The potential financial stakes in the ongoing WWE shareholder merger lawsuit have come into sharper focus ahead of the case heading to trial next week.
According to a report from Brandon Thurston of POST Wrestling, attorneys representing a class of WWE shareholders are seeking damages that could approach $1 billion if they prevail in court.
Thurston reported, “The monetary damages the plaintiffs are seeking range between $466 million and $957 million, plus interest accrued since the merger closed nearly three years ago. The range comes from an analysis written earlier this year by James L. Canessa, a financial economist retained by the plaintiffs.”
The lawsuit stems from WWE’s merger with UFC under Endeavor, which resulted in the creation of TKO Group Holdings. The plaintiffs allege that Vince McMahon prioritized securing his own future role within the company during the process rather than pursuing a transaction that would have maximized value for WWE shareholders.
Specifically, the suit claims McMahon had effectively predetermined a deal with Endeavor while he was facing scrutiny related to the sexual misconduct allegations that surrounded him at the time.
Among the defendants named in the case are Vince McMahon, WWE President Nick Khan, WWE Chief Content Officer Paul “Triple H” Levesque, former co-presidents George Barrios and Michelle Wilson.
The defendants have denied wrongdoing and maintain that WWE shareholders suffered no damages, arguing that the WWE-UFC merger was conducted fairly and ultimately benefited investors.
The case is currently scheduled to go to trial on Monday, June 8.
