Sexual Harassment Allegations Lead to Shareholder Lawsuits: An Interview with Bill MilaniEmployment Law This Week® February 26, 2018
Mr. Milani discusses how sexual misconduct allegations have started impacting shareholder value and reputation. A case study now exists in Wynn Resorts. After The Wall Street Journal uncovered multiple sexual misconduct allegations against Casino mogul Steve Wynn, the company’s stock fell nearly 20 percent. Wynn resigned a week later, but the company’s troubles were far from over. The company’s stock has lost $3 billion in value. The first shareholder lawsuit was filed the day that Wynn resigned, and, to date, three suits by shareholders claim that Wynn and the Board breached their fiduciary duties to the company and its shareholders.
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