Securities Class Actions Hit World Wrestling

By on May 6, 2020

May 6, 2020

World Wrestling Entertainment, Inc., the wrestling empire headed by Vince McMahon, has been hit with several securities class action lawsuits. One alleges a multi-faceted “fraudulent scheme,” with executives selling more than “$282 million worth of their personally held shares at fraud inflated prices” at the same time the enterprise, beset with problems, was being overhyped. A deal with Saudi Arabia is said to have run off the rails, with McMahon delaying a broadcast of a “Crown Jewel” event in Ryadh as leverage for an unpaid multi-million dollar debt, and the Saudi government then “effectively holding a number of WWE wrestlers ‘hostage’ in retaliation.”

 

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Forbes

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