Zhang Investor Law Announces Securities Class Action Lawsuit Against World Wrestling Entertainment, Inc. – WWE

NEW YORK, March 16, 2020 (GLOBE NEWSWIRE) -- Zhang Investor Law announces a class action lawsuit on behalf of shareholders who bought shares of World Wrestling Entertainment, Inc. WWE between February 7, 2019 and February 5, 2020, inclusive (the "Class Period").

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. 

To join the class action, http://zhanginvestorlaw.com/join-action-form/?slug=world-wrestling-entertainment-inc&id=2204call Sophie Zhang, Esq. toll-free at 800-991-3756 or email info@zhanginvestorlaw.com for information on the class action.

如果您想加入这个集体诉讼案，请在这里提交您的信息。http://zhanginvestorlaw.com/join-action-form/?slug=world-wrestling-entertainment-inc&id=2204

According to the lawsuit,  throughout the Class Period, defendants and its senior executives presented false and misleading financial statements or omitted (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 has not been certified.  You may retain counsel of your choice.  You may take no action at this time and be an absent class member.  Your ability to obtain a recovery is not dependent upon being a lead plaintiff.  

Zhang Investor Law represents investors worldwide.  Attorney Advertising.  Prior results do not guarantee similar outcomes.

Zhang Investor Law P.C.
99 Wall Street, Suite 232
New York, New York 10005
info@zhanginvestorlaw.com
tel: (800) 991-3756