Report: WWE Bans Employees From Trading Stock Following Vince McMahon Retirement
No trading of WWE stocks if you work for the company
Following Vince McMahon's retirement on Friday, July 22, WWE banned all employees from buying and selling company stocks until further notice, Brandon Thurston of Wrestlenomics has reported.
An internal message to all employees from Senior Vice President and Assistant General Counsel James Langham stated: "Please be advised that, in light of recent developments, the Company's trading window has closed effective immediately for all employees. Until further notice you are prohibited from any purchases or sales of Company securities. You are also instructed not to speak with others about this note."
Vince McMahon announced his departure from WWE one week ago amidst hush money and sexual misconduct allegations. A Wall Street Journal report noted McMahon's retirement was hastened after federal prosecutors and the SEC began to investigate hush payments made by the then-WWE Chairman and CEO since 2006 to suppress infidelity and sexual misconduct allegations.
WWE's stock price has risen since McMahon's retirement due to the belief that the company is more likely to be sold, with Comcast, Disney, Netflix, and Amazon being mentioned as potential buyers.
As of close of trading on Thursday, WWE's stock price was up 4.9% to $69.49 since McMahon's exit.
Written by Aidan Gibbons
Editor-in-Chief of Cultaholic.com Twitter: @theaidangibbons
