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Securities Class Actions Hit World Wrestling
By TGC 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.”
Read the full article at:
Forbes
