During a conference call with investors today the WWE revealed that federal law enforcement agents served Vince McMahon a federal grand jury subpoena and executed a search warrant as well back on July 17th of last month.
The WWE’s SEC filing today stated: “As previously disclosed on June 17, 2022, a Special Committee of the Board of Directors was formed on June 15, 2022 to investigate allegations of misconduct by Vince McMahon. As previously disclosed, the Special Committee investigation was completed during the fourth quarter of 2022. However, related government investigations remain ongoing.”
“We continue to fully cooperate with any investigation. Outside of that we are not going to comment on any legal matter,” said CEO Nick Khan during the call.
Khan also revealed that McMahon is on medical leave until further notice. McMahon is recovering from spinal surgery.
Last year, the WWE paid back $17.4 million for the costs incurred to conduct a special investigation into Vince McMahon’s activities that resulted in revisions being made to the historical financial statements.
In 2022, McMahon resigned from the Board of Directors after allegations were made that he had personally paid off former employees to not disclose a sexual relationship with McMahon. The Board of Directors conducted a special investigation and determined that the payments ultimately benefitted the company, forcing a filing with the SEC that the financial statements would need to be revised to reflect those payments.
In 2023, McMahon used his controlling voting interest to re-insert himself into the Chairman position.
McMahon missing – but not missed – on WWE’s quarterly investment call
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