A national law firm has issued a press release stating that they are investigating the WWE for possible violations of federal security laws.
The law firm Levi & Korsinsky released the press release to notify investors about their investigation. The release doesn’t go into detail as to what these violations maybe but they did refer to WWE’s financial results for the third quarter of 2019.
The press release recaps the released results which showed a decline in WWE’s net income and cash flow which the company attributed to “unfavorable timing of working capital and lower operating performance”. Following this, stock prices for the WWE plummeted. You can read the full release below:
EQUITY ALERT: Levi & Korsinsky, LLP Notifies Investors of an Investigation Involving Possible Securities Fraud Violations by Certain Officers and Directors of World Wrestling Entertainment, Inc.
NEW YORK, NY / ACCESSWIRE / February 6, 2020 / Levi & Korsinsky notifies investors that it has commenced an investigation of World Wrestling Entertainment, Inc. (“WWE” or “the Company”) (WWE) concerning possible violations of federal securities laws.
On October 31, 2019, WWE released its financial results for the third quarter of 2019. The Company disclosed a large decline in net income and cash flow generated as compared to the third quarter of 2018 and cited “unfavorable timing of working capital and lower operating performance” as the cause of the decline.
Following these disclosures, WWE’s stock price plummeted by 18.68%.
To obtain additional information, go to https://www.zlk.com/pslra-1/world-wrestling-entertainment-inc-loss-form or contact Joseph E. Levi, Esq. either via email at [email protected] or by telephone at (212) 363-7500.
Levi & Korsinsky is a national firm with offices in New York, California, Connecticut and Washington D.C. The firm’s attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.
On another news, Emmet Bryan Clark Jr., who wrestled in the WWE as Adam Bomb, was arrested in Arizona.
According to AZCentral.com, Clark was arrested on drug charges along with Dennis Miccolis, a member of the 1960s pop band, the Buckinghams. The two were arrested by the Maricopa County Sheriff’s Office and will be prosecuted by the Arizona Attorney General’s Office. They are scheduled to be in court on February 19.
Clark is being charged with conspiracy, illegal control of enterprise, transporting or selling narcotics, drug possession, and possessing a weapon during a drug offense. Clark’s lawyer, Robbert Jarvis, is alleging that the charges are “unreliable and false information.”
“The police report contains alleged facts that have been grossly misconstrued and are incorrect,” he said. “This includes incorrect allegations relating to medication and its use.”
He further states that the “weapon” his client possessed was a family heirloom that was unused and just stored at Clark’s home. He goes on to say that the charges are false and his client was being targeted because of “his notoriety and acquaintances.”