WWE announces approval of proposed settlement.
In April 2020, WWE was hit with another lawsuit as shareholders Ryan Merholz and Melvyn Klein filed a lawsuit against WWE, Vince McMahon, Stephanie McMahon, Paul Levesque, Frank Riddick III, Stuart Goldfarb, Laureen Ong, Robyn Peterson, Man Jit Singh, Jeffery Speed, Alan Wexler, and George Barrios.
The lawsuit, filed on April 24, 2020, alleges that top executives acted without the best interest of shareholders in mind.
Merholz & Klein state in the filing that WWE wasted corporate assets, made false statements, failed to disclose adverse facts, misled the investing public, permitted senior executives of WWE to sell more than $282 million worth of their personally held shares of Company stock at inflated prices, and more.
On Friday, WWE announced a preliminary court approval of a proposed settlement.
From WWE:
STAMFORD, Conn.--(BUSINESS WIRE)-- World Wrestling Entertainment, Inc. (NYSE: WWE) The proposed settlement of certain shareholder derivative and other actions, previously disclosed by the Company’s Current Report on Form 8-K, filed August 17, 2021, has received preliminary court approval. The proposed settlement includes no financial obligation on the part of the Company. The attached summary notice constitutes a required notice of the proposed settlement.
You can view the filing by clicking here.
