WWE's Board of Directors are reportedly under investigation by 4 more law firms
Amidst the ongoing controversy surrounding WWE, there have been updates on his company being investigated by five law firms.
Vince McMahon's company has been in the eye of a controversial storm. He is alleged to have paid a former employee $3 million to keep quiet about their affair. Schall Law Firm, a 'national shareholder rights litigation firm', announced they were looking into the company as well.
Additionally, Scott+Scott Attorneys at Law LLP, Rosen Law Firm, Bragar Eagel & Squire, and Labaton Sucharow LLP have also gotten involved. The law firms issued press releases announcing their investigations into the company's Board of Directors.
The press release by Scott+Scott stated that they were inspecting the board of directors on their ability to manage the McMahon-led company without violating or breaching their duties.
"Scott+Scott is investigating whether members of WWE’s board of directors or senior management failed to manage WWE in an acceptable manner, in breach of their fiduciary duties to WWE, and whether WWE and its shareholders have suffered damages as a result."
Actually there are 5 firms with press releases on Business Wire now.
Scott+Scott: businesswire.com/news/home/2022…
Rosen Law Firm: businesswire.com/news/home/2022…
Schall Law Firm: businesswire.com/news/home/2022…
Brager Eagel & Squire:
businesswire.com/news/home/2022…
Labaton Sucharow:
businesswire.com/news/home/2022…
The press release also gave a call to action to the company's shareholders to contact them in case of queries regarding legal claims and rights.
WWE's Head of Talent Relations John Laurinaitis is also under the microscope
Mr. McMahon stepped back from his role as CEO and Chairman of the Stamford-based promotion in light of the recent investigations.
Stephanie McMahon, announced a temporary break from her duties as Chief Brand Officer last month. It was a surprise to all when Stephanie then announced that she would be acting as interim CEO until the conclusion of the investigations.
A recent report by Fightful's Sean Ross Sapp stated that John Lauranitis was replaced by Bruce Prichard as acting Head of Talent Relations:
"Even though Vince does not own a majority of the stock, Vince owns, the way that the stock is set up, Vince owns a huge majority of the voting power, so it’s not like Vince can be voted out," said Meltzer.
Fightful can confirm that talent were informed that Bruce Prichard is now interim Head of Talent Relations. John Laurinaitis was placed on administrative leave.
Vince McMahon seems unbothered by the current investigations. He appeared on the latest editions of SmackDown and RAW. On the red brand, he thanked fans for making it successful in its thirty years of being aired. He then went on to highlight John Cena's return next week on the occasion of his 20th anniversary with the company.