World Wrestling Entertainment, Inc.
|Company Name||World Wrestling Entertainment, Inc.|
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.
Then, on June 17, 2022, McMahon announced that he had stepped down from his role as chairman and CEO of the Company.
Then, on July 8, 2022, the Wall Street Journal published another article which alleged that McMahon had actually paid $12 million over the past sixteen years to four different female WWE employees to silence their allegations of sexual misconduct.
On this news, WWE’s stock fell $1.31, or 2%, to close at $63.76 per share on July 8, 2022, thereby injuring investors.
Then, on July 25, 2022, WWE disclosed that during its investigation into McMahon, it had uncovered about $14.6 million in unrecorded expenses dating back to 2006. The Company expects to restate its financial statements back to 2019.
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