Elaine Wynn has filed a lawsuit against Wynn Resorts Ltd. demanding that the company provide her with a list of its shareholders, which she plans to contact in her fight against John Jay Hagenbuch’s re-election to the company’s board.
Elaine Wynn is protesting Hagenbuch’s re- election on the basis that the private equity investor is too close to former chairman Steve Wynn, who stepped down in February amid sexual harassment allegations.
Though Hagenbuch is a member of the board’s special committee investigating allegations of sexual harassment against Steve Wynn, Elaine Wynn says his friendship with her former husband is impairing his impartiality.
She argues that the re- election, if successful, will undermine the company’s efforts to distance itself from the Steve Wynn scandal.
The lawsuit comes in response to Wynn Resort’s call for shareholders to re-elect Hagenbuch, as the company resists Elaine Wynn’s efforts to oust him.
Both Wynn Resorts and Elaine Wynn plan to directly contact shareholders to influence the outcome of the election. Having requested the list of shareholders earlier this week, Elaine Wynn suspects the company is not “acting in good faith” and delaying the release.
Wynn Resorts has now agreed to provide Elaine Wynn with a list of the company’s shareholders, asking in return for her to withdraw the lawsuit.
It is not clear whether the lawsuit has already been withdrawn.
“Given Jay’s key board role and deep institutional knowledge, withholding your vote for him would only serve to undercut the progress Wynn is making,” the company said in a Wednesday filing.
The progress the company is referring to includes the expansion of the board from 10 to 11 members and the hiring of three female directors in the past month.
The election will be held on May 16 during the company’s annual shareholders meeting.
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