NEW YORK, March 3, 2023 (GLOBE NEWSWIRE) — On March 1, 2023, U.S. District Judge Andrew P. Gordon of the District of Nevada granted the plaintiffs’ motion for summary certification and appointed Pomerantz as class counsel on behalf of the court. appointed class representatives and the class in Ferri et al. v. Wynn Resorts Ltd. etc., No. 2:18-cv-00479-APG-DJA (D.Nev.). This securities fraud class action lawsuit arises from the alleged concealment of a long-standing pattern of alleged sexual misconduct by CEO and founder Stephen (“Steve”) Wynn of Wynn Resorts Limited (“Wynn Resorts”) against female employees of the Company.

The alleged wrongdoing was first raised in January 2018 with the publication of a Wall Street Journal Article detailing complaints from numerous Wynn employees about misconduct by Steve Wynn. As a result of this news, Wynn’s share price fell about 10%. Gambling regulators promptly investigated and confirmed that management had repeatedly ignored allegations of Wynn’s behavior and failed to investigate reports of sexual assault. Wynn resigned soon after, and the company was forced to replace management who had allegedly covered up Wynn’s alleged misdeeds.

In August 2021, Pomerantz denied in part defendants’ motion to dismiss plaintiffs’ second amended complaint when the court upheld allegations of two types of misrepresentation, including: i) 2016 company press releases alleging allegations of the ex-wife of Steve Wynn that Wynn had engaged in wrongdoing and that the company was withholding information from gambling regulators; and ii) Statements by the Company and Steve Wynn disproving the Wall Street Journalthe allegations of and allegation that the company established a hotline for reporting harassment and similar misconduct (and that no reports were made, implying that no sexual misconduct took place).

In this week’s decision granting class certification, Judge Gordon found numerous,…