The law firm Levi & Korsinsky, a firm specialized in high-value and business operations have initiated an investigation to file a possible WWE complaint against the evidence that several company workers had committed possible fraud crimes, violating federal laws.
The firm has issued the following statement explaining its reasons:
NEW YORK, NY / ACCESSWIRE / February 6, 2020. The law firm Levi & Korsinsky notifies investors that an investigation into World Wrestling Entertainment, Inc. (WWE) has begun regarding possible indications of tax fraud on which they inquire to possible violations of federal securities laws.
On October 31, 2019, WWE published its financial results for the third quarter of 2019. The company revealed a large decrease in net income and cash flow generated compared to the third quarter of 2018 and cited that the reason was “Unfavorable times of working capital and lower operating performance” as the cause of the decline. We are investigating these actions by observing a dramatic and suspicious fall.
It should be remembered that WWE also has a lawsuit against the state of Delaware for a similar case, related to the sale of shares to get more money to finance the XFL, football league relaunched by Vince McMahon. At the moment, they are investigations, but the firm claims to have evidence that the tax fraud was carried out and will put it before the competent authorities when it obtains more evidence.