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
INVESTOR ALERT: The Law Office of James C. Kelly Announces
Investigation on Behalf of Investors of World Wrestling Entertainment
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
Attorney Advertising: Prior Results Do Not
Guarantee A Similar Outcome.
SOURCE The Law Office of James C.
/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
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
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.
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.”
looking at whether WWE or officers and directors violated state or federal
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.