7 Law Firms Investigating WWE

Two more law firms have announced they are investigating WWE ahead of possibly bringing class-action lawsuits against the organisation headed by Vince McMahon.

Moore Kuehn, PLLC, a law firm on Wall Street, revealed they are investigating if WWE officers and directors breached their fiduciary duties to shareholders.

Pomerantz LLP, meanwhile, are investigating "whether WWE and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices."

The two new investigations brings the total of law firms investigating WWE to seven. Two are looking into whether WWE directors and officers breached their fiduciary duties, while the remaining five are investigating possible breaches of securities laws.

All of the firms confirmed the reason for their investigation stems from last week's Wall Street Journal report that revealed WWE's board were looking into a $3 million hush payment Vince McMahon paid to a former WWE employee over an alleged sexual relationship. The settlement prevents the employee from speaking about the relationship and from disparaging McMahon.

Since then, WWE have announced a Special Committee of the Board is investigating the misconduct allegations against McMahon and WWE Head of Talent Relations John Laurinaitis. Vince remains in charge of WWE creative and he has stepped down as WWE CEO and Chairman while the investigation is ongoing. Laurinaitis has been placed on administrative leave.

All of the law firms also referred to WWE's falling stock price since the hush payment was revealed and have asked WWE shareholders to reach out.