Vince’s Return Apparently Renews Bid for Shareholder Suit
A WWE shareholder suit is apparently moving forward. PWInsider is reporting that a previously discussed lawsuit is being prepped for filing. You may recall the firm Scott and Scott issued a press release last June about a potential lawsuit.
The lawsuit arose following the news of Vince McMahon’s hush-money payments. Here is a small excerpt from the press release:
…Scott+Scott is investigating whether members of WWE’s board of directors or senior management failed to manage WWE in an acceptable manner, in breach of their fiduciary duties to WWE, and whether WWE and its shareholders have suffered damages as a result…
H/T Business Wire
PWInsider’s Dave Scherer shared a redacted email from an attorney involved in the lawsuit. According to Scherer, he has a friend “who is a party in the WWE shareholder derivative suit that was filed last June by Scott and Scott after the NDA allegations against Vince McMahon surfaced.” Scherer’s friend shared this email with him (an excerpt that follows):
I hope you had a great holiday season. I’m writing with an update on WWE. We have been working with the company for several months and have received several internal documents, which we have been reviewing. We expect to get an additional batch of documents this week.
You also may have seen the news this past week about Vince McMahon forcing his way back onto the board, along with a major board shakeup. As a result, we believe there is enough of a basis to bring a breach of a fiduciary lawsuit. We hope to file a complaint against McMahon and possibly other directors/officers for breaching their duties to WWE and its shareholders. We should have a draft for you to review in the next couple of days…
H/T PWInsider
WWE Shareholder Suit Moving Forward
Analysis: No one should be surprised by this lawsuit. WrestleLamia suggested Vince’s abrupt return could lead to lawsuits. It may also complicate any efforts to sell the company or negotiate a new TV rights deal.
What do you think of this story? Let us know in the comments below.
[…] doesn’t mean that Vince has smooth sailing ahead. As WrestleLamia noted earlier today, it appears a law firm is proceeding with a shareholder suit. Last August, the law firm of Scott […]
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