World Wrestling Entertainment Investors: Company Investigated by the Portnoy Law Firm
LOS ANGELES, June 17, 2022 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises World Wrestling Entertainment, Inc. (NYSE: WWE) investors that the firm has initiated an investigation into possible securities fraud and may file a class action on behalf of investors. WWE investors that lost money on their investment are encouraged to contact Lesley Portnoy, Esq.
Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, June 17, 2022 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises World Wrestling Entertainment, Inc. (NYSE: WWE) investors that the firm has initiated an investigation into possible securities fraud and may file a class action on behalf of investors. WWE investors that lost money on their investment are encouraged to contact Lesley Portnoy, Esq.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: [email protected], to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
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 stock price fell $2.31 per share, or 3.4%, to close at $64.87 per share on June 16, 2022, the next full trading day.
On June 17, 2022, before trading hours, WWE 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 this news, WWE stock fell during intraday trading on June 17, 2022.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
[email protected]
310-692-8883
www.portnoylaw.com
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