Welcome

WWE Investor Sues Over Saudi Deal in Bid to Probe Insider Trades

April 19, 2021, 9:07 PM

A World Wrestling Entertainment Inc. shareholder sued it in Delaware on Monday, seeking internal files to investigate claims that board chairman Vince McMahon sold stock at inflated prices while company leaders kept investors in the dark about the collapse of key Middle Eastern broadcasting deals.

After hiding the early end of its agreement with one partner, WWE executives pumped up its shares by insisting for months that it was on the verge of a deal with a Saudi state broadcaster, according to the complaint filed in Delaware Chancery Court. The eventual truth allegedly sent its stock cratering.

“To make matters ...

To read the full article log in. To learn more about a subscription click here.