World Wrestling Entertainment, Inc. Securities Litigation
On or around 12/23/2020 (Date of last review)
Filing Date: March 06, 2020
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.
On May 12, 2020, the Court issued an Order consolidating cases. On May 22, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a consolidated amended Complaint on June 8. Defendants filed a Motion to Dismiss the consolidated amended Complaint on June 26. On August 6, the Court issued an Order denying Defendants' Motion to Dismiss. On November 23, the Court issued an Order staying the case until December 23, 2020. The Order stated that the parties have executed a term sheet regarding Settlement. On December 22, the parties entered into a Stipulation and Agreement of Settlement.
Company & Securities Information
Defendant: World Wrestling Entertainment, Inc.
Industry: Motion Pictures
Headquarters: United States
Ticker Symbol: WWE
Company Market: New York SE
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
City of Warren Police and Fire Retirement System, et al. v. World Wrestling Entertainment, Inc., et al.