World Wrestling Entertainment, Inc.
Lead Plaintiff Deadline: 05/05/2020
SUMMARY OF CASE:
A securities class action has been filed against World Wrestling Entertainment, Inc. (WWE) on behalf of all purchasers of WWE Class A common stock between February 7, 2019 through February 5, 2020. This case has been filed in the USDC – S.D.N.Y.
The Complaint alleges that Throughout the Class Period, rather than disclose these adverse developments, defendants represented that WWE had continued to bolster its relationship with Saudi Arabia and was making significant progress on the renewal of the critical media agreement and its business initiatives in the country. For example, defendants stated that WWE’s “important partnership with the [Saudi] General Sports Authority” was “expected to continue to constitute a significant percentage of [WWE’s] revenues” and that the Company had reached an “agreement in principle” on a renewed media rights deal for the MENA region. In reality, however, the prospects for a deal continued to worsen throughout the Class Period, as the Saudi government failed to make millions of dollars in additional payments owed to WWE following a June 2019 live event held in the country and the negotiations with OSN floundered.