Agreement in principle reached in WWE shareholder lawsuit
An agreement in principle has been reached in the WWE shareholders lawsuit.
On Sunday, Brandon Thurston of Wrestlenomics reported that Court Administrator for the Delaware Court of Chancery Tamara Burton said the parties have reached an agreement in principle.
Thurston wrote:
“Burton this afternoon tells me the parties have reached an agreement in principle. ‘At the parties’ request, the trial is cancelled. The parties have advised the court that they will present the settlement for approval in due course.'”
The lawsuit had been set for a four-day trial scheduled to begin on Monday, June 8. However, Bloomberg reported Friday that the trial was no longer scheduled on the Delaware Chancery Court’s calendar. Thurston reported shortly after that the trial had been canceled, but as of Saturday, it had not been confirmed whether a settlement had been agreed to.
In the lawsuit, shareholders alleged that WWE’s sale process was not designed to seek maximum value for shareholders, but instead was structured in a way that would lead to the company being sold to someone who would keep Vince McMahon in charge.
McMahon, Nick Khan, Paul “Triple H” Levesque, Mark Shapiro, Ari Emanuel, and others had been scheduled to testify at the trial.
Ian Carey is a writer from Toronto, Ontario, Canada, whose work has been featured in NOW Magazine, The Huffington Post, and more. A lifelong wrestling aficionado born in Calgary, Alberta, Canada, he has covered the industry for a decade and a half. He joined the f4wonline.com team in 2019.