Investor Alert: Lawsuit against World Wrestling Entertainment, Inc. (NYSE:WWE) alleges False and Misleading Statements
The Shareholders Foundation announces that an investor, who purchased shares of World Wrestling Entertainment, Inc. (NYSE:WWE), filed a lawsuit in the U.S. District Court for the District of Connecticut over alleged violations of Federal Securities Laws by World Wrestling Entertainment, Inc. in connection with certain allegedly false and misleading statements made between October 31, 2013 and May 16, 2014.
Investors who purchased shares World Wrestling Entertainment, Inc. (NYSE:WWE) have certain options and for certain investors are short and strict deadlines running. Deadline: September 23, 2014. NYSE:WWE investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
According to the complaint the plaintiff alleges on behalf of purchasers of World Wrestling Entertainment, Inc. (NYSE:WWE) common shares between October 31, 2013 and May 16, 2014, that the defendants violated Federal Securities Laws.
The plaintiff claims that that, October 31, 2013 and May 16, 2014 certain officers of World Wrestling Entertainment, Inc. issued allegedly materially false and misleading statements regarding World Wrestling Entertainment, Inc's ability to command a premium fee in upcoming negotiations to renew its television license agreement.
More specifically, the plaintiff alleges that defendants caused World Wrestling Entertainment, Inc. to issue false and misleading statements in public filings, press releases, and conference calls where they publicized their ability to renew their television license agreement at double the value in upcoming negotiations and that these statements downplayed the fact that advertisers pay less to reach World Wrestling Entertainment, Inc. viewers than traditional sports or other shows on the USA Network and the negative impact on the television license negotiations resulting from the Company's launch of its World Wrestling Entertainment, Inc. Network.
World Wrestling Entertainment, Inc. reported that its annual Total Revenue rose from $484.01 million in 2012 to $507.97 million in 2013 while its respective Net Income fell from $31.43 million to $2.76 million. Shares of World Wrestling Entertainment, Inc. (NYSE:WWE) grew from $7.72 per share in late 2012 to as high as $31.39 per share on March 20, 2014.
On April 7, 2014, World Wrestling Entertainment, Inc. announced that it has changed the location of its Annual Meeting of Stockholders to be held on April 25, 2014. Shares of World Wrestling Entertainment, Inc. (NYSE:WWE) declined from over $31 in March 2014 to as low as $19.65 per share on April 11, 2014.
On May 15, 2014, after the market closed, World Wrestling Entertainment, Inc. announced that it had reached a multi-year deal with NBCUniversal Cable Entertainment increasing the value of the U.S. television license agreement by $57 million, or 50%.
Shares of World Wrestling Entertainment, Inc. declined from $19.93 per share on May 15, 2014, to $11.27 per share on May 16, 2014 and continued to decline to as low as $10.81 per share on May 22, 2014.
On August 12, 2014, NYSE:WWE shares closed at $13.71 per share.
Those who purchased shares of World Wrestling Entertainment, Inc. (NYSE:WWE) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
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