NEW YORK, November 28, 2022 /PRNewswire/ —
WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of World Wrestling Entertainment, Inc. (NYSE: WWE) shareholders arising from allegations that which WWE may have provided misleading business information to the investing public.
SO WHAT: If you have purchased WWE titles, you may be entitled to compensation without payment of disbursements or fees through a contingency fee arrangement. The law firm Rosen is preparing a class action lawsuit seeking to recover the losses of the investors.
WHAT TO DO NEXT: To join the potential class action, go to https://rosenlegal.com/submit-form/?case_id=7052 or call Phillip Kim, Esq. toll free at 866-767-3653 or by email [email protected] Where [email protected] for more information on the class action.
WHAT DOES IT TALK ABOUT: On June 15, 2022, The Wall Street Journal published an article titled “WWE Board Probes Secret $3 million Hush Pact by CEO Vince McMahonSources Say” which revealed that “[t]he Board of Directors of World Wrestling Entertainment Inc. [] investigation into a secret $3 million regulation that the long-time general manager Vince McMahon agreed to pay a departing employee with whom he allegedly had an affair, according to documents and people familiar with the council’s investigation.” The article further revealed, among other things, that “[t]The board’s investigation, which began in April, uncovered other, older nondisclosure agreements involving allegations by former WWE employees of misconduct by Mr. McMahon and of one of its senior executives, Jean Laurinaitisthe head of talent relations at WWE, the people said.” At this news, WWE’s stock price plummeted. $2.31 per share, or 3.4%, to close at $64.87 per share on June 16, 2022the next full trading day.
On June 17, 2022before trading hours, WWE issued a press release titled “WWE® & Board of Directors Joint Release” which announced that “a special committee of the board of directors is investigating allegations of misconduct by its chairman -general director Vincent McMahon and Jean LaurinaitisHead of Talent Relations, and that, effective immediately, McMahon has voluntarily stepped down from his responsibilities as CEO and Chairman of the Board pending the conclusion of the investigation. $2.36 per share, or 3.6%, to close at $62.51 per share on June 17, 2022.
On July 22, 2022, Vince McMahon announced his retirement from WWE.
On July 25, 2022WWE filed a current Form 8-K report with the SEC which announced, among other things, that “[t]a Company has tentatively determined that certain payments that Vince McMahon agreed to enter into during the period 2006 through 2022 (including amounts paid and payable in the future), and which were not recorded in WWE’s consolidated financial statements, should have been expensed in the quarters in which such agreements were entered into (the “Unrecorded Expenses”)[,]” who “[a]s as of the date hereof, the Company has identified unrecorded expenses totaling approximately $14.6 millionThe report further announced that “the company currently plans to revise its previously released financial statements to record unrecorded expenses in the applicable periods for the years ended December 31, 20192020 and 2021, as well as the first quarter of 2022[.]“Finally the report also announced that”[t]The Company has also received, and may receive in the future, regulatory, investigative and enforcement inquiries, subpoenas or demands arising out of, relating to or in connection with these matters.”
WHY THE ROSEN LAW: We encourage investors to select qualified attorneys with proven track records in leadership roles. Often, companies issuing reviews do not have comparable experience, resources, or significant peer recognition. Many of these companies do not bring securities class action lawsuits. Be wise in choosing lawyers. Rosen Law Firm represents investors worldwide, focusing its practice on securities class action and shareholder derivative litigation. Rosen Law Firm has reached the largest securities class action settlement against a Chinese company. Rosen Law Firm was ranked #1 by ISS Securities Class Action Services for the number of securities class action settlements in 2017. The firm has ranked in the top 4 every year since 2013 and has recovered hundreds of million dollars for investors. In 2019 alone, the company obtained more than $438 million for investors. In 2020, founding partner Laurence Rosen has been named by law360 as a Titan of the Plaintiffs Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
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Contact information:
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, Pennsylvania
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
[email protected]
[email protected]
[email protected]
www.rosenlegal.com
SOURCE Rosen Law Firm, Pennsylvania
