Universal Entertainment Corporation has vowed to take legal action over the planned redemption of its shares of Wynn Resorts, and the ouster of its principal shareholder, Kazuo Okada, from Wynn’s board of directors.

“While Wynn Resorts has still not provided Universal with a copy of the ‘investigation’ report, we believe the allegations leveled against Universal are motivated by self-interest and represent the results of an incomplete and otherwise flawed corporate governance process in breach of the board's fiduciary and other duties,” according to a statement from Universal Entertainment Corporation. “Universal believes the entire process has been tainted by the desire to serve Steve Wynn's predetermined goal of removing Aruze USA as the largest stockholder of the company. Aruze USA intends to commence litigation, which includes seeking a temporary restraining order and preliminary injunction, to protect its interests in Wynn Resorts and prevent the redemption of its shares.”