WWE Being Sued By Shareholders After Claims Of Hiding Key Details In Saudi Arabia Show

WWE News

According to reports, the shareholders have sued WWE for hiding key financial details from them and the Saudi Arabian government during WWE Super ShowDown 2020.

Written By Raj Sarkar | Mumbai | Updated On:

Super Showdown 2020 was a massive success for the WWE universe which took place on February 27, 2020, in Saudi Arabia. However, the sour relationship between WWE and the government of Saudi Arabia still prevails as the largest wrestling organisation in the world now stands accused of hiding important financial details from the Saudi Arabian government. According to reports, numerous shareholders have already sued WWE for hiding key financial details and it might block WWE from hosting any other pay-per-view event in Saudi Arabia.

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WWE Super ShowDown 2020: WWE Saudi Arabia Show might not happen again after WWE controversy

According to the reports of Business Wire, Robbins Geller Rudman and Dowd LLP has charged a class action suit against WWE for not disclosing their financial planning and status. The lawsuit states, “WWE has made false and misleading statements and/or failed to disclose information regarding WWE’s business and operations”. There are rumours that WWE and the Saudi Arabian government have been at each other's throats over the finances since November of 2019. However, WWE’s decision to gatekeep their financial status has put its shareholders in deep water.

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WWE Saudi Arabia show now mired in financial controversy

According to the shareholders' claim, they could have made smarter financial decisions before the stocks dropped from $100 per share to $40,24 in early February, if WWE would have revealed their economic structure wholeheartedly. The lawsuit also points at WWE’s sudden decision of firing their former co-presidents George Barrios and Michelle Wilson at the beginning of 2020. WWE is yet to give a proper explanation for firing their former co-presidents and the legal lawsuit demands an explanation from WWE.

WWE and Saudi Arabia have been working together for introducing mega-events for a long time. After a successful Crown Jewel and Super ShowDown, the WWE were expected to organise more events in Saudi Arabia. However, the recent tiff could prevent that from happening.

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(Image courtesy: WWE.com)

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