Another Law Firm Launches an Investigation Into WWE Stock
Posted by Larry Csonka on 05.22.2014
Due to conflicting statements…
- The following was sent out today, noting that another law firm is launching an investigation into WWE, due to the recent stock drop and alleged "conflicting financial statements" made by WWE…
INVESTOR ALERT: The Law Office of James C. Kelly Announces Investigation on Behalf of Investors of World Wrestling Entertainment Inc.
NEW YORK, May 22, 2014 /PRNewswire/ -- The Law Office of James C. Kelly is investigating potential claims on behalf of investors who purchased shares of World Wrestling Entertainment Inc. common stock (NYSE: WWE) during the period between August 1, 2013 and May 15, 2014, concerning possible violations of federal securities laws. Such investors are advised to contact James C. Kelly at 888.643.7517 or firstname.lastname@example.org.
On May 15, 2014, WWE updated its business outlook by disclosing that if it achieves one million subscribers for its WWE television network by the end of this year, it would have operating losses of between $35 million and $45 million. Significantly, the company also disclosed that the WWE Network would need at least a range of 1.3 million to 1.4 million subscribers "to offset the complete cannibalization of the Company's Pay-Per-View and" video-on-demand businesses. However, as recently as January 16, 2014, WWE's CFO represented that at 1 million subscribers "we break even" for 2014 assuming the pay-per-view business goes away.
On this news, WWE common stock declined $8.66 per share or more than 43%, to close at $11.27 per share on May 16, 2014.
The Law Office of James C. Kelly has extensive experience representing shareholders and bondholders in securities class actions. Visit our website for additional information at http://www.jckellylaw.com.
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SOURCE The Law Office of James C. Kelly
/CONTACT: The Law Office of James C. Kelly, 244 5th Avenue, Suite K-278, New York, New York 10001, Tel: 212-920-5042, Toll Free Tel: 888-643-7517, Toll Free Fax: 888-224-2078, Email: email@example.com