WWE Investor Alert: May 5, 2020 Filing Deadline in Class Action – Contact Lieff Cabraser
March 19 2020 - 9:00AM
Business Wire
The law firm of Lieff Cabraser Heimann & Bernstein, LLP
announces that class action litigation has been filed on behalf of
investors who purchased or otherwise acquired the securities of
World Wrestling Entertainment, Inc. (“WWE” or the “Company”) (NYSE:
WWE) between February 7, 2019 and February 5, 2020, inclusive (the
“Class Period”).
If you purchased or otherwise acquired the securities of WWE
during the Class Period, you may move the Court for appointment as
lead plaintiff by no later than May 5, 2020. A lead plaintiff is a
representative party who acts on behalf of other class members in
directing the litigation. Your share of any recovery in the actions
will not be affected by your decision of whether to seek
appointment as lead plaintiff. You may retain Lieff Cabraser, or
other attorneys, as your counsel in the action.
WWE investors who wish to learn more about the litigation and
how to seek appointment as lead plaintiff should click here or
contact Sharon M. Lee of Lieff Cabraser toll-free at
1-800-541-7358.
WWE, headquartered in Stamford, Connecticut, is a leading
provider of wrestling entertainment. Prior to the Class Period, WWE
entered into strategic relationships with the Kingdom of Saudi
Arabia, including a multi-year television distributions rights
agreement with a Saudi-controlled broadcaster, OSN, and a
partnership to host live wrestling events in the country. The
strategic relationships were important to WWE’s growth prospects
and financial success as the Company experienced a declining fan
base and deteriorating market in the U.S. WWE, however, faced
significant public criticism for pursuing business with the Saudis
in light of the country’s history of human rights abuses and
autocratic policies of its ruling royal family. Unbeknownst to
investors, a series of negative developments, including the October
2018 murder of journalist Jamal Khashoggi widely believed to have
been directed by the Saudi government, created tensions between the
government and WWE that jeopardized the success of their business
relationship.
On April 25, 2019, the Company disclosed disappointing financial
results for the first quarter of 2019 and weak guidance which
analysts believed were related potential issues in the Company’s
dealings with the Saudis. On this news, the price of WWE Class A
common stock fell $13.12 per share, or approximately 13%, to close
at $85.38 per share on April 25, 2019, on unusually high trading
volume.
On October 31, 2019, WWE announced disappointing financial
results for the third quarter of 2019 and that the media rights
deal with the Saudis had been indefinitely delayed. In addition,
the Saudi government reportedly had withheld tens of millions of
dollars in payments owed to WWE. As the dispute escalated, WWE
decided to cut a broadcasting feed of a live event held in Saudi
Arabia, to which the Saudi government responded by temporarily
refusing to allow several WWE wrestlers to leave the country. On
this news, the price of WWE stock declined $10.40 per share, or
approximately 15%, to close at $56.04 per share on October 31,
2019, on unusually high trading volume.
Then on January 30, 2020, in a startling turn of events, WWE
announced that its co-presidents unexpectedly left the Company. On
this news, the price of WWE stock declined $13.42 per share, or
nearly 22%, to close at $48.88 per share on January 31, 2020, on
elevated trading volume.
Shortly thereafter, on February 6, 2020, WWE announced
disappointing financial results for the fourth quarter of 2019 and
weak guidance due to the Company’s failure to secure a favorable
broadcasting deal with the Saudis and revealed that the prospective
media rights agreement with the Saudis had been excluded from WWE’s
guidance. On this news, the price of WWE stock declined another
$4.50 per share, or 9%, to close at $44.50 per share on February 6,
2020, on unusually high trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San
Francisco, New York, and Nashville, is a nationally recognized law
firm committed to advancing the rights of investors and promoting
corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of
the nation’s top plaintiffs’ law firms for fourteen years. In
compiling the list, the National Law Journal examines recent
verdicts and settlements and looked for firms “representing the
best qualities of the plaintiffs’ bar and that demonstrated unusual
dedication and creativity.” Law360 has selected Lieff Cabraser as
one of the Top 50 law firms nationwide for litigation, highlighting
our firm’s “laser focus” and noting that our firm routinely finds
itself “facing off against some of the largest and strongest
defense law firms in the world.” Benchmark Litigation has named
Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in
America.”
For more information about Lieff Cabraser and the firm’s
representation of investors, please visit
https://www.lieffcabraser.com/.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200319005167/en/
Source/Contact for Media Inquiries Only Sharon M. Lee
Lieff Cabraser Heimann & Bernstein, LLP Telephone:
1-800-541-7358
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