This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Aruze USA Appeals Denial Of Its Preliminary Injunction Motion Seeking To Halt Unlawful Stock Redemption; Drops Its Proxy Contest To Elect Independent Nominees To Wynn Resorts Board Of Directors

LAS VEGAS, Oct. 19, 2012 /PRNewswire/ -- Aruze USA, Inc. today announced it has filed a notice of appeal to the Nevada Supreme Court asking for a reversal of an October 2, 2012, district court ruling denying Aruze USA's motion for a preliminary injunction against the unlawful action by the Wynn Resorts, Limited (NASDAQ:  WYNN) Board of Directors purporting to redeem Wynn stock held by Aruze USA. The company also announced it is terminating its efforts to solicit proxies and elect a slate of independent nominees to the board of Wynn Resorts, Limited.

In a statement, the company said:

"Given the district court's October 2 ruling, we recognize that any relief that may come from the Nevada Supreme Court will not be in time for our independent director nominees to be presented for election at the November 2 shareholder meeting. That said, we continue to believe that Aruze USA, Inc. is a shareholder of Wynn Resorts, Limited, that Wynn Resorts' purported redemption of Aruze's shares was wrongful and invalid, and that Aruze is wrongfully being denied its rights in connection with the November 2 shareholder meeting.  The district court's denial of Aruze USA's motion for a preliminary injunction did not determine that Aruze USA is not a Wynn Resorts shareholder, and we remain confident we will ultimately prevail in our action against Wynn Resorts, Limited, its CEO and its directors to reverse the unlawful redemption of our holdings in Wynn Resorts, Limited. 

"While we are discontinuing the proxy contest, and do not intend to solicit proxies in connection with the November 2 shareholders meeting, we will continue to evaluate our options regarding how we may contribute to assuring that Wynn Resorts, Limited's shareholders are protected from questionable actions by its management and Board."

MEDIA CONTACTS :

Steve Getzug, H+K Strategies, 1-310- 633-9444 (office), 1-213-219-8990 (mobile) Chris Gidez, H+K Strategies, 1-212-885-0480 (office), 1-914-319-6582 (mobile)

SOURCE Aruze USA, Inc.

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,643.01 -11.76 -0.07%
S&P 500 1,988.87 +1.21 0.06%
NASDAQ 4,828.3250 +15.6170 0.32%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs