WWE is facing another investigation.
On June 15, the Wall Street Journal reported that the WWE Board of Directors is investigating a $3 million “hush pact” company chairman Vince McMahon reached with a former employee he allegedly had an affair with. McMahon subsequently stepped back from his duties as chairman and CEO, and his daughter Stephanie will fill in for him.
Now, the Schall Law Firm is investigating WWE on behalf of investors for violations of the securities laws. The investigation is focused on whether WWE “issued false and/or misleading statements and/or failed to disclose information pertinent to investors.”
Business Wire posted the following:
ONGOING INVESTIGATION REMINDER: The Schall Law Firm Encourages Investors in World Wrestling Entertainment, Inc. with Losses of $100,000 to Contact the Firm
LOS ANGELES–(BUSINESS WIRE)–The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of World Wrestling Entertainment, Inc. (“WWE” or “the Company”) (NYSE: WWE) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. 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.”
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm’s website at www.schallfirm.com, or by email at firstname.lastname@example.org.
The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.
The Schall Law Firm
Brian Schall, Esq.
WrestleZone will provide more details as they become available.
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