NEW YORK, Sept. 5, 2014 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in World Wrestling Entertainment Inc. ("WWE" or the "Company") WWE of the September 23, 2014 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against WWE and certain executives.
A complaint has been filed in the United States District Court for the District of Connecticut on behalf of all persons who purchased or acquired WWE securities between October 31, 2013 and May 16, 2014, inclusive (the "Class Period").
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
Specifically, the action alleges that during the Class Period, the Company failed to disclose WWE's true ability to command a premium fee in upcoming negotiations to renew its television licensing agreement.
On May 16, 2014, WWE revealed that it had reached a multiyear deal with NBCUniversal for its television programs Raw and SmackDown, stating that the annual value of its television distribution agreements is expected to reach $200 million, far below investor expectations. On a May 19, 2014 earnings call, Chairman and CEO Vince McMahon stated "We were a little disappointed in our NBCU deal, quite frankly..."
Following these disclosures, the price of WWE stock declined by $8.97 from its May 15, 2014 level, or over 45%, to close at $10.96 on May 19, 2014.
Request more information now by clicking here: www.faruqilaw.com/WWE. There is no cost or obligation to you.
Take Action
If you invested in WWE stock or options between October 31, 2013 and May 16, 2014 and would like to discuss your legal rights, visit www.faruqilaw.com/WWE. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding WWE's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients. To keep track of the latest securities litigation news, follow us on Twitter at www.twitter.com/MergerActivity or on Facebook at www.facebook.com/FaruqiLaw.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
FARUQI & FARUQI, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
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SOURCE Faruqi & Faruqi, LLP
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