wrestling / News

Two More Law Firms Announce Investigation Into WWE Over Fiduciary Concerns

June 23, 2022 | Posted by Jeremy Thomas
WWE NXT Canyon Ceman Kevin Dunn Image Credit: WWE

The list of law firms looking into WWE over concerns about their fiduciary responsibilities continues to increase, with two more firms announcing investigations. As previously reported, five firms have announced that they are investigating claims of security fraud or other concerns of breaching fiduciary duties following the investigation by the WWE Board into Vince McMahon’s $3 million payment to an employee he had a relationship with. Now, Pomerantz Law Firm and Moore Kuehn, PLLC have announced they are investigating whether WWE breached their fiduciary duties to shareholders or committed securities fraud.

You can check out the announcements here and here, both of which open up the possibility of class action lawsuits against WWE. As of now, no class action lawsuit has been announced.

WWE’s stock has taken a hit in the wake of the allegations and closed today at $59.43, which is the lowest closing price for the stock since May 16th after the stock had been rebounding for most of the year and the past month in particular. The 52-week low for the stock is $47.25, reached on August 19th of last year.

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WWE, Jeremy Thomas