LOS ANGELES–(BUSINESS WIRE)–$WWE #fraud—Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of World Wrestling Entertainment, Inc. (“WWE” or “the Company”) (NYSE: WWE) investors concerning the Company and its officers’ possible violations of the federal securities laws.
If you suffered a loss on your WWE investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information here or contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, via email email@example.com or visit our website at www.glancylaw.com to learn more about your rights.
On April 25, 2019, WWE reported that for first quarter 2019, revenue declined year-over-year, notably in the live events and consumer products segments. Though the Company attributed the decline to the absence of certain “Super Stars,” several analysts connected the results to difficulties securing a media rights deal for the Middle East and North Africa (“MENA”) region with the Kingdom of Saudi Arabia.
On this news, the Company’s share price fell $13.12 per share, or over 13%, to close at $85.38 per share on April 25, 2019, thereby injuring investors.
Then, on October 31, 2019, in connection with the Company’s third quarter 2019 financial results, WWE lowered its fiscal 2019 adjusted OIBDA guidance to a range of $180 million to $190 million, stating that “no assurances” could be made that a media rights deal for the MENA region would ever be completed.
On this news, the Company’s share price fell $10.40 per share, or over 15%, to close at $65.04 per share on October 31, 2019, thereby injuring investors further.
Then, on January 30, 2020, WWE announced the departures of WWE Co-Presidents George A. Barrios and Michelle D. Wilson.
On this news, the Company’s share price fell $13.42 per share, or over 21%, to close at $48.88 per share on January 31, 2020, thereby injuring investors further.
Finally, on February 6, 2020, WWE reported adjusted OBIDA of only $180 million due to the failure to complete a media rights deal for the MENA region.
On this news, the Company’s share price fell $4.50 per share, or over 9%, to close at $44.50 per share on February 6, 2020, thereby injuring investors further.
Whistleblower Notice: Persons with non-public information regarding WWE should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email firstname.lastname@example.org.
Glancy Prongay & Murray LLP is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. ISS Securities Class Action Services has consistently ranked GPM in its annual SCAS Top 50 Report. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPM’s nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPM’s lawyers have handled cases covering a wide spectrum of corporate misconduct including cases involving financial restatements, internal control weaknesses, earnings management, fraudulent earnings guidance and forward looking statements, auditor misconduct, insider trading, violations of FDA regulations, actions resulting in FDA and DOJ investigations, and many other forms of corporate misconduct. GPM’s attorneys have worked on securities cases relating to nearly all industries and sectors in the financial markets, including, energy, consumer discretionary, consumer staples, real estate and REITs, financial, insurance, information technology, health care, biotech, cryptocurrency, medical devices, and many more. GPM’s past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron’s, Investor’s Business Daily, Forbes, and Money.
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