Another Law Firm Announces Search For Investors In Class Action Suit Against WWE
Pomerantz Law Firm is looking for WWE investors to participate in a class action suit and investigation against WWE.
On Monday, the New York-based law firm sent out the following press release to announce the news:
Pomerantz Law Firm Investigates Claims On Behalf of Investors of World Wrestling Entertainment, Inc. – WWE
NEW YORK, Feb. 6, 2023 — Pomerantz LLP is investigating claims on behalf of investors of World Wrestling Entertainment, Inc. (“WWE” or the “Company”) (NYSE: WWE). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether WWE and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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’s stock price fell $2.31 per share, or 3.4%, to close at $64.87 per share on June 16, 2022.
On July 22, 2022, Vince McMahon announced his retirement from WWE. Then, on July 25, 2022, WWE filed with the U.S. Securities and Exchange Commission a current report on Form 8-K which announced, among other things, that