The following press release was issued on Friday evening.
WWE INVESTIGATION INITIATED BY FORMER LOUISIANA ATTORNEY GENERAL:
Kahn Swick & Foti, LLC Investigates World Wrestling Entertainment Inc. Following Disclosure of Disappointing Distribution Agreement
NEW ORLEANS, May 16, 2014 (BUSINESS WIRE) — Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into World Wrestling Entertainment Inc.
On May 16, 2014, WWE disclosed that it had reached a multiyear deal with US broadcaster NBCUniversal for its long-running Raw and SmackDown programs, stating that the annual value of its television distribution agreements would reach $200 million, well below what investors were expecting. Daniel Moore, an analyst with CJS Securities, said in a research note that, “Given management’s more optimistic tone and the fact that other major sports franchises have garnered much higher increases, this outcome is likely to be viewed as disappointing by many investors.”
On this news, the value of WWE’s stock plummeted by over 43%.
KSF’s investigation is focusing on whether WWE and/or its officers and directors violated state or federal securities laws.
If you have information that would assist KSF in its investigation, or would like to discuss your legal rights, you may, without obligation or cost to you, e-mail or call KSF Managing Partner Lewis Kahn ( [email protected] ) or KSF Partner Melinda Nicholson ( [email protected] ) toll free at 1-877-515-1850.
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities class action and shareholder derivative litigation with offices in New York and Louisiana. KSF’s lawyers have significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders.
To learn more about KSF, you may visit www.ksfcounsel.com.