It’s been a torrid time for Vince McMahon of late but it continues to get worse as he and WWE have been hit with another lawsuit.
WWE shareholders Ryan Merholz & Melvyn Klein have filed a suit against WWE, Vince McMahon, Stephanie McMahon, Paul Levesque (Triple H), Frank Riddick III, Stuart Goldfarb, Laureen Ong, Robyn Peterson, Man Jit Singh, Jeffrey Speed, Alan Wexler and George Barrios, alleging that WWE executives misled investors and acted against their best interests.
The suit also mentions issues with WWE’s relationship with Saudi Arabia.
Here’s a excerpt (via Fightful):
“The Company’s most senior executives and directors took advantage of WWE’s inflated stock price to sell millions of dollars’ worth of their own WWE shares during this time period. In a single stock sale on March 27, 2019, WWE’s Chief Executive Officer (“CEO”) and Chairman of the Board, Defendant V. McMahon, sold more than 3.2 million WWE shares for over $261 million in proceeds. This sale occurred when there were only a few days left in the Company’s 2019 first quarter which insiders knew was experiencing poor financial performance and despite growing behind-the-scenes problems with the Saudis.”
“WWE held the Crown Jewel live event in Riyadh, Saudi Arabia. After the event ended, shocking news reports surfaced claiming that the Saudi government was effectively holding a number of WWE wrestlers “hostage” in retaliation for McMahon’s decision to delay a live broadcast of Crown Jewel until the Saudis made tens of millions of dollars in past due payments. Estimates for the amount outstanding ranged from $60 million to as much as $500 million. Several wrestlers detailed their experience during the ordeal on social media platforms”
The full lawsuit filing can be read at this link, and of course WrestleTalk.com will provide any updates on the situation.
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