On June 17, 2022, World Wrestling Entertainment (NYSE: WWE) CEO Vince McMahon stepped away from his duties as the company's board investigated allegations of misconduct. According to The Wall Street Journal, McMahon, World Wrestling Entertainment Inc.’s longtime leader, agreed to pay more than $12 million over the past 16 years to suppress allegations of sexual misconduct and infidelity. On July 22, 2020, McMahon "retired" amid ongoing probes into the alleged misconduct.
Almost two years earlier, on January 31, 2020, Forbes reported that WWE had fired its co-presidents, including George Barrios.
About eight years earlier, on March 17, 2014, and again on April 8, 2014, Rev. Fr. Emmanuel Lemelson authored and published analysis that WWE was substantially overvalued and should be shorted. Lemelson's analysis was credited by USA Today, The Street, Seeking Alpha, and other major media outlets with an $800 million drop in the market capitalization of the stock between March 18 and April 20, 2014.
On May 16, 2014, following a $1.4 billion (63 percent) loss in WWE's market capitalization since Lemelson's initial March 17, 2014, short call, Lemelson announced that he had reversed his short position and was now long WWE stock. Simultaneously, Lemelson called for the replacement of WWE's executive management team or a sale of the company. This followed what Lemelson said was "a period of ongoing losses, execution failures, and material misstatements."
On July 25, 2022, CNBC reported that The company expects to conclude that its “internal control over financial reporting was not effective as a result of one or more material weaknesses.”
Read the full history here: https://lemelsoncapital.com/history
Long time coming. In '14 @Lemelson said $WWE management had to go (in '20 co-presidents, including Barrios, were fired). Read history at https://t.co/9eaUFg9uaE https://t.co/q7k10Tlga4#WWE #VinceMcMahon— Lemelson Capital (@LemelsonCapital) July 13, 2022
@Spus @Benzinga @SeekingAlpha @IKrietzberg @joe_palazzolo @JBFlint
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