WWE pays $39 million to settle lawsuit over alleged securities law violations

In its second filing with the United States Securities and Exchange Commission yesterday, WWE revealed that it has agreed to settle a previously disclosed class action lawsuit brought forward by the City of Warren Police and Fire Retirement System for $39 million.The Plaintiffs in the lawsuit alleged securities law violations by the WWE, its current Chief Executive Officer and its former Co-Presidents, related to certain disclosures concerning the business relationship in and with the Kingdom of Saudi Arabia.WWE was accused of inflating its stock with a promise of a TV deal in the Middle East when in reality negotiations had already failed and senior WWE executives sold nearly $300 millions worth of stock before news came out and the stock tanked.

To this day, WWE remains without a television deal in the region.The out-of-court settlement was reached between attorneys for both parties and WWE’s insurance.The settlement will include a full release of all defendants in connection with the allegations made in the lawsuit, and will not contain any admission of liability or admission as to the validity or truth of any or all allegations or claims by any of the defendants.”The Company believes that resolving the matter is the right business decision and that it is prudent to end the protracted and uncertain class action process,” the filing said.

Posted in WWE

SAG-AFTRA President reaches out to Zelina Vega

SAG-AFTRA, a labor union representing over 160,000 performers, have tweeted their support to Zelina Vega after Vega got fired yesterday.

Vega, who knew she was about to be fired, upstaged WWE by tweeting “I support unionization” and 10 minutes later WWE tweeted about her release. Responding to Vega, the SAG-AFTRA account said, “So do we.”

SAG-AFTRA President, Gabrielle Carteris, also reached out to Vega, thanking her for standing strong for labor solidarity and told her that she supports her, even giving her e-mail address to reach out.

SAG-AFTRA, which represents the Screen Actors Guild and the American Federation of Television and Radio Artists, is a union for announcers, broadcast journalists, dancers, DJs, news writers, news editors, program hosts, puppeteers, recording artists, singers, stunt performers, voiceover artists and other media professionals.

Vega was not fired for the tweet, but rather because she did not want to stop her Twitch, OnlyFans, and other third-party accounts which Vince McMahon mentioned in an e-mail last month.

“I want to say thank you all very much for the last 3-4 years @WWEUniverse, it was incredible,” Vega wrote in a tweet after getting the pink slip. “I would have never have been able to say ‘this is for you dad’ if certain people did not believe in me. I love you all and I couldn’t have done it without your support.”

Posted in WWE

Chelsea Green undergoes surgery for broken wrist

Chelsea Green, who yesterday broke her wrist during her unfortunate Smackdown debut, underwent surgery today, just hours after the injury took place live on the show.

Green announced the surgery early in the morning in a post on social media, saying that while she’s beyond devastated for what happened, she’s also excited to be part of the Smackdown team when she comes back.

“Just like the rest of my career, I couldn’t have an easy debut! LOL, that just wouldn’t be fit for my wild journey,” Green wrote.

Typical recoveries for a broken wrist go from six weeks to up to four months, depending on how severe the break was.

Her boyfriend, the artist formerly known as Zack Ryder, uploaded a photo standing by her side at a medical facility. Green was still in her wrestling gear as she was getting her vitals checked. Ryder, who now goes by his real name of Matt Cardona, wrote that it was a bittersweet night as he’s seen Chelsea getting shot down multiple times by WWE throughout the years and now that she finally got her debut, she broke her wrist…again.

Green also broke her wrist in her first televised NXT match in March 2019 and required surgery. She eventually returned three months later.

Zelina Vega fired from WWE

WWE announced yesterday evening that Zelina Vega has been released from her contract, a surprise cut that has left many scratching their heads.

A statement on WWE.COM read, ”WWE has come to terms on the release of Zelina Vega. We wish her all the best in her future endeavors.”

Vega, real name Thea Trinidad, posted a tweet saying that she supports unionization and mere minutes later, WWE announced her release. It is unclear what led to her firing but Vega was very active on her Twitch and vocal about WWE’s ban on third party services.

WWE has threatened to terminate anyone who does not obey the new rules. The 29-year-old has been working with WWE since 2017, starting in NXT and then eventually moving to the main roster.

She is married to WWE Superstar Aleister Black.