JAMES

Shane McMahon Named As Defendant In Lawsuit

Shane McMahon Named As Defendant In Lawsuit

Away from WWE, Shane McMahon is the Executive Vice Chairman for New York based Ideanomics, which deals in including electric vehicles and financial services. Documents show McMahon has previously loaned the Company $3 million and, at one time, owned $2.1 million worth of Ideanomics stock.

Surprisingly he has now been named a defendant in a lawsuit by an investor named Ali Toorani due to Ideanomics allegedly making misleading claims and statements. According to reports, evidence has been found that Ideanomics doctored photos in press releases to suggest it owns a one million square foot vehicle sales center in China when it does not. This was discovered after an investigator went to the location and found no trace of them. Also, names listed as “buyers” were found to be not legitimate after checks found none had made a purchase.

A quote from the lawsuit which specifical names Shane McMahon can be read below thanks to HeelByNature.com

As a longtime Company director, he conducted little, if any, oversight of the Company’s engagement in the schemes to make false and misleading statements during the First and Second Relevant Periods, consciously disregarded his duties to monitor such controls over reporting and engagement in the schemes, and consciously disregarded his duties to protect corporate assets. Furthermore, Defendant McMahon signed, and thus personally made the false and misleading statements in 2017 10-K. For these reasons, too, Defendant McMahon breached his fiduciary duties, faces a substantial likelihood of liability, is not independent or disinterested, and thus demand upon him is futile and, therefore, excused. Lawsuit

This is a very serious situation for Shane McMahon, and we will keep you updated.

JAMES
Latest posts by JAMES (see all)

Join our mailing list to never miss an email blast!

Invalid email address
You can unsubscribe anytime.

More From WebIsJericho.com