Kaskela Law LLC is investigating World Wrestling Entertainment Inc. (“WWE” or the “Company”) (NYSE: WWE) on behalf of the Company’ long-term current stockholders.
On June 15, 2022, The Wall Street Journal reported that WWE’s Board of Directors was investigating “a secret $3 million settlement that longtime chief executive Vince McMahon agreed to pay to a departing employee with whom he allegedly had an affair.” On July 8, 2022, The Wall Street Journal further reported that McMahon had “agreed to pay more than $12 million over the past 16 years to suppress allegations of sexual misconduct and infidelity, an amount far larger than previously known.”
Subsequently, on July 22, 2022, WWE disclosed that McMahon had “retired” as the Company’s Chairman and CEO. Then, on July 25, 2022, WWE disclosed that it would restate its financial statements to account for $14.6 million in “unrecorded expenses” for payments that Mr. McMahon agreed to make between 2006 – 2022.
The stockholder investigation seeks to determine whether WWE and/or the company’s officers and directors violated the securities laws or breached their fiduciary duties in connection with the above alleged misconduct.
WWE shareholders are encouraged to contact Kaskela Law LLC (Adrienne Bell, Esq.) at (484) 229 – 0750, or by email at [email protected], for additional information about this investigation and their legal rights and options. Investors may also submit their information to the firm by completing the form on this page.