New York City law firm Levi & Korsinsky issued a press release regarding an investigation against WWE for possible violations of federal securities laws:
Levi & Korsinsky notifies investors that it has commenced an investigation of World Wrestling Entertainment, Inc. (“WWE” or “the Company”) (WWE) concerning possible violations of federal securities laws.
On October 31, 2019, WWE released its financial results for the third quarter of 2019. The Company disclosed a large decline in net income and cash flow generated as compared to the third quarter of 2018 and cited “unfavorable timing of working capital and lower operating performance” as the cause of the decline.
Following these disclosures, WWE’s stock price plummeted by 18.68%.
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