“Regardless of Pontiac’s motivations, the Palkon/Ohio complaint is more targeted and cohesive while the Pontiac complaint obscures the core theory in favor of secondary allegations that neither impact the chances of surviving a dispositive motion, nor increase the value of the claims pled,” Palkon and the Ohio Laborers argue.
The Pontiac retirement system contends, however, that its added claims make for a stronger suit and that it has actively pursued claims while its competitor “watched from the sidelines.”
“In sum,” it adds, “Pontiac’s complaint is superior because its counsel ‘worked the case up more thoroughly and aggressively.'”
The consolidated litigation filed on behalf of WWE stockholders seeks relief for breaches of fiduciary duty by the named defendants in connection with the WWE’s merger with mixed martial arts franchise the Ultimate Fighting Championship.
The claims arise from a deal first announced last April and closed in September 2023. Under the agreement, existing WWE shareholders rolled all existing equity into TKO Group Holdings — which formed when the WWE merged with Endeavor — the UFC’s parent company. Endeavor then stated it will own 51% of the combined entity while WWE stockholders will own 49%. The deal combined two of the world’s largest professional fighting sports and entertainment organizations.
