Another law firm launches an investigation centered around WWE.
Since the Wall Street Journal first reported that Vince McMahon was being investigated by WWE’s Board of Directors for a secret settlement deal involving a former employee, there have been several law firms that have launched independent investigations into company.
The latest to do so is Labaton Sucharow, which is an American plaintiffs’ firm that was founded in 1963. They have offices in New York, Delaware and Washington DC. They issued a press release through Business Wire and noted that they are investigating potential violations of the federal securities laws by 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 firstname.lastname@example.org.
About the Firm
Labaton Sucharow LLP is one of the world’s leading complex litigation firms representing clients in securities, antitrust, corporate governance and shareholder rights, and consumer cybersecurity and data privacy litigation. Labaton Sucharow has been recognized for its excellence by the courts and peers, and it is consistently ranked in leading industry publications. Offices are located in New York, NY, Wilmington, DE, and Washington, D.C. More information about Labaton Sucharow is available at labaton.com.
David J. Schwartz
On 6/16, Scott+Scott Attorneys at Law LLP began their investigation and are looking into the company’s Directors and Officers for breach of fiduciary duties.
Vince McMahon voluntarily stepped down from his CEO position but is remaining the head of WWE’s creative content. Stephanie McMahon is filling in as interim CEO.