WWE News on Vince McMahon: WWE notifies two new undeclared payments for Vince McMahon
As WWE announced just a few weeks ago, the company has proceeded to review the company’s financial statements since 2006, looking.
For unrecorded expenses by Vince McMahon. The former WWE General Director is currently in the eye of the hurricane, accused of diverting funds.
To pay for the silence of several. Former company employees, which brought with it several accusations of inappropriate.
Behavior by McMahon himself and John Laurinaitis. As a result of this internal investigation, WWE has today filed a notification
With the SEC (Securities and Exchange Commission) which it reports two new unregistered payments, for a value of 5 million dollars, carried.
Out in the years 2007 and 2009, as you can see below: On June 17, 2022, World Wrestling Entertainment, Inc. (the “Company”) and its Board of Directors announced.
That a special committee of independent members of the Board of Directors (the “Special Committee”) was conducting
An investigation regarding alleged misconduct by former Company President and CEO Vincent K. McMahon, who resigned from all positions.
With the Company on July 22, 2022, but remains a controlling shareholder , and another executive, who is no longer with the Company.
On July 25, 2022, the Company announced that it had made a preliminary determination.
That certain payments that Vince McMahon agreed to make during the period from 2006 to 2022 (including amounts paid and payable.
The future totaling $14.6 million dollars) were not properly recorded as expenses in the Company’s consolidated financial statements.
The company has since determined that two additional payments totaling $5.0 million, unrelated to the allegations that gave rise to the Special Committee.
Investigation, that Mr. McMahon made in 2007 and 2009 should have been recorded. in the company’s consolidated financial statements.
Collectively, these unrecorded expenses amount to $19.6 million (the “Unrecorded Expenses”). The company has evaluated the unrecorded expenses.
Has determined that these amounts should have been recorded as expenses in each of the periods in which they were probable and estimable.
All payments underlying the unrecorded expenses were or will be paid by Mr. McMahon personally. The Special Committee’s investigation is ongoing.
Although the Company continues to assess the impact of unrecorded expenses.
Previously issued financial statements, the Company has preliminarily determined that the amount of unrecorded expenses was not material.
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Any of the individual periods in which the unrecorded expenses arose. recorded, but that the aggregate amount of unrecorded expenses would be significant.
If fully recorded in the second quarter of 2022. Accordingly, the Company currently anticipates that it will revise its previously issued
Financial statements to record Unrecorded Expenses in the applicable periods for the years ended December 31, 2019, 2020 and 2021.
As well as the first quarter of 2022, when it issues its financial statements for the second quarter of 2022. In light of the Unrecorded Expenses.
The facts related to them, the Company also expects to conclude that its disclosure controls and procedures and internal.
Control over financial reporting were ineffective as a result of one or more material weaknesses. The Company continues to.
Evaluate the appropriate accounting treatment of unrecorded expenses, as well as its disclosure controls and procedures.
Internal control over financial reporting, and its final conclusions on these matters may differ from what the Company currently anticipates.
The company has also received, and may receive in the future, regulatory, investigative and law enforcement inquiries, subpoenas.
Lawsuits arising out of, related to or relating to these matters. As a result of the circumstances described above, the Company is unable to file.
Without undue effort and expense, its Form 10-Q for the quarterly period ended June 30, 2022 (the “Report”). The Company currently anticipates that.
It will file the Report within the five-day extension period provided for in Rule 12b-25 of the Securities Exchange Act of 1934, as amended.
But there can be no assurance that it will be able to do so. The Company provided preliminary estimates of certain financial results.
That it expects to report for the quarter ended June 30, 2022 in a Current Report on Form 8-K filed on July 25, 2022 (SEC File No. 001-16131).”
With these two new unreported payments, the amount of unrecorded money in the company’s accounts amounts to more than $19 million.
Despite the fact that WWE has assured that these are two economic movements unrelated to the accusations of misconduct.
That currently weigh on Vince McMahon, the truth is that they will cause a delay in the presentation of the company’s next quarterly report.
