The WWE is having a bad month.
Just days after WWE stock plummeted, more bad news for the wrestling company.
The Ademi & O’Reilly law firm announced in a press release today that they also are investigating WWE for possible securities fraud. The firm is investigating into inaccurate statements made by WWE about their business practices, financial statements and prospects.
Here’s the full release from Ademi & O’Reilly.
We are investigating possible securities fraud claims against World Wrestling Entertainment Inc. resulting from inaccurate statements WWE made regarding its business practices, financial statements and prospects.
Our investigation focuses on the extent to which WWE issued false and misleading statements regarding its business practices, financial statements, past and future business performance and prospects. Specifically, WWE’s statements that it would double the value of its domestic contracts for its two most popular shows, Monday Night Raw and Friday Night Smackdown, and that the prospects for its recently launched streaming video network were strong were false and misleading.
Last month, Shareholders Foundation, Inc. launched an investigating into the company and their business practices.