A new SEC filing from WWE has revealed that the company has settled a class-action lawsuit related to their business affairs with Saudi Arabia for $39 million.
The company made a statement about the settlement in the filing claiming that they believe that resolving the matter is the right business decision:
“The Company believes that resolving the matter is the right business decision and that it is prudent to end the protracted and uncertain class action process.”
The suit was filed by the City of Warren, Michigan Police & Fire Retirement System back in March and it alleged that the company executives misled investors about their business dealings with the Kingdom of Saudi Arabia.
This led to the inflation of the company’s shares and resulted in some top company officials selling more than $280 million worth of shares at fraudulently inflated prices.