WWE: Stephanie McMahon Held Backstage Meeting, Another Potential Lawsuit, Jeff Jarrett

Jun 25, 2022

WWE Reportedly Held “All Hands on Deck” Backstage Meeting This Past Thursday

WWE reportedly held an “All Hands on Deck” type backstage meeting this past Thursday, according to PWInsider.

Mike Johnson reported that his sources stated that current CEO and Chairwoman Stephanie McMahon led this meeting which revolved around the company’s current investigation into her father and former CEO and Chairman Vince McMahon.

These same sources also stated that McMahon told everyone that she loves both her father and WWE and would be doing everything she can for the company in the days ahead.

Johnson also reported that his sources stated that McMahon had been actively involved in meetings over this past week that usually would have had Vince taking part in.

Another Law Firm Investigating WWE Over Breach of Fiduciary Duties Allegations Over McMahon Investigation

As noted before, seven law firms recently filed notices stating that they are currently investigating WWE over claims that the company’s Board of Directors and senior management officers breached their fiduciary duties over keeping their investigation into former CEO and Chairman Vince McMahon a secret from WWE’s investors.

PWInsider’s Mike Johnson reported that another law firm named Kahn Swick & Foti, LLC recently became the newest firm to file a notice of investigation against WWE over the handling of their investigation into McMahon.

WORLD WRESTLING ENTERTAINMENT INVESTIGATION INITIATED by Former Louisiana Attorney General: Kahn Swick & Foti, LLC Investigates the Officers and Directors of World Wrestling Entertainment, Inc. – WWE
June 24, 2022 10:50 PM Eastern Daylight Time
NEW ORLEANS–(BUSINESS WIRE)–Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into World Wrestling Entertainment, Inc. (“WWE”) (NYSE: WWE).
On June 17, 2022, the Company disclosed that Chairman and CEO Vincent McMahon was stepping back from his responsibilities as CEO and Chairman of the Board pending an investigation into allegations reported by media sources that he paid $3 million to a departing employee with whom he allegedly had an affair, and that since the investigation began in April, the board had uncovered multiple, older nondisclosure agreements with former WWE employees that involved claims against McMahon and John Laurinaitis, head of talent relations.
KSF’s investigation is focusing on whether WWE’s officers and/or directors breached their fiduciary duties to the Company’s shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of WWE shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com), or visit https://www.ksfcounsel.com/cases/nyse-wwe/ to learn more.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking to recover investment losses due to corporate fraud and malfeasance by publicly traded companies. KSF has offices in New York, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.

Dave Meltzer reported in this week’s Wrestling Observer Newsletter that in the eight days following WWE’s announcement of their investigation into McMahon, the company’s stocks had declined from $67.18 per share to $59.46, which wiped out around $578 million in value for the company to $4.421 billion.

Jeff Jarrett Comments on Process of Becoming WWE’s SVP of Live Events

A recent episode of the WWE After The Bell with Corey Graves podcast had Jeff Jarrett as the guest. One of the topics discussed included Jarrett’s thoughts on the process that led to him being hired as WWE’s newest Senior Vice President of Live Events.

“In 2018, I got inducted into the Hall of Fame. Fast forward to a year later, did Royal Rumble and came on kind of in a quasi-producer role and then, I guess I was under the creative writing team, which encompassed a lot. After about six months, I was moved into the live event department. In a lot of ways, I’m kind of coming back to the position that I got into. I love it, it’s a passion of mine. It goes without saying, my family has been…my Grandmother, 1946, got into the business. Live events is a passion of mine and I worked in live events in 2019 up until the pandemic. That’s a whole other story. I came out of a live event meeting, went to La Guardia, got on a plane, hear people in first class talking about (the pandemic). The whole world shut down and during the pandemic, I worked in international for quite some time. Then, we went our separate ways. As of late, it all happened really quick and it’s hard to believe that WWE is back on the road, almost a year, as that ramping up process, everyone knows the organization made smart decisions to run lean and mean, highly profitable. I’m really grateful that the executive team said, ‘We’d like you to comeback to the live event department.’ There is so much that goes into live events. Years ago, it was house shows, but the live event name is more appropriate because that’s what it is, you come see it live. We changed the wording and what I am dialed into is the non-televised live events. It is an incredible undertaking.”

Transcript h/t: Fightful.com