Wynn Stocks Continue Decline In Wake Of Sexual Misconduct Allegations
Shares of Wynn Resorts continued falling today in the wake of sexual harassment and assault allegations against founder and CEO Steve Wynn.
The stock shed $13.80, or 7.6 percent, to hit $166.60 in midday trading. It has fallen about 18 percent since The Wall Street Journal reported the allegations on Friday.
The company and Wynn both vehemently denied the allegations. The board of directors said a committee of independent directors would investigate the allegations, led by Patricia Mulroy.
Fallout from the allegations also includes Wynn's resignation as Republican National Committee finance chairman and a review by the Massachusetts Gaming Commission.
The detailed report relies on interviews with dozens of people who corroborate a decades-long pattern of sexual misconduct with female employees.
Both Wynn and the company called the allegations part of a smear campaign related to divorce proceedings from Wynn's ex-wife.