Stephen Wynn, the founder of Wynn Resorts Ltd. (NASDAQ: WYNN), is out as the chief executive officer of the company due to sexual harassment charges, which have continued to grow since his departure.
Wynn has set plans in motion that would allow him to exit the gambling company’s stock as well.
According to a filing with the U.S. Securities and Exchange Commission (SEC):
On March 14, 2018, Stephen A. Wynn (“Mr. Wynn”) and Elaine P. Wynn (“Ms. Wynn”) presented the Eighth Judicial District Court in Clark County, Nevada (the “District Court”) in the case of Wynn Resorts, Limited vs. Kazuo Okada, et al., Case No. A-12-656710 (the “Litigation”) with a Stipulation agreeing that the Amended and Restated Stockholders Agreement, dated as of January 6, 2010, among Mr. Wynn, Ms. Wynn and Aruze USA, Inc. (the “Stockholders Agreement”) is now invalid and unenforceable as a matter of law and that none of the parties to the Stockholders Agreement shall have any further rights or obligations thereunder. The District Court entered an Order approving the parties’ stipulation and dismissing certain of Ms. Wynn’s claims in the Litigation on March 14, 2018.
Mr. Wynn may seek to sell all or a portion of the Common Stock controlled by him pursuant to one or more registered public offerings, in the open market in transactions pursuant to Rule 144 under the Securities Act of 1933 or in privately negotiated transactions. If he elects to sell any such Common Stock, he will seek to conduct such sales in an orderly fashion and in cooperation with the Company.
Any actions Mr. Wynn or the other Reporting Persons might undertake may be made at any time and from time to time without prior notice and will be dependent upon the Mr. Wynn’s review of numerous factors, including, but not limited to: an ongoing evaluation of the Company’s business, financial condition, operations and prospects; price levels of the Common Stock; general market, industry and economic conditions; regulatory considerations; the relative attractiveness of alternative business and investment opportunities; and other future developments.
Soon, he may have exited the company altogether.