High ranking WWE officials including Vince McMahon, Stephanie McMahon, Triple H (Paul Levesque) are set to be sued after the accusers have claimed they sold over $300 million of stock at an inflated price, all whilst keeping news of the collapse of key broadcasting deals in the Middle East away from public knowledge. Alongside the three names mentioned, former WWE co-presidents George A. Barrios and Michelle D. Wilson have also been named in the trial, as well as a handful of other officials.
According to Fightful, the exact alleged action that the accused performed was selling high volumes of WWE stock, all whilst informing investors that the company was set to renew their agreement with Orbit Showcase Network (OSN) in Riyadh. Something that was simply not possible with OSN leaving sports broadcasting.
Vince McMahon reportedly sold 3.5 million shares, which equated to over $280 million, based on “nonpublic information regarding the company’s key contracts, business metrics, and financial prospects.” It was then also accused that the same information was passed onto the other key officials accused in the trial for them to make similar trades.
Upon news of the demise of WWE’s deal with OSN emerging, WWE’s stock price dropped by almost $20 from $62 to $44.50. The case alleges that there was “Breach of fiduciary duty; unjust enrichment; aiding and abetting.” With the plaintiff in the case requesting “punitive and actual damages, costs, and fees.”
Details on when WWE could potentially be returning to Saudi Arabia have started to emerge, read more about it here.