Vince McMahon, Stephanie McMahon, Paul “Triple H” Levesque, and several other WWE executives reportedly are currently facing a new lawsuit from WWE investors, according to Fightful.
Fightful’s Jeremy Lambert reported that a new lawsuit against WWE was filed on June 15th by WWE investors. The lawsuit alleges that WWE executives sold more then $300 million worth of company stock at inflated prices while keeping investors in the dark in regards to the collapse of their Middle Eastern broadcasting television deals.
The lawsuit claims that WWE executives failed to disclose that they knew beforehand that Saudi-based Orbit Showcase Network was not going to renew their television agreement for the region and misled investors about the chances of finding a replacement deal once OSN dropped out.
The lawsuit also alleges that Vince McMahon’s sale of 3.5 million shares worth over $280 million and other WWE executives sale of shares worth around $30 million was based on insider information “regarding the company’s key contracts, business metrics, and financial prospects” in the Middle East region.
The lawsuit claims that the company’s stock price fell from $62 per share to $44.50 per share when the truth about the “rapidly deteriorating” television deal for the Middle East was made public.
The lawsuit is currently asking to be awarded an undisclosed amount in punitive and actual damages, costs, and fees.