Company Shareholders File Lawsuit Against WWE
Vince McMahon, Stephanie McMahon and Triple H amongst those accused...
Heel By Nature are reporting that WWE shareholders Ryan Merholz and Melvyn Klein have filed a lawsuit against WWE Chairman Vince McMahon, and other executives including Stephanie McMahon, Triple H, Stuart Goldfarb, Frank Riddick III, Man Jit Singh, Jeffery Speed, Laureen Ong, Robyn Peterson, Alan Wexler, and former Co-President George Barrios.
The 44-page lawsuit claims these executives and top-tier management figures "took actions without the best interests of the shareholders in mind". It also alleges that WWE made "false statements" and "failed to disclose adverse facts known to them" about the company.
This is just the latest piece of bad news to hit the desk of one Vincent Kennedy McMahon.
Other legal terminology and claims made in the document include "breach of fiduciary duties", "waste of corporate assets", "unjust enrichment", "misleading the investing public regarding WWE’s business and prospects" and "artificially inflating the price of WWE securities".
That's not all. The lawsuit further claims that WWE permitted "certain senior executives of WWE to sell more than $282 million worth of their personally held shares of company stock at inflated prices" and that this caused "damages to the company as a result, including the initiation of a proposed class action for securities fraud against the company".
Stay tuned for more details.