WWE Shareholder Lawsuit Against Vince McMahon Over His WWE Return in 2023 & Sale to Endeavor Update – WWE Shareholders Seeking $466 Million to $957 Million in Damages Based on Expert Report

As noted before, a group of WWE shareholders filed a lawsuit in November of 2023 against former TKO and WWE Executive Chairman Vince McMahon over claims that McMahon had engaged in a “sham sale process” for WWE’s sale to Endeavor. WWE executives were ordered by the court this past December to turn over documents related to federal investigations into McMahon’s conduct. McMahon, WWE CCO Paul “Triple H” Levesque, WWE President Nick Khan, and others have also been accused of destroying evidence related to the lawsuit. A judge had ruled this past March for redactions in the lawsuit to be removed. Both McMahon and Khan were recently sanctioned by the court for destroying evidence related to the lawsuit case.

Post Wrestling and Wrestlenomics’ Brandon Thurston reported that attorneys representing a class of WWE shareholders in the lawsuit have argued that they are owed up to almost $1 billion in damages based on their expert report.

Thurston reported that court documents revealed that the plaintiffs are currently seeking a monetary damages range of between $466 million and $957 million plus interest accrued since the merger deal’s closure almost three years ago.

Thurston also reported that this monetary range comes from an analysis written earlier this year by James L. Canessa, who is a financial economist retained by the plaintiffs.

The defendants in the case, McMahon, Khan, Levesque, George Barrios, and Michelle Wilson, have argued that no damages are owed based on their own experts. The defendants also claim that the deal that merged WWE with UFC to create TKO was fair.

Thurston reported that the large sum of money that the plaintiffs claim they are owed likely means that the two sides could be too far apart to come to an out-of-court settlement and prevent the case from being litigated in a trial in the Delaware Court of Chancery, which is currently scheduled to start on June 8th.

Thurston also reported that if the plaintiffs win monetary damages, then that money would be proportionally distributed to shareholders who held WWE stock during a relevant period to be determined by the court.

Presiding judge Vice Chancellor J. Travis Laster is expected to issue an official judgement some months after the trial concludes.