Wynn Resorts Halted on Incorrect SEC Filing (WYNN)
Shares in Wynn Resorts Ltd. (NASDAQ: WYNN) were halted for about half an hour this morning after the company revealed that it had included an incorrect statement in an SEC 8-K filing. The company said, in its original release, that…
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Shares in Wynn Resorts Ltd. (NASDAQ: WYNN) were halted for about half an hour this morning after the company revealed that it had included an incorrect statement in an SEC 8-K filing. The company said, in its original release, that two subsidiaries had received permission to build a new resort on a 51-acre site in the Cotai area of Macau. That statement was later retracted.
A statement in the original 8-K claimed that a land concession contract had been completed. The revised statement retracted the original filing “in its entirety.” The odd thing is that Wynn said the original filing was “not authorized by the company.” Someone must have had an itchy trigger finger.
Wynn’s shares had jumped 8.6% following the release of the original 8-K. After the correction was issued and the stock was restarted, shares are still up about 5.5% at $128.80 in a 52-week range of $101.02-$172.58.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
