WWE responds to stark stock drop, denies confidential witness' statement

WWE is one of the few sports businesses up and running amid the coronavirus pandemic with fans faithfully tuning in to watch wrestlers have a go at each other. However, Vince McMahon and co are currently fighting a number of battles outside the WWE arena. WWE has already been accused of mishap in trade with Saudi Arabia after it hosted the Crown Jewel PPV in Riyadh in 2019. Multiple lawsuits have also been filed against WWE, one of them being the recent drop in their stock, in what has been a source of consternation for the promotion’s stakeholders. WWE recently had to deal with some financial debacles amid the pandemic and was also forced to release a bunch of their wrestlers. Meanwhile, the WWE stock drop has vexed the promotion's stakeholders as they have legally launched an assault against WWE, accusing them of providing misleading information.

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WWE News: Promotion releases statement on WWE stock drop and trade with Saudi Arabia

As per reports, WWE CEO Vince McMahon allegedly cut the PPV feed of Crown Jewel 2019 which turned into bad blood between the promotion and the Saudi Arabian government. Several WWE superstars and employees were reportedly held  “hostage” at the airport. The Saudi Arabian government finally ended up filing a lawsuit against WWE for handing out misleading information. However, WWE has denied all further allegations and have hinted that they are about to dismiss all the lawsuits.

WWE put out a statement this week, bashing all the allegations laid out by "the so-called 'media reports' which also include other unidentified 'wrestling-focused websites' that cite to 'an individual' who was supposedly 'in contact with sources in the WWE' that stated 'the [Saudis] come up short' by a couple of million dollars every show." WWE continued fighting back, with the statement adding, "Even if these websites and Twitter cites could be deemed 'news sources', none of these unverified, non-particularised hearsay allegations supports that any payments breached a contract or indicates a relationship so tattered that no deal could be done.” 

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The class-action suit filed against WWE is inclusive of six different lawsuits. Apart from the trade with Saudi Arabia, other lawsuits have been led by the Firefighter Pension System of the City of Kansas in Missouri Trust. As per the Pension System’s claims, they have reportedly lost more than $121 million due to the WWE stock drop.

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Image courtesy: WWE.com