According to former Wynn director Kazuo Okada, some of the allegations made by Wynn Resorts Ltd were retracted in the lawsuit filed by the hotel chain against him. The announcement caused a jump in the share values of Universal Entertainment Corp, the pachinko company that Okada heads.
The jump was about 20%, allowing shares to reach 1,880 yen on traded 879,300 shares.
Wynn Resorts had sought permission from a Nevada state court judge to amend the lawsuit against Okada for industrial espionage. He resigned before a shareholder vote could be put together to oust him from the board. Before he left the Wynn Hotels board, he was being investigated for allegedly making improper payments to gambling officials for rights in the Philippines.
Wynn Resorts said it would be dropping the claims because of the validity of the allegations and instead modified the complaint to focus on Okada's supposed corrupt conduct in the Philippines.
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