Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Southern District of New York on behalf of shareholders of World Wrestling Entertainment, Inc. who purchased shares between February 7, 2019 and February 5, 2020.
WWE and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On February 6, 2020, following a series of prior disappointing disclosures relating to its important, yet deteriorating, strategic relationship with the Kingdom of Saudi Arabia, the Company revealed that it had failed to secure a favorable broadcasting deal with the Saudis and that the Saudi media rights deal would not be included in the Company’s financial forecasting.
On this news, the price of WWE’s shares plummeted.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until May 5, 2020 to request that the court appoint them lead plaintiff.