-

Class action lawsuit filed against WWE over TV deal fiasco

Shareholder rights law firm Robbins Arroyo LLP announced yesterday that it has filed a federal securities class action lawsuit on July 25, 2014, in the U.S. District Court for the District of Connecticut on behalf of all persons who purchased or otherwise acquired WWE stocks between October 31, 2013 and May 16, 2014.

The lawsuit is against the Company and certain of its officers and directors for, among other things, violations of section 10(b) of the U.S. Securities and Exchange Act of 1934 and U.S. Securities and Exchange Commission Rule 10b-5.

The complaint arises out of false and misleading statements regarding the ability of the Company to transform its earning profile through, among other things, the negotiation of a lucrative long-term television deal.

The suit alleges that certain WWE officers issued materially false and misleading statements regarding the Company’s ability to command a premium fee in negotiations to renew its television license agreement.

This all started when WWE stocks took a 43% dive in just one day after WWE announced it extended its television partnership with NBC Universal for far less money than they originally thought.

Colin Vassallohttps://www.wrestling-online.com
Colin Vassallo has been editor of Wrestling-Online since 1996. He is born and raised in Malta, follows professional wrestling and MMA, loves to travel, and is a big Apple fan!

LATEST NEWS

Mike Tyson helps The Inner Circle in battle against The Pinnacle

Boxing legend Mike Tyson appeared on Dynamite last night and got physical by joining an unlikely rival: Chris Jericho.Tyson...

New NXT champions crowned on night one of Takeover: Stand & Deliver

Io Shirai's 304-day reign as NXT Women's champion came to a screeching halt last night on the first night...

NXT Takeover: Stand & Deliver night one results

Here are the results from night one of NXT Takeover: Stand & Deliver which took place live from the...
spot_img

Stories you might also likeRELATED
Recommended to you