(English) World Wrestling Entertainment, Inc.
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(English) SHAREHOLDER ALERT: Zhang Investor Law Announces a Securities Class Action Lawsuit Against World Wrestling Entertainment, Inc. – WWE
New York, N.Y., March 12, 2020. Zhang Investor Law announces a class action lawsuit on behalf of shareholders who bought shares of World Wrestling Entertainment, Inc. (NYSE: WWE) between February 7, 2019 and February 5, 2020, inclusive (the “Class Period”).
To join the WWE class action, go to http://zhanginvestorlaw.com/cases/world-wrestling-entertainment-inc/ call Sophie Zhang, Esq. toll-free at 800-991-3756 or email firstname.lastname@example.org for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY RETAIN COUNSEL OF YOUR CHOICE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU NEED NOT BE A LEAD PLAINTIFF IN ORDER TO OBTAIN COMPENSATION.
According to the lawsuit, throughout the Class Period (1) WWE was experiencing rising tension with the Saudi government and a breakdown in negotiations over a renewed broadcasting distribution deal; (2) 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, including at least $60 million owed in connection with the June 2019 Super ShowDown event; (3) the Orbit Showcase Network (“OSN”) had terminated the broadcast of WWE programming in the first quarter of 2019 despite a contractual obligation to continue such broadcasts and this cancellation was symptomatic of a deterioration in the business relationship between the parties; (4) OSN had rebuffed efforts to renew a distribution rights agreement on terms acceptable to WWE, and such renewal was unlikely to occur in 2019, if ever; (5) WWE did not have the ability to expand its operations in the Middle East or within Saudi Arabia as had been represented to investors; (6) OSN had refused to restart the broadcast of WWE programming despite a contractual obligation to continue such broadcasts; and (7) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than May 5, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to http://zhanginvestorlaw.com/cases/world-wrestling-entertainment-inc/ or to discuss your rights or interests regarding this class action, please contact Sophie Zhang, Esq. of Zhang Investor Law toll free at 800-991-3756 or via e-mail at email@example.com.
Zhang Investor Law represents investors worldwide.