Wyndham Worldwide Corporation (NYSE:WYN) Investor Files Lawsuit Against Certain Directors

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Company Name(s): 
Wyndham Worldwide
Case Name: 
Wyndham Worldwide Shareholder Derivative Lawsuit 05/23/2014
Case Status: 
Lawsuit Filed
Case Status: 
Case Dismissed
Affected Securities
NYSE: WYN
Lawsuit Overview
Type of Lawsuit: 
Shareholder Derivative Action
Date Filed: 
05/23/2014
Summary: 

October 20, 2014 (Update) - The court dismissed the case.

May 27, 2014 (Shareholders Foundation) - An investor in shares of Wyndham Worldwide Corporation (NYSE:WYN) filed a lawsuit against directors of Wyndham Worldwide Corporation over alleged breaches of fiduciary duties.

Wyndham Worldwide Corporation and its operating units sustained three data breaches during the period April 2008 to January 2010.

The plaintiff alleges that in violation of their express promise to do so, and contrary to reasonable customer expectations, Wyndham Worldwide Corporation and its subsidiaries failed to take reasonable steps to maintain their customers' personal and financial information in a secure manner.

The plaintiff says that the defendants' failures to implement appropriate internal controls at Wyndham Worldwide Corporation designed to detect and prevent repetitive data breaches have severely damaged Wyndham Worldwide Corporation and that Wyndham Worldwide Corporation is currently a defendant in a lawsuit filed by the Federal Trade Commission ("FTC") alleging unfairness and deception-based violations, which poses the risk of tens of millions of dollars in further damages.

Wyndham Worldwide Corporation reported that its annual Total Revenue rose from over $3.85 billion in 2010 to over $5 billion in 2013 and that its respective Net Income increased from $379 million to $432 million. Shares of Wyndham Worldwide Corporation (NYSE:WYN) grew from $20.72 per share in early 2010 to as high as $75.74 per share in April 2014.

On May 23, 2014, NYSE:WYN shares closed at $72.22 per share.