March 31, 2016 - The court granted defendants' motion to dismiss, entered a judgement in favor of the defendants and ordered the case closed.
March 9, 2015 - The defendants filed a motion to dismiss.
January 5, 2015 - The lead plaintiff filed an amended complaint.
November 5, 2014 - The lead plaintiff and lead counsel were appointed and all cases were consolidated.
September 23, 2014 - Lead plaintiff motions were filed.
July 25, 2014 - An investor in shares of World Wrestling Entertainment Inc (NYSE: WWE) filed a lawsuit in the U.S. District Court for the District of Connecticut against World Wrestling Entertainment Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between October 31, 2013 and May 16, 2014.
According to the complaint the plaintiff alleges on behalf of purchasers of World Wrestling Entertainment Inc (NYSE: WWE) common shares between October 31, 2013 and May 16, 2014, that the defendants violated the Securities Exchange Act of 1934.
The plaintiff claims that that, October 31, 2013 and May 16, 2014 certain officers of World Wrestling Entertainment Inc issued allegedly materially false and misleading statements regarding World Wrestling Entertainment Inc’s ability to command a premium fee in upcoming negotiations to renew its television license agreement.
More specifically, the plaintiff alleges that defendants caused World Wrestling Entertainment Inc to issue false and misleading statements in public filings, press releases, and conference calls where they publicized their ability to renew their television license agreement at double the value in upcoming negotiations and that these statements downplayed the fact that advertisers pay less to reach World Wrestling Entertainment Inc viewers than traditional sports or other shows on the USA Network and the negative impact on the television license negotiations resulting from World Wrestling Entertainment Inc's launch of its World Wrestling Entertainment Inc Network.
World Wrestling Entertainment Inc reported that its annual Total Revenue rose from $484.01 million in 2012 to $507.97 million in 2013 while its respective Net Income fell from $31.43 million to $2.76 million. Shares of World Wrestling Entertainment Inc (NYSE: WWE) grew from $7.72 per share in late 2012 to as high as $31.39 per share on March 20, 2014.
On April 7, 2014, World Wrestling Entertainment Inc announced that it has changed the location of its Annual Meeting of Stockholders to be held on April 25, 2014. Shares of World Wrestling Entertainment Inc. (NYSE: WWE) declined from over $31 in March 2014 to as low as $19.65 per share on April 11, 2014.
On May 15, 2014, after the market closed, World Wrestling Entertainment Inc announced that it had reached a multi-year deal with NBC Universal Cable Entertainment increasing the value of the U.S. television license agreement by $57 million, or 50%.
Shares of World Wrestling Entertainment Inc (NYSE: WWE) declined from $19.93 per share on May 15, 2014, to $11.27 per share on May 16, 2014 and continued to decline to as low as $10.81 per share on May 22, 2014.
On July 25, 2014, World Wrestling Entertainment Inc (NYSE: WWE) shares closed at $12.39 per share.