BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf World Wrestling Entertainment, Inc. ("WWE" or "the Company") (NYSE: WWE) investors concerning the Company and its officers’ possible violations of federal securities laws.
On April 25, 2019, WWE reported that for first quarter 2019, revenue declined year-over-year, notably in the live events and consumer products segments. Though the Company attributed the decline to the absence of certain “Super Stars,” several analysts connected the results to difficulties securing a media rights deal for the Middle East and North Africa (“MENA”) region with the Kingdom of Saudi Arabia.
On this news, the Company’s share price fell $13.12 per share, or over 13%, to close at $85.38 per share on April 25, 2019, thereby injuring investors.
Then, on October 31, 2019, in connection with the Company’s third quarter 2019 financial results, WWE lowered its fiscal 2019 adjusted OIBDA guidance to a range of $180 million to $190 million, stating that “no assurances” could be made that a media rights deal for the MENA region would ever be completed.
On this news, the Company’s share price fell $10.40 per share, or over 15%, to close at $65.04 per share on October 31, 2019, thereby injuring investors further.
Then, on January 30, 2020, WWE announced the departures of WWE Co-Presidents George A. Barrios and Michelle D. Wilson.
On this news, the Company’s share price fell $13.42 per share, or over 21%, to close at $48.88 per share on January 31, 2020, thereby injuring investors further.
Finally, on February 6, 2020, WWE reported adjusted OBIDA of only $180 million due to the failure to complete a media rights deal for the MENA region.
On this news, the Company’s share price fell $4.50 per share, or over 9%, to close at $44.50 per share on February 6, 2020, thereby injuring investors further.
If you purchased WWE securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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