Another Law Firm Investigating WWE Over Fraud

UPDATE: Ademi & O’Reilly, LLP has put an official press release announcing that they are investigating possible securities fraud claims against WWE. You can read their full press release below:

We are investigating possible securities fraud claims against World Wrestling Entertainment Inc. resulting from inaccurate statements WWE made regarding its business practices, financial statements and prospects.

Our investigation focuses on the extent to which WWE issued false and misleading statements regarding its business practices, financial statements, past and future business performance and prospects. Specifically, WWE’s statements that it would double the value of its domestic contracts for its two most popular shows, Monday Night Raw and Friday Night Smackdown, and that the prospects for its recently launched streaming video network were strong were false and misleading.

ORIGINAL: Law firm Kahn Swick & Foti, LLC has issued a statement announcing that Charles C. Foti, Jr., a partner at their firm and the former attorney general of Louisiana has launched an investigation into WWE’s deal with NBC/Universal. The statement notes that “WWE disclosed that it had reached a multiyear deal with US broadcaster NBCUniversal for its long-running Raw and SmackDown programs, stating that the annual value of its television distribution agreements would reach $200 million, well below what investors were expecting.”

KSF is looking at whether WWE or officers and directors violated state or federal securities laws.

The release notes that those who have information that would help in the investigation or would like to discuss their legal rights may -mail or call KSF Managing Partner Lewis Kahn.

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