Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In World Wrestling Entertainment Inc. (WWE) To Contact The Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in World Wrestling Entertainment Inc. (“WWE” or the “Company”) (NYSE: WWE) of the September 23, 2014 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against WWE and certain executives.
A complaint has been filed in the United States District Court for the District of Connecticut on behalf of all persons who purchased or acquired WWE securities between October 31, 2013 and May 16, 2014, inclusive (the “Class Period”).
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
Specifically, the action alleges that during the Class Period, the Company failed to disclose WWE’s true ability to command a premium fee in upcoming negotiations to renew its television licensing agreement.
On May 16, 2014, WWE revealed that it had reached a multiyear deal with NBCUniversal for its television programs Raw and SmackDown, stating that the annual value of its television distribution agreements is expected to reach $200 million, far below investor expectations. On a May 19, 2014 earnings call, Chairman and CEO Vince McMahon stated "We were a little disappointed in our NBCU deal, quite frankly..."
Following these disclosures, the price of WWE stock declined by $8.97 from its May 15, 2014 level, or over 45%, to close at $10.96 on May 19, 2014.
If you invested in WWE stock or options between October 31, 2013 and May 16, 2014 and would like to discuss your legal rights, you can contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding WWE’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
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