NEW YORK, Feb. 04, 2023 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of World Wrestling Entertainment, Inc. (“WWE” or the “Company”) WWE. Those investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, extension 7980.

The investigation concerns whether WWE and certain of its officers and/or directors have engaged in securities fraud or other illegal business practices.

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on June 15, 2022, The Wall Street Journal published an article titled “WWE Board Probes Secret $3 Million Hush Pact by CEO Vince McMahon, Sources Say” which revealed that “[t]The board of directors of World Wrestling Entertainment Inc. [] is investigating a secret $3 million settlement that longtime CEO Vince McMahon agreed to pay to a departing employee with whom he allegedly had an affair, according to documents and people familiar with the board’s investigation.[t]The board’s investigation, which began in April, has uncovered other, older non-disclosure agreements covering allegations by former female WWE employees of wrongdoing by Mr. McMahon and one of his top executives, John Laurinaitis, WWE’s director of talent relations. include, people said .”

As a result of this news, WWE’s stock price fell $2.31 per share, or 3.4%, to close at $64.87 per share on June 16, 2022.

On July 22, 2022, Vince McMahon announced his retirement from WWE. Then, on July 25, 2022, WWE filed an update report on Form 8-K with the Securities and Exchange Commission, which announced, among other things, that “[t]The Company has made a preliminary determination that certain payments agreed by Vince McMahon during the period from 2006 to 2022 (including future amounts paid and payable) that were not recognized in WWE’s consolidated financial statements should have been recognized as an expense in the quarters , in which these…