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WWE Chairman and CEO Vince McMahon speaks at a information convention saying the WWE Community on the 2014 Worldwide CES in Las Vegas.
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The Securities and Alternate Fee and federal prosecutors have launched probes into funds made by World Wrestling Leisure CEO Vince McMahon to settle allegations of sexual misconduct, in accordance with a brand new report from The Wall Avenue Journal.
The WWE on Monday disclosed $14.6 million in beforehand unrecorded bills paid personally by McMahon, who introduced his retirement Friday. The corporate additionally hinted that the misconduct allegations, already the topic of an ongoing impartial overview overseen by the board of administrators, are below investigation by different entities, however didn’t specify which companies.
In keeping with The Wall Avenue Journal, these federal investigations into McMahon hastened his retirement from the corporate. McMahon, 76, is the biggest shareholder within the firm, with an roughly 32% stake.
CNBC has reached out to the WWE for remark.
McMahon allegedly paid practically $15 million to ladies from 2006 by this yr to make sure their silence over alleged affairs and misconduct. The WWE mentioned it might mirror the unrecorded bills in up to date studies for 2019, 2020 and 2021, in addition to this yr’s first quarter, when it studies second-quarter earnings.
The corporate was set to report Aug. 9, however the revisions may delay that, WWE mentioned.
Shares of WWE rose greater than 8% to achieve a brand new 52-week excessive Monday, as buyers grew to become extra bullish a couple of potential sale of the wrestling and media firm. The inventory is up 45% to this point this yr, outpacing the S&P 500, which is off greater than 16% in 2022.
Learn the complete report from The Wall Avenue Journal.
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