Earlier this year, the & Firefighters Pension Fund sued the Warren, Michigan, WWE Police Department. The class action lawsuit alleged that the company misrepresented its dealings with Saudi Arabia, which resulted in the fund buying WWE shares which were being sold at « fraudulently inflated prices. ». Coverage of their lawsuit did not indicate how much money the Warren City Police’s & Fire Retirement System lost as a result of WWE stock prices falling more than $ 45 per share from April 2019 to February 2020, but claimed that executives of the Company almost 300 million. USD sold the value of their personally held shares at the « fraudulently inflated prices. ”
Many wrestling fans became aware of this during the summer when a confidential testimony by a former WWE wrestler filed by plaintiffs was revealed. The wrestler, who was with the company from 2012 until its April 2020 release, described his experience of making the infamous return trip to the US after last year’s Crown Jewel in Riyadh. Reports from the Wrestling Observer and others at the time indicated that the Talents ‘plane was held up as a result of a payment dispute between Vince McMahon and Saudi Crown Prince Mohammed Bin Salman, and the witness’ testimony appeared to corroborate those reports.
The lawsuit is back in the news because of a WWE filing with the Securities & Exchange Commission last Wednesday (Nov.. . 18) reveals that the company has settled its & Fire Retirement System lawsuit for Michigan City Police, Michigan for $ 39 million, including all legal fees. Settlement is paid by the WWE insurance carriers.
WWE admits no fault, and while they were unable to dismiss the case, their attorney’s refutation of the confidential witness’s testimony from June continues. The SEC filing reads:
« The company believes that resolving the matter is the right business decision and that it is advisable to end this lengthy and uncertain class action lawsuit. ”
WWE’s plans to hold several annual PPV events at KSA and expand its activities in the Middle East appear to be on hold due to the pandemic. But they are still part of their plans. If they are readmitted they will do so without the threat of this lawsuit.
Fan debate about the accuracy of the Crown Jewel 2019 stories? They never go away.
WWE, Saudi Arabia, Vince McMahon, Settlement
EbeneMagazine – CA – WWE settles an investor lawsuit containing testimony from wrestlers about the Crown Jewel travel debacle