An exodus among board directors is happening at Wynn Resorts as lawsuits against its founder and his business partners over alleged sexual misconducts continue to pile up.
On Monday, board member Ray Irani stepped down from his position—effectively immediately, Wynn Resorts announced in a filing. Another board member, Alvin Shoemaker, also advised the board of his plans to step down when his current term ends in 2019.
The announcement came several hours after the state of Oregon revealed that it’s suing Steve Wynn and Wynn Resorts, along with its board of directors, for failing “to protect shareholders, the company, and its employees when it failed to investigate allegations of sexual abuse and harassment.”
Oregon, which is acting on behalf of its state pension fund, joins the New York State Common Retirement Fund and at least four other shareholder groups who have gone after Wynn Resorts, which they claimed breached its fiduciary duties by ignoring the alleged decades-long sexual abuse and harassment incidents of its employees by the casino mogul.