Vince McMahon generated significant media attention in the past year due to his involvement in a scandal involving payoffs to keep quiet. The professional wrestling community closely followed the situation, eagerly anticipating developments. Eventually, McMahon returned to his position as majority shareholder and Executive Chairman of WWE, wielding his power to shape the company’s direction. Now it seems the company is under investigation by another law firm on behalf of shareholders.
Vince McMahon’s return to the Board of Directors was more or less compared to a hostile takeover, as McMahon was absolutely ruthless in his endeavor for control. He was appointed as the Executive Chairman of WWE after Stephanie McMahon resigned, leaving Nick Khan as the sole CEO.
This news disappointed fans to no end as they expressed concerns about McMahon’s return to the position of Chairman. Even then, McMahon will do whatever he wants to do in the end.
As previously reported, Vince McMahon is facing a lawsuit after his return. Bronstein, Gewirtz, & Grossman LLC, is considering bringing a class-action lawsuit against WWE following McMahon’s recent scandal.
Several law firms announced they were looking into potentially filing lawsuits against Vince McMahon when the hush money scandal first broke last year. Bronstein, Gewirtz, & Grossman announced today that they are investigating WWE for “violations of the securities laws” on behalf of WWE investors.
The investigation is focused on “whether WWE and/or the company’s officers and directors violated the securities laws or breached their fiduciary duties in connection with the above alleged misconduct.”
We will keep you update don this ongoing case right here at Ringside News.
What’s your take on this new legal issue? Sound off in the comments!