As more law firms start investing in WWE in the wake of the current Vince McMahon controversy, one more firm is considering filing a class-action lawsuit against WWE.
Today, Glancy Prongay & Murray LLP revealed that they are looking into WWE on behalf of WWE investors for “violations of the securities laws.”
The investigation’s primary concern is “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.”
The Wall Street Journal article on Vince McMahon, who is under investigation by the board of the WWE for paying a former employee $3 million in settlement for an alleged sexual relationship, was mentioned in a press release that the company released. It also highlighted the second WSJ report, which claimed that McMahon had paid $12 million to four different female WWE employees over the course of sixteen years to hush their claims of sexual misconduct.
Additionally, Vince McMahon’s departure from the WWE last week and the revelation by the WWE that during its investigation of McMahon, it had discovered around $14.6 million in undocumented expenses going back to 2006 were mentioned. WWE anticipates restating its financial records beginning in 2019.
Stay tuned to PWMania.com for more.
