LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of World Wrestling Entertainment, Inc. (“WWE” or the “Company”) (NYSE: WWE) investors concerning the Company’s possible violations of the federal securities laws.
If you suffered a loss on your WWE investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/world-wrestling-entertainment-inc-1/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.
On June 15, 2022, the Wall Street Journal reported that an investigation was underway regarding an alleged $3 million settlement that the Company’s Chief Executive Officer, Vince McMahon, agreed to pay to a former employee with whom he allegedly had an affair.
On this news, WWE’s stock fell $2.31, or 3.4%, to close at $64.87 per share on June 16, 2022.
Then, on June 17, 2022, McMahon announced that he had stepped down from his role as chairman and CEO of the Company.
Then, on July 8, 2022, the Wall Street Journal published another article which alleged that McMahon had actually paid $12 million over the past sixteen years to four different female WWE employees to silence their allegations of sexual misconduct.
On this news, WWE’s stock fell $1.31, or 2%, to close at $63.76 per share on July 8, 2022, thereby injuring investors.
Then, on July 25, 2022, WWE disclosed that during its investigation into McMahon, it had uncovered about $14.6 million in unrecorded expenses dating back to 2006. The Company expects to restate its financial statements back to 2019.
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Whistleblower Notice: Persons with non-public information regarding WWE should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email shareholders@glancylaw.com.
About GPM
Glancy Prongay & Murray LLP is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. ISS Securities Class Action Services has consistently ranked GPM in its annual SCAS Top 50 Report. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPM’s nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPM’s lawyers have handled cases covering a wide spectrum of corporate misconduct including cases involving financial restatements, internal control weaknesses, earnings management, fraudulent earnings guidance and forward-looking statements, auditor misconduct, insider trading, violations of FDA regulations, actions resulting in FDA and DOJ investigations, and many other forms of corporate misconduct. GPM’s attorneys have worked on securities cases relating to nearly all industries and sectors in the financial markets, including energy, consumer discretionary, consumer staples, real estate and REITs, financial, insurance, information technology, health care, biotech, cryptocurrency, medical devices, and many more. GPM’s past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron’s, Investor’s Business Daily, Forbes, and Money.
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