SAN FRANCISCO, Aug. 18, 2020 /PRNewswire/ -- Schubert Jonckheer & Kolbe LLP is investigating potential derivative claims on behalf of shareholders of World Wrestling Entertainment, Inc. (NYSE: WWE) related to the company's statements regarding a failed media partnership with the government of Saudi Arabia and potentially unlawful insider trading by top executives.
Between approximately February 7, 2019 and February 5, 2020, investors allege that WWE misled them regarding the cancellation of a lucrative media-rights agreement in the Middle East and North Africa region and the failure of an important $500 million partnership with the Saudi General Sports Authority which, unbeknownst to shareholders, was actually broken beyond repair. WWE's share price plummeted when the company finally revealed the truth.
Investors further allege that three top WWE executives – including Chairman Vince McMahon – collectively sold more than $280 million in company stock before the truth came out.
A securities class action pending against the company in the U.S. District Court for the Southern District of New York has survived a motion to dismiss, paving the way for full discovery.
The Schubert Firm is investigating shareholder derivative claims based on the harm the company has suffered as a result of these potential breaches of fiduciary duty by WWE's officers and directors.
For more information, please visit our website at http://www.classactionlawyers.com/WWE.
If you currently own stock in WWE and wish to obtain additional information about shareholder claims and your legal rights, please contact us today.
About Schubert Jonckheer & Kolbe LLP
Schubert Jonckheer & Kolbe represents shareholders, employees, and consumers in class actions against corporate defendants, as well as shareholders in derivative actions against their officers and directors. The firm is based in San Francisco, and with the help of co-counsel, litigates cases nationwide. Attorney advertising. Prior results do not guarantee similar outcomes.
Dustin L. Schubert
Schubert Jonckheer & Kolbe
View original content:http://www.prnewswire.com/news-releases/shareholder-alert-world-wrestling-entertainment-inc-wwe-officers-and-directors-under-investigation-for-allegations-of-insider-trading-and-misleading-statements-concerning-failed-saudi-media-partnership-301113992.html
SOURCE Schubert Jonckheer & Kolbe LLP