Like Desmond stuck in the bunker in “Lost,” it is once again time to race down the ladder and hit the “WWE is under investigation on behalf of shareholders” button, as yet another law firm has announced that they are investigating WWE on behalf of shareholders.
The latest announcement comes from the Kaskela Law Firm LLC in Philadelphia, PA, which is investigating WWE in the wake of two Wall Street Journal reports about secret hush money payments made by Vince McMahon to former female employees alleging misconduct and abuse at the hands of the WWE chairman & CEO, as well as Head of Talent Relations John Laurinaitis.
WWE stock has still not recovered in the wake of the news, and like the other law firms investigating, Kaskela Law Firm will look into whether or not WWE violated securities laws or breached their fiduciary duties to shareholders in their handling of the investigation.
While news of the investigation into McMahon and Laurinaitis by the WWE board of directors broke in June, it began in April after an anonymous email brought the board’s attention to a $3 million non-disclosure agreement between McMahon and a former WWE paralegal. This led to even more NDA’s being discovered, with a recent follow-up from the Journal reporting that McMahon allegedly paid out more than $12 million over the past 16 years to silence women who might otherwise have come forward with accusations of misconduct, harassment, and abuse.
McMahon has since stepped away from his corporate duties, with his daughter Stephanie taking over as Interim CEO & chairwoman, but McMahon remains in charge of the company’s creative vision while the investigation continues, and has even made appearances on WWE programming, as well as attending UFC 276 earlier this month. Laurinaitis has been placed on administrative leave.
As of this writing, none of the investigations into WWE have yet gone forward as a class action suit.
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