Vince McMahon is being sued.
As first reported by Bloomsberg Law, a shareholder has sued Vince McMahon in Delaware’s Chancery Court, accusing him of wielding his 81% voting control to oust three board members, replace them with loyalists, and push through bylaw changes that would “impose his will on the board and WWE.” Vince recently came back into power in a CEO and board member position this week after “retiring” six months ago due to sexual assault allegations. McMahon threatened his way back in by leveraging a threat to withhold support for any deal reached without his participation.
Causes of Action: Section 141 of the Delaware General Corporation Law; breach of fiduciary duty.
Relief: Invalidation of the bylaw changes; costs and fees.
Potential Class Size: Thousands of holders of 43.3 million WWE shares, according to the complaint.
Attorneys: The investor leading the case, Scott Fellows, is represented by Labaton Sucharow LLP, Friedlander & Gorris PA, Friedman Oster & Tejtel PLLC, and Kaskela Law LLC.
The case is Fellows v. McMahon, Del. Ch., No. 2023-0022, complaint filed 1/10/23.
WWE representatives have not yet responded after a request to comment.
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