UPDATE: Ademi & O’Reilly, LLP has put an
official press release announcing that they are investigating possible
securities fraud claims against WWE. You can read their full press release
below:
We are investigating possible securities fraud claims
against World Wrestling Entertainment Inc. resulting from inaccurate statements
WWE made regarding its business practices, financial statements and
prospects.
Our investigation focuses on the extent to which WWE issued false
and misleading statements regarding its business practices, financial
statements, past and future business performance and prospects. Specifically,
WWE’s statements that it would double the value of its domestic contracts for
its two most popular shows, Monday Night Raw and Friday Night Smackdown, and
that the prospects for its recently launched streaming video network were strong
were false and misleading.
ORIGINAL: Law firm Kahn Swick & Foti, LLC
has issued a statement announcing that Charles C. Foti, Jr., a partner at their
firm and the former attorney general of Louisiana has launched an investigation
into WWE’s deal with NBC/Universal. The statement notes that “WWE disclosed that
it had reached a multiyear deal with US broadcaster NBCUniversal for its
long-running Raw and SmackDown programs, stating that the annual value of its
television distribution agreements would reach $200 million, well below what
investors were expecting.”
KSF is looking at whether WWE or officers and directors violated
state or federal securities laws.
The release notes that those who have information that would help
in the investigation or would like to discuss their legal rights may -mail or
call KSF Managing Partner Lewis Kahn.
