UPDATE x
3: Law Firm of Levi & Korsinsky, LLP released the following press
release today, noting that they are launching an investigation into WWE’s Board
of Directors in response to possible breaches of fiduciary
duty:
SHAREHOLDER ALERT: The Law Firm of Levi & Korsinsky, LLP
Launches an Investigation into Possible Breaches of Fiduciary Duty by the Board
of Directors of World Wrestling Entertainment Inc.
NEW YORK, May 22,
2014 (BUSINESS WIRE) — Levi & Korsinsky, LLP is investigating World
Wrestling Entertainment Inc. (“WWE” or the “Company”) WWE in connection with
possible breaches of fiduciary duty.
To get more
information, click here: http://zlk.9nl.com/world-wrestling-entertainment-wwe.
There is no cost or obligation to you.
On May 16, 2014,
the Company disclosed that it had reached a multiyear deal with NBCUniversal for
its television programs Raw and SmackDown, stating that the annual value of its
television distribution agreements is expected to reach $200 million, far below
investor expectation. On a May 19, 2014 earnings call, Chairman and CEO Vince
McMahon stated, “We were a little disappointed in our NBCU deal, quite frankly…”
Shares of WWE are down from a close of $19.93 per share on May 15, 2014, to a
recent close of just $10.96 per share on May 19, 2014.
If you own common
stock in WWE and wish to obtain additional information, please contact Eduard
Korsinsky, Esq. either via email at [email protected] or by telephone at (212)
363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/world-wrestling-entertainment-wwe
.
Levi &
Korsinsky is a national firm with offices in New York, New Jersey, Connecticut
and Washington D.C. The firm’s 26 attorneys have extensive expertise in
prosecuting securities litigation involving financial fraud, representing
investors throughout the nation in securities and shareholder lawsuits. For more
information, please feel free to contact any of the attorneys listed below.
Attorney advertising. Prior results do not guarantee similar
outcomes.
UPDATE x
2: The following was sent out today, noting that another law firm (the
third one so far – see below) is launching an investigation into WWE, due to the
recent stock drop and alleged “conflicting financial statements” made by
WWE…
INVESTOR ALERT:
The Law Office of James C. Kelly Announces Investigation on Behalf of Investors
of World Wrestling Entertainment Inc.
NEW YORK, May 22,
2014 /PRNewswire/ — The Law Office of James C. Kelly is investigating potential
claims on behalf of investors who purchased shares of World Wrestling
Entertainment Inc. common stock (NYSE: WWE) during the period between August 1,
2013 and May 15, 2014, concerning possible violations of federal securities
laws. Such investors are advised to contact James C. Kelly at 888.643.7517 or [email protected].
On May 15, 2014,
WWE updated its business outlook by disclosing that if it achieves one million
subscribers for its WWE television network by the end of this year, it would
have operating losses of between $35 million and $45 million. Significantly, the
company also disclosed that the WWE Network would need at least a range of 1.3
million to 1.4 million subscribers “to offset the complete cannibalization of
the Company’s Pay-Per-View and” video-on-demand businesses. However, as recently
as January 16, 2014, WWE’s CFO represented that at 1 million subscribers “we
break even” for 2014 assuming the pay-per-view business goes
away.
On this news, WWE
common stock declined $8.66 per share or more than 43%, to close at $11.27 per
share on May 16, 2014.
The Law Office of
James C. Kelly has extensive experience representing shareholders and
bondholders in securities class actions. Visit our website for additional
information at http://www.jckellylaw.com.
Attorney
Advertising: Prior Results Do Not Guarantee A Similar Outcome.
SOURCE The Law
Office of James C. Kelly
/CONTACT: The Law
Office of James C. Kelly, 244 5th Avenue, Suite K-278, New York, New York 10001,
Tel: 212-920-5042, Toll Free Tel: 888-643-7517, Toll Free Fax: 888-224-2078,
Email: [email protected]
/Web site: http://www.jckellylaw.com
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.
