiffs for lawsuits.
All three shareholder suits were filed in the U.S. District Court of Nevada.