A new law firm has announced its investigation into the Vince McMahon scandal.
National Shareholders law firm Glancy Prongay & Murray LLP announced on Wednesday that they would be looking into the matter on behalf of the company’s shareholders.
You can check out the full announcement below:
Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces Investigation of World Wrestling Entertainment, Inc. (WWE) on Behalf of Investors
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 [email protected] 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.
For more WWE news, follow us on our Twitter and Facebook pages.
