Recent Securities Litigations
World Wrestling Entertainment Inc. Class A Common Stock (NYSE: WWE)
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.