WWE Hit With New Class Action Lawsuit Over Saudi Arabia
Another day, another lawsuit for Vince McMahon and WWE...
WWE's legal representatives must be about the busiest people in professional wrestling at the moment, as the promotion has just been hit with another class action lawsuit less than 24 hours after news that company shareholders were suing Vince McMahon, Triple H, and other executives for "making false statements" and "perpetrating a fraudulent scheme," leading to drops in stock prices.
The new suit comes from law firm Kessler Topaz Meltzer & Check, LLP. It's all about WWE's business dealings in Saudi Arabia and how this has harmed people who purchased common stock in the promotion between 7 February 2019 and 5 February 2020, making specific note of "tensions" between WWE and the Saudi government "reaching breaking point" on account of the nation owing Vince McMahon's promotion millions of dollars.
With "several analysts tying disappointing Q1 2019 financial results to potential delays in scheduling a live Saudi event," shares declined by approximately 13%. Then, after Crown Jewel 2019, the suit alleges that "the Saudi government effectively holding WWE wrestlers 'hostage' in retaliation for WWE's decision to delay a live broadcast" led to further declines, with shares closing at $56.04 on October 31, 2019."
Further details are mentioned on the Kessler Topaz Meltzer & Check, LLP website, though this covers much of it. Members of the class have until 5 May to move the Court to serve as lead plaintiff.