No matter what happens, controversy seems to follow Vince McMahon everywhere he goes.
During the WWE board’s investigation into allegations of misconduct against McMahon in June, five law firms were looking into class action lawsuits against McMahon and he WWE on behalf of the shareholders.
Following the news of McMahon forcing his way back into the company and then reportedly threatening to block any new media deals unless he got his way, things may not go as smoothly as he hoped they would.
Facing another lawsuit
The Scott & Scott Attorneys at Law LLP stepped forward and announced they’re investigating WWE’s Directors and Officers for potential breach of fiduciary duties.
Scott & Scott Attorneys filed a shareholder derivative lawsuit in June 2021, and shared the following update to the parties currently involved, curtesy of wrestlingheadlines.com:
“I hope you had a great holiday season. I’m writing with an update on WWE. We have been working with the company for several months and have received several internal documents, which we have been reviewing. We expect to get an additional batch of documents this week.
“You also may have seen the news this past week about Vince McMahon forcing his way back onto the board, along with a major board shakeup. As a result, we believe there is enough of a basis to bring a breach of a fiduciary lawsuit. We hope to file a complaint against McMahon and possibly other directors/officers for breaching their duties to WWE and its shareholders. We should have a draft for you to review in the next couple of days.
“It will also require a signature on a one-page verification which we will also send. In the meantime, do you have a phone number we could use in case we need to contact you that way? Please let me know if you have any questions about anything.”
All of this is coming out with the current reports that McMahon as agreed to sell the WWE to Saudi Arabia’s Public Investment Fund in principle and Stephanie McMahon resigned from the WWE.
Nothing has been shared about this publicly from the WWE, but there haven’t been any denials either.
This is only the start of more news and updates to come in the coming days and even weeks or months as more information becomes known.
We’ll keep you updated as we learn more, but it appears the WWE’s future is in flux one way or the other.
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