Steve Wynn has already resigned his post and may lose his name on the company due to the legal trouble about sexually harassing his employees. He is not the only one that has decided to resign before a judicial investigation is complete. Two board of directors have also left their positions.
Monday, March 4, 2018, Ray Irani told media he would step down from his position. He has left the post immediately, according to the Wynn Resorts filing. Alvin Shoemaker is also going to end his time as a board member; however, Shoemaker has said he is going to step down in 2019 when his contract term is up.
These two announcements occurred hours after Oregon made a statement. The State of Oregon is suing Steve Wynn and Wynn Resorts. They are also suing the board members. The reasoning is the board and Wynn did not protect the company, shareholders, or employees because they failed to investigate allegations of harassment and sexual abuse properly.
Oregon’s move is on behalf of the state pension fund. The fund joins the New York State Common Retirement Fund. There are four shareholders besides Oregon State that is going after Wynn Resorts for the loss of value on Wynn stock. They claim a breach of fiduciary duties is the reason they are suing the company. The four shareholders cite the decades-long reported harassment and abuse by Steve Wynn as their reasoning for suing the company and its board members.
Oregon Shares in Wynn
Oregon has 8.506 shares of Wynn Resorts, which are currently worth $1.3 million. The shares were worth more before the big expose on Steve Wynn and his alleged actions. The lawsuit says the issue is a cliché where a wealth mogul harasses employees, abusing the powerless, and the people with the ability to stop it did nothing.
Plenty of sexual harassment suits and allegations are reaching the forefront of gambling news media regarding Steve Wynn, including a manicurist who filed a lawsuit. She is the most recent to join two massage therapists and other employees who claim Wynn made them uncomfortable with his sexual behavior.
The allegations are still being investigated and have not been proven as true.
Irani is 83 years old, was the chairman of Occidental Petroleum and a life trustee of the University of Southern California. Shoemaker joined the board in 2002 and is also a director of the Huntsman Corporation.