Shareholder Alert: Robbins LLP Reminds Investors World Wrestling Entertainment, Inc. (WWE) Sued for Misleading Shareholders
March 27 2020 - 1:39PM
Business Wire
Shareholder rights law firm Robbins LLP reminds investors that a
purchaser of World Wrestling Entertainment, Inc. (NYSE: WWE) filed
a class action complaint for alleged violations of the Securities
Exchange Act of 1934 between February 9, 2019 and February 5, 2020.
WWE is an integrated media and entertainment company that engages
in the sports entertainment business.
If you suffered a loss as a result of WWE's misconduct, click
here.
World Wrestling Entertainment, Inc. (WWE) Accused of
Misleading Shareholders
According to the complaint, in recent years, WWE had entered
into strategic relationships with the Kingdom of Saudi Arabia,
including a multiyear television distribution rights agreement with
Saudi-controlled Orbit Showcase Network ("OSN") and a partnership
with the Saudi General Sports Authority to host live events in
Saudi Arabia. Despite criticism from fans for engaging in a
relationship with a country rife with human rights abuses, WWE
proceeded, assuring shareholders the relationships would pay off.
However, WWE failed to disclose that ideological differences
between the Company and the Saudi government led to the Saudi
government's refusal to pay millions of dollars it owed to WWE and
OSN's early termination of its agreement. As a result, on February
6, 2020, WWE once again disclosed its disappointing financial
performance due to its inability to secure a favorable broadcasting
deal with the Saudi government, revealing that the Saudi media
rights deal was no longer part of WWE's financial forecast.
Following all of its disclosures, WWE's stock traded as low as
$32.38 on March 12, 2020, representing a staggering 67% decline
from its class period high of more than $100.
World Wrestling Entertainment, Inc. (WWE) Shareholders Have
Legal Options
Contact us to learn more: Leo Kandinov (800) 350-6003
lkandinov@robbinsllp.com Shareholder Information Form
Robbins LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional
investors in shareholder derivative and securities class action
lawsuits, and has helped its clients realize more than $1 billion
of value for themselves and the companies in which they have
invested. Click here to receive free alerts from Stock Watch when
companies engage in wrongdoing.
Attorney Advertising. Past results do not guarantee a similar
outcome.
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version on businesswire.com: https://www.businesswire.com/news/home/20200327005434/en/
Leo Kandinov Robbins LLP 5040 Shoreham Place San Diego, CA 92122
lkandinov@robbinsllp.com (619) 525-3990 or Toll Free (800) 350-6003
www.robbinsllp.com
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