WWE’s McMahon, Board Accused of Insider Trading Over Saudi Deals

A World Wrestling Entertainment Inc. shareholder sued chairman Vince McMahon and other members of its board in Delaware, claiming company leaders sold more than $300 million worth of stock at inflated prices while keeping the public in the dark about the collapse of key Middle East broadcasting deals.

The lawsuit, made public Tuesday, accuses WWE’s executives of telling investors for months it was poised to renew an agreement with Riyadh-based Orbit Showcase Network, which it knew to be exiting sports broadcasting altogether, then misleading them about its chances of finding a replacement deal.

Meanwhile, McMahon—the company’s co-founder and controlling stockholder—allegedly ...