The Law Offices of Frank R. Cruz Announces Investigation on Behalf of World Wrestling Entertainment Inc. Investors (WWE)
March 10 2020 - 12:00PM
Business Wire
The Law Offices of Frank R. Cruz announces an investigation on
behalf of World Wrestling Entertainment Inc. ("WWE" or "the
Company") (NYSE: WWE) investors concerning the Company and its
officers’ possible violations of federal securities laws.
If you are a shareholder who suffered a loss, click here to
participate.
On April 25, 2019, WWE reported that for first quarter 2019,
revenue declined year-over-year, notably in the live events and
consumer products segments. Though the Company attributed the
decline to the absence of certain “Super Stars,” several analysts
connected the results to difficulties securing a media rights deal
for the Middle East and North Africa (“MENA”) region with the
Kingdom of Saudi Arabia.
On this news, the Company’s share price fell $13.12 per share,
or over 13%, to close at $85.38 per share on April 25, 2019,
thereby injuring investors.
Then, on October 31, 2019, in connection with the Company’s
third quarter 2019 financial results, WWE lowered its fiscal 2019
adjusted OIBDA guidance to a range of $180 million to $190 million,
stating that “no assurances” could be made that a media rights deal
for the MENA region would ever be completed.
On this news, the Company’s share price fell $10.40 per share,
or over 15%, to close at $65.04 per share on October 31, 2019,
thereby injuring investors further.
Then, on January 30, 2020, WWE announced the departures of WWE
Co-Presidents George A. Barrios and Michelle D. Wilson.
On this news, the Company’s share price fell $13.42 per share,
or over 21%, to close at $48.88 per share on January 31, 2020,
thereby injuring investors further.
Finally, on February 6, 2020, WWE reported adjusted OBIDA of
only $180 million due to the failure to complete a media rights
deal for the MENA region.
On this news, the Company’s share price fell $4.50 per share, or
over 9%, to close at $44.50 per share on February 6, 2020, thereby
injuring investors further.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
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.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: https://www.businesswire.com/news/home/20200310005414/en/
The Law Offices of Frank R. Cruz, Los Angeles Frank R. Cruz,
310-914-5007 fcruz@frankcruzlaw.com www.frankcruzlaw.com
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