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WWE Hit With Shareholder Suit Over Falling Out With Saudis (1)

March 6, 2020, 8:10 PM; Updated: March 9, 2020, 2:45 PM

World Wrestling Entertainment Inc. was slapped with a proposed class action Friday by WWE shareholders who allege the company inflated its stock price by concealing tensions in its relationship with the Saudi government.

In recent years, WWE began negotiations with Saudi Arabia, including a multi-year television distribution rights agreement with a Saudi-controlled direct broadcast satellite provider serving the Middle East and North Africa region, and a 10-year partnership with the Saudi General Sports Authority to host live events in Saudi Arabia.

On April 25, 2019, however, the company disclosed disappointing financial results, which several analysts thought was connected to problems ...

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