WWE found themselves on the wrong end of another lawsuit and they must settle. This comes off the heels of the company settling a $39 million lawsuit just recently. Now they have officially settled.
Vince McMahon’s company saw many lawsuits filed against them over claims that WWE wasted corporate assets, made false claims, and failed to disclose the status of their Saudi Arabian television deal. Now they are forced to pay up big for those discretions.
The lawsuit’s filing says, “the plaintiffs in the Actions have alleged violations by certain current and former Company directors and officers related to disclosures concerning the Company’s business relationship in and with the Kingdom of Saudi Arabia and that certain of these defendants engaged in improper stock trading.”
It was also stated that the company took part in actions related to “disclosures concerning the Company’s business relationship in and with the Kingdom of Saudi Arabia and that certain of these defendants engaged in improper stock trading.”
The settlement will also include, “a full release of all defendants in connection with all allegations made in the actions.” It is also proposed in the settlement that the company will “implement and maintain certain corporate governance measures.” They must also pay attorneys fees and reimburse expenses related to the lawsuit.
We will have to see if this situation is over for WWE, but they did not escape the situation unscaved. The company plans to make a return to Saudi Arabia in October, a location that was the crux for a majority of grievances related to this lawsuit.
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