Vince McMahon’s return to WWE continues to create headlines and potential legal problems for the company.
WWE is already facing lawsuits from Detroit’s Police and Fire Retirement System, shareholder Scott Fellows, and Dennis Palkon, who is also a shareholder.
New York law firm Bronstein, Gewirtz & Grossman, LLC also recently confirmed that they are opening an investigation into claims made against WWE.
This has now been followed by the news that another law firm is looking to bring a class action lawsuit against WWE. Pomerantz LLP announced that they are “investigating claims on behalf of investors.” They went on to outline the investigation.
“The investigation concerns whether WWE and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.”
Will Vince McMahon Leave WWE?
Vince McMahon returned to WWE’s Board of Directors on January 6th. McMahon returned along with two associates and removed three serving Board members. Two more immediately resigned and co-CEO Stephanie McMahon left the company just days later. It was announced that McMahon had been elected Executive Chairman on January 10th.
His heavy-handed return came after an earlier comeback had been blocked by the Board.
McMahon and WWE management have stated that his involvement is to help secure the sale of the company. However, some have suggested that McMahon will be looking to remain in control even if the company is sold. CEO Nick Khan countered this by claiming that McMahon is prepared to step down again if this is what is best for business, something that could even happen to make a sale possible.
During an appearance on CNBC, Khan reiterated these points, adding that a sale could be secured within three months.
Vince McMahon initially retired in July 2022 surrounded by allegations of sexual misconduct. It was claimed that he paid numerous women a series of “hush money payments” in order to suppress the allegations.