Since the news that Vince McMahon paid off various employees to remain quiet following affairs and other allegations, law firms have continued to investigate the WWE for any other misdeeds that could harm shareholders.
In a recent announcement, Pomerantz LLP is the latest law firm to announce they’re considering bringing a class action lawsuit against the WWE.
WWE and Vince McMahon Facing a Potential Class Action Lawsuit
From the linked announcement above:
“The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members.”
The reason is that since the scandal came out, they’ve considered filing on the behalf of shareholders due to “Violations of the securities laws.”
This isn’t new considering numerous law firms were in the news since the scandal about investigating the possibility, and since McMahon forced his way back into the company the number of law firms doing this has reportedly increased.
Two already in the mix
The WWE are currently dealing with two other lawsuits that were brought following McMahon forcing himself back into the company with hand chosen directors joining him.
Detroit’s Police and Fire Retirement System filed a lawsuit when he returned to block him from regaining control and selling the WWE.
Another was brought by a shareholder in Delaware as Scott A. Fellows filed his lawsuit in Delaware’s Chancery Court in January on the belief that McMahon reinstalled himself as chairman illegally.
There were recent reports that McMahon settled with former WWE referee Rita Chatterton over her rape allegations from 1985, to which his lawyer announced it’s not about admitting guilt but avoiding more expenses during a trial.
It’s the latest in what has been a long trail of McMahon handing out money to make problems go away from the alleged briefcase involved in clearing Jimmy Snuka of allegedly murdering his girlfriend in the early 1980s all the way through 2022 and the hush money he recently paid out.
Whether or not the lawsuits and other possible allegations will hinder the sale of the WWE or cause the process to speed up is anyone’s guess.
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