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November 20, 2020

WWE Confirms $39 Million Class Action Lawsuit Settlement

A new SEC filing by WWE reveals that the company has closed on a $39 million settlement for a class action lawsuit filed by the City of Warren, Michigan Police & Fire Retirement System.

The suit alleged that WWE executives deceived investors over their business dealings in the Kingdom of Saudi Arabia, inflating the company stock and selling more than $280 million worth of shares at fraudulently inflated prices.

The suit, originally filed in March, had been consolidated by six different law firms. It alleged that WWE officials failed to disclose how the expected business agreements with Saudi Arabia for Middle Eastern TV deal had not been consummated, but that by allowing investors to believe otherwise, the company had caused the stock to rise when it should not have.

The settlement will include a full release of all Defendants in connection with the allegations made in the lawsuit, and will not contain any admission of liability or admission as to the validity or truth of any or all allegations or claims by any of the Defendants.

The Term Sheet provides for the settlement payment, all of which the Company expects will be paid by the Company's insurance carriers.

The Company believes that resolving the matter is the right business decision and that it is prudent to end the protracted and uncertain class action process.


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