WWE Tries To Pin Shareholders' Stock-Drop Suit

Law360 (July 31, 2020, 12:03 AM EDT) -- World Wrestling Entertainment Inc. again pressed a New York federal judge Thursday during oral arguments to toss a proposed stockholder class action alleging the WWE inflated its stock price by hiding that its business relationship with Saudi Arabia was falling apart.

Counsel for the WWE and its executives, Stephen G. Topetzes of K&L Gates LLP, told U.S. District Judge Jed S. Rakoff the suit is a "fraud-by-hindsight case," reiterating his argument in the June 26 motion to dismiss.

"The complaint is devoid of particularized allegations," Topetzes said, lacking any internal documents or firsthand accounts to back up investors' allegations that the...

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