WWE has issued a response to the lawsuits filed against them in their latest 10-Q quarterly report filing with the SEC. As previously reported, several lawsuits have been filed that allege the company violated federal securities laws due to statements about their negotiation for a new TV contract earlier this year. The statement from the filing is below, in which they acknowledge the lawsuits and say they believe the claims are without merit.
The statement adds that “By its nature, the outcome of litigation is not known but the Company does not currently expect this litigation to have a material adverse effect on our financial condition.”
On July 26, 2014, the Company received notice of a lawsuit filed in the United States District Court for the District of Connecticut, entitled Warren Ganues and Dominic Varriale, on behalf of themselves and all others similarly situated, v. World Wrestling Entertainment, Inc., Vincent K. McMahon and George A. Barrios, alleging violations of federal securities laws based on certain statements relating to the negotiation of WWE’s domestic television license. The complaint seeks certain unspecified damages. A nearly identical lawsuit was filed one month later entitled Curtis Swanson, on behalf of himself and all others similarly situated, v. World Wrestling Entertainment, Inc., Vincent K. McMahon and George A. Barrios. Both lawsuits are purported securities class actions subject to the Private Securities Litigation Reform Act of 1995 (“PSLRA”). On September 23-24, five putative plaintiffs filed motions to be appointed lead plaintiff and to consolidate the two cases pursuant to the PSLRA. The Company joined the motion for consolidation made by the putative lead plaintiffs. The Company believes the claims are without merit and intends to vigorously defend itself against them.
On October 25, 2014, the Company received notice of a purported class action lawsuit filed in the United States District Court for the District of Oregon, entitled William Albert Haynes III, on behalf of himself and others similarly situated, v. World Wrestling Entertainment, Inc. alleging, among other things, that the Company concealed and denied medical research and evidence concerning traumatic brain injuries suffered by WWE’s performers. The Company believes the claims are without merit and intends to vigorously defend itself against them.
In addition to the foregoing, we are involved in several other litigations and claims that we consider to be in the ordinary course of our business. By its nature, the outcome of litigation is not known but the Company does not currently expect this litigation to have a material adverse effect on our financial condition, results of operations or liquidity. We may from time to time become a party to other legal proceedings.
WWE: Jaida Parker on Being Motivated by Competition in NXT’s Women’s Division, Liv Morgan on How Shoulder Injury in 2023 Helped Improve Her WWE Career, More News
WWE: DDP on Cody Rhodes Being a Visionary in Wrestling, Tony D’Angelo vs. Brooks Jensen Set for 11/19 NXT Show, Liv Morgan on Acting Career Plans
Various: Kevin Nash Herniated Discs Injury Update, NOAH Crowns First Ever GHC Women’s Champion, Mike Santana on Wrestling Career Future
![WWE: LA Knight on Sometimes Getting in Trouble in WWE for Working Off the Cuff, More on NXT Nov. 12, 2024 Viewership, More News, [Spoiler] New WWE Speed Champion Crowned](https://www.tpww.net/wp-content/uploads/2024/11/LA-Knight-540x304.jpg "WWE: LA Knight on Sometimes Getting in Trouble in WWE for Working Off the Cuff, More on NXT Nov. 12, 2024 Viewership, More News, [Spoiler] New WWE Speed Champion Crowned")
