An investigation on behalf of investors in World Wrestling Entertainment, Inc. (NYSE:WWE) shares over potential wrongdoing at World Wrestling Entertainment, Inc. was announced and NYSE:WWE stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/17/2023 -- An investigation on behalf of investors in shares of World Wrestling Entertainment, Inc. (NYSE: WWE) was announced over potential breaches of fiduciary duties by certain officers and directors at World Wrestling Entertainment, Inc.
Investors who purchased shares of World Wrestling Entertainment, Inc. (NYSE: WWE) have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain World Wrestling Entertainment directors breached their fiduciary duties and caused damage to the company and its shareholders.
Stamford, CT based World Wrestling Entertainment, Inc., an integrated media and entertainment company, engages in the sports entertainment business in North America, Europe, the Middle East, Africa, the Asia Pacific, and Latin America.
On June 15, 2022, the Wall Street Journal reported that the WWE board was investigating an alleged $3 million settlement that CEO Vince McMahon agreed to pay in January 2022 to a former WWE employee with whom he allegedly had an affair.
On June 17, 2022, World Wrestling Entertainment, Inc 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 July 22, 2022, Vince McMahon announced his retirement from World Wrestling Entertainment, Inc.
On July 25, 2022, World Wrestling Entertainment, Inc filed with the SEC a current report on Form 8-K which announced, among other things, that "[t]he Company has made a preliminary determination that certain payments that Vince McMahon agreed to make during the period from 2006 through 2022 (including amounts paid and payable in the future), and that were not recorded in the WWE consolidated financial statements, should have been recorded as expenses in the quarters in which those agreements were made (the "Unrecorded Expenses")[,]" which "[a]s of the date hereof, the Company has identified Unrecorded Expenses totaling approximately $14.6 million." The report further announced that "the Company currently anticipates that it will revise its previously issued financial statements to record the Unrecorded Expenses in the applicable periods for the years ended December 31, 2019, 2020 and 2021, as well as the first quarter of 2022[.]" Finally the report also announced that "[t]he Company has also received, and may receive in the future, regulatory, investigative and enforcement inquiries, subpoenas or demands arising from, related to, or in connection with these matters."
Those who purchased shares of World Wrestling Entertainment, Inc. (NYSE: WWE) have certain options and should contact the Shareholders Foundation.
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About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.