UPDATE x 3: Law Firm of Levi & Korsinsky, LLP released the following press release today, noting that they are launching an investigation into WWE’s Board of Directors in response to possible breaches of fiduciary duty:
SHAREHOLDER ALERT: The Law Firm of Levi & Korsinsky, LLP Launches an Investigation into Possible Breaches of Fiduciary Duty by the Board of Directors of World Wrestling Entertainment Inc.
NEW YORK, May 22, 2014 (BUSINESS WIRE) — Levi & Korsinsky, LLP is investigating World Wrestling Entertainment Inc. (“WWE” or the “Company”) WWE in connection with possible breaches of fiduciary duty.
To get more information, click here: http://zlk.9nl.com/world-wrestling-entertainment-wwe. There is no cost or obligation to you.
On May 16, 2014, the Company disclosed that it had reached a multiyear deal with NBCUniversal for its television programs Raw and SmackDown, stating that the annual value of its television distribution agreements is expected to reach $200 million, far below investor expectation. On a May 19, 2014 earnings call, Chairman and CEO Vince McMahon stated, “We were a little disappointed in our NBCU deal, quite frankly…” Shares of WWE are down from a close of $19.93 per share on May 15, 2014, to a recent close of just $10.96 per share on May 19, 2014.
If you own common stock in WWE and wish to obtain additional information, please contact Eduard Korsinsky, Esq. either via email at ek@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/world-wrestling-entertainment-wwe .
Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut and Washington D.C. The firm’s 26 attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
UPDATE x 2: The following was sent out today, noting that another law firm (the third one so far – see below) is launching an investigation into WWE, due to the recent stock drop and alleged “conflicting financial statements” made by WWE…
INVESTOR ALERT: The Law Office of James C. Kelly Announces Investigation on Behalf of Investors of World Wrestling Entertainment Inc.
NEW YORK, May 22, 2014 /PRNewswire/ — The Law Office of James C. Kelly is investigating potential claims on behalf of investors who purchased shares of World Wrestling Entertainment Inc. common stock (NYSE: WWE) during the period between August 1, 2013 and May 15, 2014, concerning possible violations of federal securities laws. Such investors are advised to contact James C. Kelly at 888.643.7517 or jkelly@jckellylaw.com.
On May 15, 2014, WWE updated its business outlook by disclosing that if it achieves one million subscribers for its WWE television network by the end of this year, it would have operating losses of between $35 million and $45 million. Significantly, the company also disclosed that the WWE Network would need at least a range of 1.3 million to 1.4 million subscribers “to offset the complete cannibalization of the Company’s Pay-Per-View and” video-on-demand businesses. However, as recently as January 16, 2014, WWE’s CFO represented that at 1 million subscribers “we break even” for 2014 assuming the pay-per-view business goes away.
On this news, WWE common stock declined $8.66 per share or more than 43%, to close at $11.27 per share on May 16, 2014.
The Law Office of James C. Kelly has extensive experience representing shareholders and bondholders in securities class actions. Visit our website for additional information at http://www.jckellylaw.com.
Attorney Advertising: Prior Results Do Not Guarantee A Similar Outcome.
SOURCE The Law Office of James C. Kelly
/CONTACT: The Law Office of James C. Kelly, 244 5th Avenue, Suite K-278, New York, New York 10001, Tel: 212-920-5042, Toll Free Tel: 888-643-7517, Toll Free Fax: 888-224-2078, Email: jkelly@jckellylaw.com
/Web site: http://www.jckellylaw.com
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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