SHAREHOLDER ALERT – Labaton Sucharow investigates World Wrestling Entertainment, Inc. – WWE
NEW YORK–(BUSINESS WIRE)–Labaton Sucharow, an award-winning and nationally recognized shareholder rights law firm, announces that it is investigating potential violations of federal securities laws by World Wrestling Entertainment, Inc. (“World Wrestling Entertainment” or “the Company”) (NYSE: WWE).
On June 15, 2022, just before the market closes, The Wall Street Journal reported that the World Wrestling Entertainment (“WWE”) board of directors is investigating a secret $3 million settlement between longtime CEO Vince McMahon and a departing employee with whom he allegedly had an affair.
Shares of World Wrestling Entertainment traded down nearly 3% in intraday trading on June 16, 2022.
Then, on June 17, 2022, before the market opened, WWE announced that Chairman and CEO Vince McMahon would step down from his dual roles amid the ongoing investigation, and that his daughter and board member of WWE, Stephanie McMahon, would return to the company as interim CEO.
The WWE Board of Directors released a statement announcing that it had formed a special committee to investigate alleged inappropriate behavior by Vince McMahon and another WWE employee.
On this news, shares of World Wrestling Entertainment fell nearly 4% in intraday trading on June 17, 2022.
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If you would like to receive additional information and protect your investments free of charge, please contact David J. Schwartz toll-free (800) 321-0476 or by email at [email protected]
About the firm
Labaton Sucharow LLP is one of the world’s leading complex litigation firms representing clients in the areas of securities, antitrust, corporate governance and shareholder rights, and cybersecurity litigation and consumer data privacy. Labaton Sucharow has been recognized for his excellence by the courts and his peers, and he is consistently ranked in leading industry publications. Offices are located in New York, NY, Wilmington, DE and Washington, DC More information about Labaton Sucharow is available at labaton.com.