| COMPANY |
World Wrestling Entertainment, Inc. |
| COURT |
United States District Court for the Southern District of New York |
| CASE NUMBER |
20-cv-02031 |
| JUDGE |
The Honorable Jed S. Rakoff |
| CLASS PERIOD |
February 7, 2019 – February 5, 2020 |
| SECURITY TYPE |
All Securities |
Case Background:
On March 06, 2020, the initial complaint in this securities class action was filed against World Wrestling Entertainment, Inc. (“WWE” or the “Company”), and certain of WWE’s directors and officers, asserting violations of Sections 10(b) and 20(a) of the Securities Exchange Act. This is a federal securities class action on behalf of all persons and entities who purchased or otherwise acquired WWE securities between February 7, 2019 and February 5, 2020, both dates inclusive (the “Class Period”).
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 that Defendants failed to disclose that: (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; (3) 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; (4) OSN had rebuffed efforts to renew a distribution rights agreement on terms acceptable to WWE; and (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.
Current Status of Case:
On June 8, 2020, Lead Plaintiff filed a consolidated amended complaint (the “Amended Complaint”). Defendants filed a Motion to Dismiss the Amended Complaint on June 26, 2020. On August 6, 2020, the Court issued an Order denying Defendants' Motion to Dismiss. On November 23, 2020, the Court issued an Order staying the case until December 23, 2020, because the parties had executed a settlement term sheet. On June 30, 2021, the Court issued an Order granting final approval of the Settlement. This action has concluded.
The deadline to file a claim is June 10, 2021. If you have any questions or need further information about this settlement, you may go to the following website, http://www.wwesecuritiessettlement.com/, or you can contact the claims administrator, Epiq Class Action & Claims Solutions, Inc. at 1-800-817-4526.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.