WWE
Several law firms have now shared press releases announcing that they are now investigating WWE.
On June 15, the Wall Street Journal reported that the WWE board was investigating a “secret” $3 million settlement that Vince McMahon is believed to have paid a former employee he allegedly had an affair with. You can read the full story about the allegations made against Vince McMahon at this link.
As previously reported, Scott+Scott Attorneys LLP then stated that the firm is “investigating whether certain directors and officers of World Wrestling Entertainment, Inc breached their fiduciary duties to WWE and its shareholders”.
Schall Law Firm also announced an investigation, intended to focus on whether WWE ‘issued false and/or misleading statements and/or failed to disclose information pertinent to investors.’
Rosen Law Firm, Brager Eagel & Squire and Labaton Sucharow have now all sent out their own respective press releases announcing that they’ll each be investigating WWE.
Rosen Law Firm’s release stated that the firm is preparing a class action seeking recovery of investor losses.
Brager Eagel & Squire’s investigation will focus on ‘whether WWE has violated the federal securities laws and/or engaged in other unlawful business practices’.
Labaton Sucharow is also investigating potential violations of federal securities laws.
You can read the full press releases below (via Business Wire):
EQUITY ALERT: Rosen Law Firm Encourages World Wrestling Entertainment, Inc. Investors with Losses to Inquire About Securities Class Action Investigation – WWE
NEW YORK–(BUSINESS WIRE)–WHY: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of World Wrestling Entertainment, Inc. (NYSE: WWE) resulting from allegations that WWE may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased WWE securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=7052 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.
WHAT IS THIS ABOUT: On June 15, 2022, The Wall Street Journal published an article entitled “WWE Board Probes Secret $3 Million Hush Pact by CEO Vince McMahon, Sources Say” which revealed that “[t]he board of World Wrestling Entertainment Inc. [] is investigating a secret $3 million settlement that longtime chief executive Vince McMahon agreed to pay to a departing employee with whom he allegedly had an affair, according to documents and people familiar with the board inquiry.” The article further revealed, among other things, that “[t]he board’s investigation, which began in April, has unearthed other, older nondisclosure agreements involving claims by former female WWE employees of misconduct by Mr. McMahon and one of his top executives, John Laurinaitis, the head of talent relations at WWE, the people said.”
On this news, WWE stock price fell $2.31 per share, or 3.4%, to close at $64.87 per share on June 16, 2022, the next full trading day.
On June 17, 2022, before trading hours, WWE issued a press release entitled “WWE® & Board of Directors Joint Release” which announced that “a Special Committee of the Board is conducting an investigation into alleged misconduct by its Chairman and CEO Vincent McMahon and John Laurinaitis, head of talent relations, and that, effective immediately, McMahon has voluntarily stepped back from his responsibilities as CEO and Chairman of the Board until the conclusion of the investigation.”
On this news, WWE stock fell during intraday trading on June 17, 2022.
WWE ALERT: Bragar Eagel & Squire, P.C. is Investigating World Wrestling Entertainment, Inc. on Behalf of WWE Stockholders and Encourages Investors to Contact the Firm
NEW YORK–(BUSINESS WIRE)–Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against World Wrestling Entertainment, Inc. (“WWE” or the “Company”) (NYSE: WWE) on behalf of WWE stockholders. Our investigation concerns whether WWE has violated the federal securities laws and/or engaged in other unlawful business practices.
Click here to participate in the action.
WWE is the subject of a June 15, 2022, article in the Wall Street Journal titled: “WWE Board Probes Secret $3 Million Hush Pact by CEO Vince McMahon, Sources Say.” According to the article, the Company’s board “is investigating a secret $3 million settlement that longtime chief executive Vince McMahon agreed to pay to a departing employee with whom he allegedly had an affair, according to documents and people familiar with the board inquiry.” The article continues, “the board’s investigation, which began in April, has unearthed other, older nondisclosure agreements involving claims by former female WWE employees of misconduct by Mr. McMahon and one of his top executives, John Laurinaitis, the head of talent relations at WWE, the people said.”
On June 17, 2022, the Company issued a press release stating, “a Special Committee of the Board is conducting an investigation into alleged misconduct by its Chairman and CEO Vincent McMahon and John Laurinaitis, head of talent relations, and that, effective immediately, McMahon has voluntarily stepped back from his responsibilities as CEO and Chairman of the Board until the conclusion of the investigation.”
On this news, WWE stock fell $1.94, or 3%, to close at $62.51 on June 17, 2022.
If you purchased or otherwise acquired WWE shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at investigations@bespc.com, by telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
SHAREHOLDER ALERT – Labaton Sucharow Investigating World Wrestling Entertainment, Inc. – WWE
NEW YORK–(BUSINESS WIRE)–Labaton Sucharow, a nationally ranked and award-winning shareholder rights law firm, announces that it is investigating potential violations of the federal securities laws by World Wrestling Entertainment, Inc. (“World Wrestling Entertainment” or “the Company”) (NYSE:WWE).
On June 15, 2022, just before the market closed, The Wall Street Journal reported that the board at World Wrestling Entertainment (“WWE”) is investigating a secret $3 million settlement between longtime CEO Vince McMahon and a departing employee with whom he allegedly had an affair.
Shares of World Wrestling Entertainment stock traded down close to 3% in intraday trading on June 16, 2022.
Then on June 17, 2022, before the market opened, WWE announced that Chairman and CEO Vince McMahon would be stepping down from both roles amid the ongoing investigation, and that his daughter and WWE board member, Stephanie McMahon, would return to the company as interim CEO.
The WWE board of directors issued a statement announcing that they formed a special committee to investigate the alleged improper behavior of Vince McMahon and another WWE employee.
On this news, shares of World Wrestling Entertainment fell nearly 4% in intraday trading on June 17, 2022.
If you currently own stock or options in World Wrestling Entertainment, Inc. and suffered a loss, click here to participate.
If you want to receive additional information and protect your investments free of charge, please contact David J. Schwartz using the toll-free number (800) 321-0476 or via email at david@labaton.com.
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2 years ago by Sanchez Taylor
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