Vince McMahon’s apparent heir, Shane McMahon is involved in several business ventures outside the realm of WWE. The 50-year-old wrestling persona serves as the Executive Vice Chairman of Ideanomics and has been their company director for a decade.
Now, McMahon and Ideanomics have been accused in a new lawsuit “for breaches of their fiduciary duties as controlling shareholder, directors and/or officers of Ideanomics, unjust enrichment, abuse of control, gross mismanagement, waste of corporate assets, and violation of Section 14(a) of the Securities Exchange Act of 1934.”
As stated in the lawsuit, the plaintiff bears personal knowledge of the matter and has also conducted an investigation that includes a “review of the Defendants’ public documents, conference calls, and announcements made by Defendants, SEC filings, wire and press releases published by and regarding Ideanomics, legal filings, news reports”.
The lawsuit further accuses McMahon of making false and misleading statements as well as signing off on them.
“Defendant McMahon signed, and thus personally made the false and misleading statements in 2017 10-K. For these reasons, too, Defendant McMahon breached his fiduciary duties, faces a substantial likelihood of liability, is not independent or disinterested, and thus demand upon him is futile and, therefore, excused.”
It would be interesting to see how this lawsuit shapes the fate of McMahon and Ideanomics, the very company that has undergone various name changes since 2013.
This past Monday, Shane-O-Mac returned to WWE programming by introducing a fresh concept on the red brand – RAW Underground.
The shoot-style, blood-sport, Fight Club themed wrestling segments has been put together by McMahon and although it received mixed reactions from fans, WWE is hopeful that the new concept will help them boost television ratings en route to SummerSlam.
With RAW Underground, McMahon’s stay on WWE TV could probably be long-term, but this time he might not get involved in storylines.