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March 7, 2020

New Lawsuit Against WWE By Stockholders Over Saudi Arabia Ties, Executives Leaving The Company

Robbins Geller Rudman & Dowd LLP announced a class action suit against WWEover its relationship with Saudi Arabia and recent moves at the top that caused the stock to plummet, according to Business Wire.

The lawsuit also claims due to a series of events the WWE stock plummeted from $100 per share to $40.24 in early February.

Back in November, there were major flightdelays out of Saudi Arabia that forced WWE to re-write the following SmackDown due to talent not making it back in time. Initial reports said Saudi Arabia owed WWE money, which caused Vince McMahon to cut the live feed until the two sides apparently worked things out. WWE "swiftly denied" these allegations when asked about it in November.

Due to all of this, the rumor was Saudi Arabia then delayed the flight in retaliation for what WWE did. WWE maintained that the delays were due to mechanical failures. The lawsuit mentioned much of this in the Business Wire report.

The abrupt exit of WWE Co-PresidentsGeorge Barrios and Michelle Wilson in late January, followed by poor financial performance report (causing the stock to drop mightily) in early February was also documented in the lawsuit.

As noted, in a separate lawsuit filed by the Oklahoma firefighters pension fund in December, claimed there is "a credible basis to believe" Vince McMahon and other WWE senior officials are not keeping up with their WWE duties as they focus resources towards the XFL, which is run under McMahon's Alpha Entertainment, LLC.


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