World Wrestling Entertainment, Inc. Securities Litigation (2020)

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Lawsuit Overview

Defendant:World Wrestling Entertainment Inc. Class A Common Stock
Date Filed:March 6th, 2020
Sector:Consumer Services
Industry:Movies/Entertainment
Class Start Date:February 7th, 2019
Class End Date:February 5th, 2020
Settlement Website: http://www.wwesecuritiessettlement.com/
Settlement Deadline:June 10th, 2021

According to the Complaint, World Wrestling Entertainment, Inc. ("WWE") is an integrated media and entertainment company that is primarily known for its scripted professional wrestling shows.

The Complaint alleges that during the Class Period, Defendants made false and misleading statements and/or failed to disclose adverse information regarding WWE's business and operations. Specifically, the Complaint alleges Defendants failed to disclose that WWE was experiencing rising tension with the Saudi government and a breakdown in negotiations over a renewed broadcasting distribution deal; that the Saudi government and its affiliates had failed to make millions of dollars in payments owed to WWE pursuant to existing contractual commitments between the parties; that OSN had terminated the broadcast of WWE programming in the first quarter of 2019, despite a contractual obligation to continue such broadcasts, and that this cancellation was symptomatic of a deterioration in the business relationship between the parties; that OSN had rebuffed efforts to renew a distribution rights agreement on terms acceptable to WWE; and that WWE did not have the ability to expand its operations in the Middle East or within Saudi Arabia as had been represented to investors.

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Reference Complaint

Firefighters' Pension System of the City of Kansas City, Missouri Trust, et al. v. World Wrestling Entertainment, Inc., et al.

Date Filed:June 8th, 2020
Class Period Start:February 7th, 2019
Class Period End:February 5th, 2020
Reference Complaint Filings
#Document TitleFiling Date
 
First Identified Complaint

City of Warren Police and Fire Retirement System, et al. v. World Wrestling Entertainment, Inc., et al.

Date Filed:March 6th, 2020
Class Period Start:February 7th, 2019
Class Period End:February 5th, 2020
First Identified Complaint Filings
#Document TitleFiling Date