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The following press release was on the Wall Street Journal website today. I don't expect that this will be the last one.
INVESTOR ALERT: The Law Office of James C. Kelly Announces Investigation on Behalf of Investors of World Wrestling Entertainment Inc.
NEW YORK, May 22, 2014 /PRNewswire/ -- The Law Office of James C. Kelly is investigating potential claims on behalf of investors who purchased shares of World Wrestling Entertainment Inc. common stock (NYSE: WWE) during the period between August 1, 2013 and May 15, 2014, concerning possible violations of federal securities laws. Such investors are advised to contact James C. Kelly at 888.643.7517 or jkelly@jckellylaw.com.
On May 15, 2014, WWE updated its business outlook by disclosing that if it achieves one million subscribers for its WWE television network by the end of this year, it would have operating losses of between $35 million and $45 million. Significantly, the company also disclosed that the WWE Network would need at least a range of 1.3 million to 1.4 million subscribers "to offset the complete cannibalization of the Company's Pay-Per-View and" video-on-demand businesses. However, as recently as January 16, 2014, WWE's CFO represented that at 1 million subscribers "we break even" for 2014 assuming the pay-per-view business goes away.
On this news, WWE common stock declined $8.66 per share or more than 43%, to close at $11.27 per share on May 16, 2014.
The Law Office of James C. Kelly has extensive experience representing shareholders and bondholders in securities class actions. Visit our website for additional information at http://www.jckellylaw.com.
Attorney Advertising: Prior Results Do Not Guarantee A Similar Outcome.
SOURCE The Law Office of James C. Kelly
/CONTACT: The Law Office of James C. Kelly, 244 5th Avenue, Suite K-278, New York, New York 10001, Tel: 212-920-5042, Toll Free Tel: 888-643-7517, Toll Free Fax: 888-224-2078, Email: jkelly@jckellylaw.com
/Web site: http://www.jckellylaw.com
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