Let’s get ready to settle….
The World Wrestling Federation (WWF) has apparently decided that it’s better to kiss and make up, rather than continue to thrash around in the ring. In the footnotes to a 10-Q filed late Friday, the company said it had reached a Memorandum of Understanding with a group of investors who had filed a suit against the company in December 2001. The suit, which was later classified as a class action, claimed that WWF officers and directors violated federal security laws in the days leading up to WWF’s 1999 IPO by issuing and selling stock and failing to disclose that to investors. The suit also named all six of the IPO’s underwriters, including Bear Stearns CSFB and Merrill Lynch, as defendants. In the 10-Q, WWF said that while it continued to disagree with the suit, it decided to settle anyway. Nothing in the filing mentioned how much this nearly two-year old legal battle has cost investors.