The WWE and Vince McMahon are facing yet another lawsuit, this one filed in Delaware’s Chancery Court.
An investor, Dennis Palkon, has launched the suit hoping the WWE will release more details about the “horrifying allegations” against its current chairman, Vince McMahon.
“There are serious questions about how Vince McMahon obtained and delivered those funds to his victims,” states the filing.
This is in reference to the alleged payouts McMahon made to several women to keep details of their relationship a secret.
“The focus of this complaint is to compel production of WWE’s books and records concerning rampant allegations of misconduct and a series of apparent breaches of fiduciary duty by the company’s Chairman and controlling stockholder, Vincent K. McMahon,” states the filing maintaining that the WWE has not be forthcoming with the evidence of their investigation.
The suit wants McMahon’s return to the board examined as well stating there was “a flagrant disregard for basic corporate governance norms”.
“Believing that the rules do not apply to him, Vince McMahon removed three independent directors and re-appointed himself, as well as two of his longtime cronies. The apparent misconduct here is both myriad and extremely serious,” states the plaintiff.
The filing also describes McMahon’s actions as “thuggery” and says that the one of the goals of the legal action is to make sure that McMahon can never serve on the WWE board again.
It is claimed that McMahon is unfit to lead the board and McMahon.
“It appears McMahon has leveraged his position to prey on his subordinates to appease his sexual desires. And, rather than accept the Board’s determination that he was unfit to lead WWE and had to make the Company whole by reimbursing fees and expenses, Vince McMahon again exploited his position as a controlling stockholder, but this was in a different manner as he staged a coup to seize control of the company whose “rebellious” board had banished him only a few months before,” argued the suit.
Much of the details of the WWE’s investigation in the filing are redacted.
