A group of former WWE shareholders has filed a class-action lawsuit alleging that the events leading up to the merger of WWE and Endeavor’s UFC into TKO Group this year resulted in a “sham sales process” designed to keep Vince McMahon in power and minimizing other bidders.
The suit, made public Monday in Delaware Chancery Court, asserts breach of fiduciary duty claims against the defendants: seven members of the WWE board that include McMahon and Paul “Triple H” Levesque.
It claims the actions of the board led by McMahon orchestrated an eventual deal “designed to favor Endeavor and exclude other bidders seeking [to] axe McMahon.” Read the shareholder lawsuit here.
McMahon, who was forced out by the board as WWE president and CEO in 2022 amid sexual abuse and harassment allegations an an ensuing investigation, eventually returned with a newly installed board and announced a “strategic review process (i.e., a sale of the Company),” a move that, according to the suit, was McMahon “maneuvering to secure his power and control over the Company in the face of mounting stockholder discontent and government investigations into his illegal predatory behavior.” The suit added: “McMahon immediately approached his long-time friend and Endeavor CEO Ari Emanuel, whom McMahon knew would allow him to remain at the helm of the post-transaction Company. … Thereafter, the WWE Board—which was controlled by McMahon— conjured up a sham sales process designed to favor Endeavor and exclude other bidders seeking axe McMahon.
Read more on deadline.com
Get the latest stars news and celebrity rumours with exclusive stories, photos, videos and interviews.
Breaking up, scandals, engagements, divorces, gossip – all you need to know about the private lives of your favorite celebs.
Get to know the latest showbiz news along with exclusive interviews and even more. All this is waiting for you on the main page 24 hours a day, 7 days a week! Who, where, when, with whom, how, why and for what!? Stay tuned to know first!
Just follow us daily and we will provide you with the current news from the life of famous stars and celebrities.
Owner: SNOWLAND s.r.o.
Registration certificate 06691200
Address:
Snowland s.r.o.
16200, Na okraji 381/41, Veleslavín, 162 00 Praha 6
Czech Republic
©2024. All rights reserved.