NEW YORK--(BUSINESS WIRE)--Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against World Wrestling Entertainment, Inc. (“WWE” or the Company”) (NYSE: WWE) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired WWE class A common stock between February 7, 2019 and February 5, 2020, both dates inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/wwe.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) WWE was experiencing rising tension with the Saudi government and a breakdown in negotiations over a renewed broadcasting distribution deal; (2) the Saudi government and its affiliates had failed to make millions of dollars in payments owed to WWE pursuant to existing contractual commitments between the parties; (3) Orbit Showcase Network (“OSN”), a Saudi-controlled direct broadcast satellite provider, had terminated the broadcast of WWE programming in the first quarter of 2019, despite a contractual obligation to continue such broadcasts, and that this cancellation was symptomatic of a deterioration in the business relationship between the parties; (4) OSN had rebuffed efforts to renew a distribution rights agreement on terms acceptable to WWE; and (5) WWE did not have the ability to expand its operations in the Middle East or within Saudi Arabia as had been represented to investors.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/wwe or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in WWE you have until May 6, 2020 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.