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WWE's ongoing legal nightmare has grown larger with yet another law firm joining the pile-on.
Just under two months ago, news broke that Vince McMahon was being investigated for multiple instances of sexual misconduct. This only spiraled in the following weeks, with McMahon now being investigated for several alleged hush-money payments regarding sexual relationships with former employees.
This all led to Vince retiring from his duties, with his daughter Stephanie taking his place as Chairwoman and Co-CEO. However, the controversy hasn't ended with the former Chairman stepping down.
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In a press release, law firm Glancy, Prongay & Murray LLP has stated that they are investigating WWE for violations of securities laws. They are carrying out this legal action on behalf of the company's shareholders.
The firm also has a form on their website for WWE shareholders to fill in should they want to be involved in the case. You can read a portion of the release below:
"On June 15, 2022, the Wall Street Journal reported that an investigation was underway regarding an alleged $3 million settlement that the Company’s Chief Executive Officer, Vince McMahon, agreed to pay to a former employee with whom he allegedly had an affair. On this news, WWE’s stock fell $2.31, or 3.4%, to close at $64.87 per share on June 16, 2022."
In its press release, the legal firm referenced several articles written by the Wall Street Journal on McMahon's various scandals. It also mentions the fall in value of the company's stock, something that has occurred multiple times since the news broke.
What else has been happening within WWE?
Despite being under investigation from various sources, there's still a lot going on behind the scenes in the company.
As previously mentioned, Stephanie McMahon is the new Co-CEO, sharing duties with Nick Khan. Triple H has been re-installed as head of Talent Relations, and rumors are making the rounds that RAW could return to a TV-14 rating soon. WWE is also holding tryouts in Nashville, Tennessee prior to Saturday's SummerSlam event.
With so much happening behind the scenes in the company, it's only a matter of time before the on-screen product follows suit.
It will be interesting to see where the company goes next creatively. You can get all the latest news updates by clicking right here.
