The Law Offices of Frank R. Cruz continues its investigation of World Wrestling Entertainment, Inc. (“WWE” or the “Company”) (NYSE: WWE) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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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.
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If you purchased WWE securities, have information or 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 Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20220725005779/en/