Wynn shareholder lawsuits reinstated
10 October 2012
Four federal shareholder lawsuits against the Wynn Resorts Ltd. board members were reinstated on Wednesday after they were apparently dismissed in error on Tuesday.
U.S. District Judge James Mahan on Wednesday filed an order reopening the cases, which have been combined into one suit.
Mahan’s initial order closing the cases on Tuesday suggested the plaintiff shareholders had missed a deadline to respond to a dismissal motion filed by attorneys for the Wynn board members.
Court records, however, show the plaintiffs have until Oct. 15 to respond to the dismissal motion.
The federal suits, as well as two pending in state court, claim, among other things, that the Wynn board exposed the company to liability when it approved a $135 million donation to the University of Macau in China, where Wynn has a gaming license.
Attorneys for the directors have denied wrongdoing related to the donation and have said it wasn’t aimed at buying influence with Chinese officials.
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