GE and WWE in Violation of Securities Law?
What started out as a typical wrestling publicity joke could have serious implications for two companies.
World Wrestling Entertainment, Inc. (WWE) and General Electric Company (GE) could be liable for a violation of securities law, after GE-owned USA Network issued a fake press release that may have caused shares of WWE to fall 6%, Tuesday afternoon.
The release announced the sale of WWE’s popular Monday Night RAW wrestling show, which airs on the USA Network, to billionaire investor Donald Trump. The details of the sale were not provided and the release claimed, “the terms of the deal were not disclosed.” However, WWE Chairman Vince McMahon was quoted as stating, “this was an offer I couldn’t refuse.”