Following the Vince McMahon scandal, Pomerantz LLP is the most recent law firm to declare that it is considering filing a class-action lawsuit against WWE.
Pomerantz LLP revealed this week that they are considering investigating the possibility of bringing legal action against McMahon for “violations of the securities laws” on behalf of WWE investors when the hush money scandal first surfaced last summer.
Before McMahon resigned as the CEO and Chairman, a number of law firms released press releases stating that they were looking for investors. There are now more law firms than there were before his return last month.
“Whether WWE and/or the company’s officers and directors violated the securities laws or breached their fiduciary duties in connection with the above alleged misconduct,” is the main focus of the investigation.
WWE is currently involved in two lawsuits. After McMahon was elected again by the WWE Board of Directors to serve as the Board’s Executive Chairman, the Detroit Police and Fire Retirement System filed a lawsuit against him to prevent him from regaining control and selling WWE.
Scott A. Fellows, a shareholder in WWE, filed a lawsuit against McMahon in January in Delaware’s Chancery Court because he thinks McMahon improperly installed himself as chairman.
