Vince McMahon’s return has already began to cause issues for WWE on a larger scale.
PW Insider recently shared an update email from the lawyers. Mike Johnson wrote that he received this information from a friend of his, who happens to be in the WWE shareholder derivative suit that was filed in June.
A friend of mine, who is a party in the WWE shareholder derivative suit that was filed last June by Scott and Scott after the NDA allegations against Vince McMahon surfaced, sent me the following update email that he received today from the lawyers (with names redacted to ensure privacy):
I hope you had a great holiday season. I’m writing with an update on WWE. We have been working with the company for several months and have received several internal documents, which we have been reviewing. We expect to get an additional batch of documents this week.
You also may have seen the news this past week about Vince McMahon forcing his way back onto the board, along with a major board shakeup. As a result, we believe there is enough of a basis to bring a breach of a fiduciary lawsuit. We hope to file a complaint against McMahon and possibly other directors/officers for breaching their duties to WWE and its shareholders. We should have a draft for you to review in the next couple of days.
It will also require a signature on a one-page verification which we will also send. In the meantime, do you have a phone number we could use in case we need to contact you that way? Please let me know if you have any questions about anything.
PWINsider.com
Vince McMahon recently sent out a press release saying that he needs to return to the company in order to facilitate the sale of WWE. Just a few hours later, WWE confirmed via a press release that Vince McMahon is back on the board of directors. Since the news of his return broke, several WWE Superstars have shown concern regarding the company’s future direction.
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