Elaine Wynn files complaint to gain rightful control of her Wynn resorts' stock

Ms. Wynn is being denied her right to control her own stock by her ex-husband, the company's chairman and CEO.

As stated in her complaint, Mr. Wynn breached their January 2010 Stockholders Agreement by orchestrating Ms. Wynn's ouster from the Board of Directors in retaliation for her asking questions about the "tone at the top," the absence of appropriate internal controls, the withholding of information from the Board and the reckless activity of the CEO and others in the company.

As a result of her removal from the Board, Ms. Wynn has no meaningful avenue to protect her substantial economic interest in Wynn Resorts, including any ability to raise issues concerning corporate governance. Because of Mr. Wynn and Wynn Resorts' failures to address this matter, Ms. Wynn has been left with no choice but to proceed with legal action to resolve her claims. This includes seeking a judicial determination that the Stockholders Agreement, which purports to prohibit her from transferring stock that she owns without the permission of Mr. Wynn, and grants to Mr. Wynn all rights to vote her stock, is invalid and unenforceable as a matter of law.

In filing the complaint, Ms. Wynn "also seeks damages for Mr. Wynn's breach of his obligations under the January 2010 Stockholders Agreement, including for his failure to support her renomination and reelection to the Board of Directors, and for Wynn Resorts' tortious interference with that contract. Furthermore, and in the alternative, to the extent that the January 2010 Stockholders Agreement is deemed valid and enforceable, Ms. Wynn seeks specific performance ordering Mr. Wynn to comply with his contractual obligations, as explicitly required by the January 2010 Stockholders Agreement."