Report: WWE Employees Allowed To Trade Company Shares Again
WWE employees can trade shares again
WWE have lifted a ban which prevented employees from trading company stocks on August 18, according to Brandon Thurston of Wrestlenomics. The ban had been in place since Vince McMahon's retirement on July 22.
Senior Vice President and Assistant General Counsel James Langham wrote in an email to WWE staff: "As the Company on Monday released its earnings and made amendatory filings with the SEC relating to recent matters, I am lifting the below restrictions effective immediately. As a reminder, of course, no one may ever engage in a transaction if he, she or they have material information about the Company that has not been publicly disclosed."
Why WWE brought in a stock-trading ban for employees is unclear but Vince McMahon resigned as WWE CEO and Chairman amidst sexual misconduct and hush money allegations on the same day that the ban was introduced.
A WWE Board investigation also uncovered $19.6 million in unrecorded payments from McMahon that should have been registered on the company's accounts as they were beneficial to WWE. $14.6 million was related to nondisclosure agreements to suppress allegations of sexual misconduct and infidelity. The other $5 million were payments to the Donald Trump Foundation in connection with his appearances on WWE TV in 2007 and 2009.