Steve Wynn is vocal about denying the scandal, and defamation employees started a few months ago. He even believes Elaine Wynn has something to do with the current troubles. Perhaps, her latest moves are one of the reasons he believes she was behind the release of information and allegations. In April, Elaine began to use her shareholder power to make a few moves that she sites are best for the company.
One of those moves was to add three females to the board. Her other choice was to start a campaign to replace the the main director of the board citing legacy is not a reason to remain as the head of a company’s board. Now, on Friday, May 4, 2018, it was announced that Elaine Wynn is attempting to delay the annual shareholders meeting.
The new delay is starting with a lawsuit against Wynn Resorts. It should not be a surprise that Elaine Wynn wants to stop the annual general meeting to be held in May.
The reason she has cited in the lawsuit is due to a lack of releasing proper shareholder records. She is the largest shareholder now that Steve Wynn sold his shares and resigned the company. She wants the courts to make the company release all shareholder material that Elaine is legally entitled too before the meeting can take place.
Nevada law says Elaine Wynn can see the names, number of shares, and contact information for all shares owned by the company and individuals. Her representative stated that sharing the list is standard practice in Nevada and under Delaware Law. Both the federal and state courts have also ruled that the shareholders can see the list.
Wynn Resorts and the List
Elaine Wynn has stated she believes the resort is attempting to speak with shareholders directly, but by withholding the list, she is unable to do the same. She was still able to send out a letter to all shareholders asking that they not vote John Hagenbuch back into the director’s chair. She has cited several reasons that he should not be on the board anymore, including one from 2015 in which Steve Wynn’s salary was called into question.
Elaine Wynn and the board of directors are not known for getting along. There is disdain on both sites, which is clear to see. However, as the main shareholder, she has the option of trying to sway things in her favor, which she is trying to do with her recent suit.