NEW YORK, March 11, 2020 /CNW/ -- Pomerantz LLP is investigating claims on behalf of investors of World Wrestling Entertainment, Inc. ("WWE" or the "Company") (NYSE: WWE). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether WWE and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On April 25, 2019, WWE disclosed disappointing financial results and fiscal guidance, which several analysts connected to difficulties in the Company's business relationship with the Kingdom of Saudi Arabia, including a multi-year television distribution rights agreement with the Saudi-controlled Orbit Showcase Network ("OSN") and a 10-year partnership with the Saudi General Sports Authority to host live events in Saudi Arabia. On this news, WWE's stock price fell $13.12 per share, or 13.32%, to close at $85.38 per share on April 25, 2019.
Then, on October 31, 2019, in connection with the release of the Company's third quarter 2019 financial results, WWE revealed significant underperformance across key metrics and revealed that its media rights deal with OSN had been indefinitely delayed. On this news, WWE's stock price fell $10.40 per share, or 15.65%, to close at $65.04 per share on October 31, 2019.
On January 30, 2020, WWE announced the departures of WWE Co-Presidents George A. Barrios and Michelle D. Wilson. On this news, WWE's stock price fell $13.42 per share, or 21.54%, to close at $48.88 per share on January 31, 2020.
Finally, on February 6, 2020, WWE again disclosed disappointing financial performance, citing its failure to secure a favorable broadcasting deal with the Saudi government, and revealed that the Saudi media rights deal had been completely excised from the Company's financial forecasting. On this news, WWE's stock price fell $4.50 per share, or 9.18%, to close at $44.50 per share on February 6, 2020.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
SOURCE Pomerantz LLP