WWE Hit With Another Class Action Lawsuit
WWE’s legal troubles continue with a class action complaint in regards to its relationship with Saudi Arabia among other issues with the company.
Paul Szaniawski has filed a class action lawsuit against WWE with claims similar to that of a prior class action lawsuit filed by the City of Warren Police and Fire Retirement System in early March. The claims that were made stem from its working agreement with Saudi Arabia to host multiple shows for years, despite the public backlash WWE has faced.
Filed 3/12/20 – PAUL SZANIAWSKI, Plaintiff,
v.
WORLD WRESTLING ENTERTAINMENT, INC., VINCENT K. McMAHON, GEORGE A. BARRIOS and MICHELLE D. WILSON, Defendants.Class Action Complaint
Same claims as City of Warren:https://t.co/QnZFsNtZca pic.twitter.com/40eYws3H7G
— Wrestlenomics (@wrestlenomics) March 15, 2020
The suit also spoke of the rising tension between both WWE and the Saudi government and how it failed to make millions of dollars in payments owed to WWE as part of its existing contractual obligations. WWE has a multi-year deal to hold major events in Saudi Arabia, with the latest one being the 2020 edition of Super ShowDown back in February.
In addition, the lawsuit spoke about the exit of long-time executives Michelle Wilson and George Barrios from WWE, just days before their 2019 fourth-quarter earnings report. The departures and the earnings report contributed to a significant drop in WWE’s stock from nearly $100 per share in April 2019 to just to $35.86 per share at the close of the market on March 13. Fightful had an extensive analysis report on WWE’s recent earnings report and it can be viewed here.
