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Boston Herald: "Law firm eyes Wynn Resorts for possible securities fraud"

01/31/2018

Law firm eyes Wynn Resorts for possible securities fraud (Boston Herald)

...A Pomerantz spokesman declined to comment on the investors’ investigation.

In order to prove Wynn higher-ups committed securities fraud, there would have to be evidence they knew or should have known about the sexual misconduct allegations and did not disclose it to the public, according to an expert.

“They would have to show that they were reckless in not knowing or they recklessly disregarded the truth,” said Jill Gross, a law professor at the Elisabeth Haub School of Law at Pace University in New York.

Wynn also is being investigated by the Massachusetts Gaming Commission, which will hold a public meeting tomorrow to discuss allegations of sexual harassment against Wynn first reported by The Wall Street Journal Friday.

“The Commission is profoundly aware of the gravity of this matter and will proceed with the appropriate sense of urgency and rigor,” spokeswoman Elaine Driscoll said in a statement.

A Wynn spokesman said “we restate our commitment to be fully cooperative with any review the Massachusetts Gaming Commission chooses to undertake. Construction continues and remains on schedule for our opening in 2019.” The spokesman declined to comment on the Pomerantz investigation or the stock outlook.

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