UPDATED: Fifth Law Firm Investigating WWE For Potential Securities Violations

UPDATE: Add a fifth law firm to the stack of those investigating WWE for potential securities violations. As PWInsider notes, Rosen Law Firm has announced that are encouraging WWE investors to ask about a class action investigation they’re conducting into the company.

The firm sent out the following press release late last week:

EQUITY ALERT: Rosen Law Firm Encourages World Wrestling Entertainment, Inc. Investors with Losses to Inquire About Securities Class Action Investigation – WWE
WHY: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of World Wrestling Entertainment, Inc. (NYSE: WWE) resulting from allegations that WWE may have issued materially misleading business information to the investing public.

SO WHAT: If you purchased WWE securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.

WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=7052 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for information on the class action.

WHAT IS THIS ABOUT: 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.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

ORIGINAL: As previously reported, law firm Scott & Scott Attorneys at Law announced an investigation into WWE regarding if certain company directors and officers breached their fiduciary duties to the company and its shareholders. This week, three more law firms announced investigations into Vince McMahon for violations of the federal securities laws (h/t PWInsider).

You can see the three press releases from Labaton Sucharow, The Schall Law Firm, and Bragar Eagel & Squire, P.C. below:

SHAREHOLDER ALERT – Labaton Sucharow Investigating World Wrestling Entertainment, Inc. – WWE

NEW YORK–(BUSINESS WIRE)–Labaton Sucharow, a nationally ranked and award-winning shareholder rights law firm, announces that it is investigating potential violations of the federal securities laws by World Wrestling Entertainment, Inc. (“World Wrestling Entertainment” or “the Company”) (NYSE:WWE).

On June 15, 2022, just before the market closed, The Wall Street Journal reported that the board at World Wrestling Entertainment (“WWE”) 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 stock traded down close to 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 be stepping down from both roles amid the ongoing investigation, and that his daughter and WWE board member, Stephanie McMahon, would return to the company as interim CEO.

The WWE board of directors issued a statement announcing that they formed a special committee to investigate the alleged improper behavior of Vince McMahon and another WWE employee.

On this news, shares of World Wrestling Entertainment fell nearly 4% in intraday trading on June 17, 2022.

If you currently own stock or options in World Wrestling Entertainment, Inc. and suffered a loss, click here to participate.

If you want to receive additional information and protect your investments free of charge, please contact David J. Schwartz using the toll-free number [phone] or via email at [email protected].

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 [email protected].

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.

WWE ALERT: Bragar Eagel & Squire, P.C. is Investigating World Wrestling Entertainment, Inc. on Behalf of WWE Stockholders and Encourages Investors to Contact the Firm

NEW YORK–(BUSINESS WIRE)–Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against World Wrestling Entertainment, Inc. (“WWE” or the “Company”) (NYSE: WWE) on behalf of WWE stockholders. Our investigation concerns whether WWE has violated the federal securities laws and/or engaged in other unlawful business practices.

Click here to participate in the action.

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.”

On this news, WWE stock fell $1.94, or 3%, to close at $62.51 on June 17, 2022.

If you purchased or otherwise acquired WWE shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at [email protected], by telephone at [phone], or by filling out this contact form. There is no cost or obligation to you.