LOS ANGELES, CA / ACCESSWIRE / April 30, 2020 / The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class-action lawsuit against World Wrestling Entertainment, Inc. ("WWE" or "the Company") (NYSE:WWE) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company's securities between February 7, 2019 and February 5, 2020, inclusive (the ''Class Period''), are encouraged to contact the firm before May 5, 2020.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at firstname.lastname@example.org.
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. WWE suffered from increasing tensions with the government of Saudi Arabia, including a breakdown of negotiations over the renewal of its broadcasting distribution deal. The Saudi government failed to make payments to the Company number in the millions of dollars. One such payment for a June 2019 event amounted to $60 million. Orbit Showcase Network ("OSN") terminated WWE broadcasts in the first quarter of 2019, despite its contractual obligations to continue. OSN's actions, along with rebuffing renewal efforts, made the likelihood of a renewal in 2019 or the future very small. WWE lacked the capacity to expand its operations in the Middle East or within Saudi Arabia, despite what it had promised investors. Based on these facts, the Company's public statements were false and materially misleading throughout the class period. When the market learned the truth about WWE, investors suffered damages.
Join the case to recover your losses.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.
SOURCE: The Schall Law Firm
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