At Least 5 Law Firms Are Considering Class-Action Lawsuits Against WWE

WWE continues to face the legal repercussions of Vince McMahon’s hush-money scandal. The corporate board is investigating allegations that McMahon paid upwards of $3 million in secret hush-money settlements to an employee he had an affair with. Several law firms are now trying to get in on the action.

Brandon Thurston of Wrestlenomics reported that at least five firms are looking into launching class-action lawsuits against WWE. The day after the McMahon scandal broke, WWE stock fell by about 3%. Multiple law offices are now trying to find investors who lost money that day for a series of suits.

Thus far, the firms are only investigating the matter. There is no evidence that the news about Vince McMahon was directly correlated to the dip in the value of WWE shares at this time. At market close on June 15, WWE stock closed at roughly $67. It has since dipped to around $62.

Scott & Scott, Rosen Law Firm, Schall Law Firm, Brager, Eagle & Squire, and Labaton Sucharow are all attempting to determine if there are legal grounds for a case. They have all encouraged investors who lost money during the period after June 15 to contact them. Time will tell if there is merit to the allegations.

In the meantime, Vince McMahon has been aggressively asserting his power within the company. Despite stepping down as CEO, it is believed he is still making major decisions within WWE. Stephanie McMahon is thought by many to be just a figurehead.

This could be a case of attorneys trying to cash in on a hot story to make a quick buck. It could also be a major financial loss for WWE if the allegations are found to be true. In any case, the company will be keeping a close eye on these suits as attorneys around the country gather more information.

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