Shane McMahon is involved in more business ventures than just WWE. He has recently been named in a lawsuit against him and Ideanomics, a company where he is currently Vice Chairman of their board and he has been their company director for a decade.
Ideanomics describes themselves as “is a global fintech company for transformative industries.” The company also owns other properties such as Fintech Village, Logistorm, Treeletrik, dbot, and Liquefy.
McMahon along with many other shareholders in the company are accused in the lawsuit “for breaches of their fiduciary duties as controlling shareholder, directors and/or officers of Ideanomics, unjust enrichment, abuse of control, gross mismanagement, waste of corporate assets, and violation of Section 14(a) of the Securities Exchange Act of 1934.”
It is alleged in the lawsuit that the plaintiff has “personal knowledge” of this situation and they have conducted an investigation that included a “review of the Defendants’ public documents, conference calls, and announcements made by Defendants, SEC filings, wire and press releases published by and regarding Ideanomics, legal filings, news reports,”
McMahon is called out by name in the lawsuit for making false statements as well as signing off on them.
Defendant McMahon signed, and thus personally made the false and misleading statements in 2017 10-K. For these reasons, too, Defendant McMahon breached his fiduciary duties, faces a substantial likelihood of liability, is not independent or disinterested, and thus demand upon him is futile and, therefore, excused.”
We’ll have to see how this lawsuit turns out for Shane McMahon and everyone else named from Ideanomics. This kind of thing can take a really long time to get through the court system, but there is progress being made.