Kemo
04-01-2020, 09:55 PM
A lawsuit against Vince McMahon and WWE on behalf of the Oklahoma Firefighters Pension Fund has been voluntarily dismissed. There is nothing to say about what led to the plaintiff’s dismissal which was filed on March 10th, 2020, however.
“Plaintiff Oklahoma Firefighters Pension and Retirement System hereby files this Notice of Voluntary Dismissal, dismissing the above-captioned case with prejudice, each side to bear its own costs and expenses,” the dismissal notice reads.
Wrestlenomics Tweeted about the situation:
The OKLAHOMA FIREFIGHTERS PENSION AND RETIREMENT
SYSTEM, v. WORLD WRESTLING ENTERTAINMENT, INC. lawsuit filed in COURT OF CHANCERY OF THE STATE OF DELAWARE regarding XFL was voluntarily dismissed on 3/10/20.
— Wrestlenomics (@wrestlenomics) March 31, 2020
It's difficult to know because there wasn't really anything filed leading up to this which indicated why they were dropping the case. Likely there was some behind-the-scenes negotiations. Also, the claimed XFL valuation they were using in the case didn't appear to be sound.
— Wrestlenomics (@wrestlenomics) March 31, 2020
The lawsuit originally sought to obtain documents relating to WWE’s ties to the XFL. The suit also alleged that members of WWE’s board failed to conduct a reasonable investigation to ensure Vince McMahon had not engaged in financial transactions that conflicted with WWE’s interests.
WWE is still dealing with a lawsuit from shareholders regarding the company’s deal with the Kingdom of Saudi Arabia, however.
“This is a securities fraud class action on behalf of all purchasers of WWE Class A common stock between February 7, 2019 and February 5, 2020,” read documents relating to the case. “These claims are asserted against WWE and certain of its senior executives who made materially false and misleading statements regarding the Company during the Class Period.”
“Plaintiff Oklahoma Firefighters Pension and Retirement System hereby files this Notice of Voluntary Dismissal, dismissing the above-captioned case with prejudice, each side to bear its own costs and expenses,” the dismissal notice reads.
Wrestlenomics Tweeted about the situation:
The OKLAHOMA FIREFIGHTERS PENSION AND RETIREMENT
SYSTEM, v. WORLD WRESTLING ENTERTAINMENT, INC. lawsuit filed in COURT OF CHANCERY OF THE STATE OF DELAWARE regarding XFL was voluntarily dismissed on 3/10/20.
— Wrestlenomics (@wrestlenomics) March 31, 2020
It's difficult to know because there wasn't really anything filed leading up to this which indicated why they were dropping the case. Likely there was some behind-the-scenes negotiations. Also, the claimed XFL valuation they were using in the case didn't appear to be sound.
— Wrestlenomics (@wrestlenomics) March 31, 2020
The lawsuit originally sought to obtain documents relating to WWE’s ties to the XFL. The suit also alleged that members of WWE’s board failed to conduct a reasonable investigation to ensure Vince McMahon had not engaged in financial transactions that conflicted with WWE’s interests.
WWE is still dealing with a lawsuit from shareholders regarding the company’s deal with the Kingdom of Saudi Arabia, however.
“This is a securities fraud class action on behalf of all purchasers of WWE Class A common stock between February 7, 2019 and February 5, 2020,” read documents relating to the case. “These claims are asserted against WWE and certain of its senior executives who made materially false and misleading statements regarding the Company during the Class Period.”