WWE Shareholder Sues Vince McMahon

World Wrestling Entertainment has undergone a decades-worth of transformations in the past week. Things kicked off on January 6th, when Vince McMahon officially announced his return to the company's board of directors. This laid the groundwork for conversations about a WWE sale, which consequently led to WWE stock reaching unprecedented heights. Vince's return to the company came alongside former WWE co-Presidents George Barrios and Michelle Wilson, as they also reassumed positions on the board.  JoEllen Lyons Dillon, Jeffrey R. Speed and Alan M. Wexler were removed from the board as a result. The departures did not stop there, as WWE Chairwoman and co-CEO Stephanie McMahon resigned from her positions on Tuesday, leaving CEO responsibilities in the hands of Nick Khan while Vince was reappointed to chairman of the board.

While many have questioned the legality of Vince's changes to WWE, one shareholder is taking matters into their own hands. According to Bloomberg Law, a WWE shareholder has sued Vince McMahon in Delaware's Chancery Court. The shareholder is accusing Vince of utilizing his 81% voting control to force three board members to exit (Dillon, Speed, Wexler) and replace them with loyalists (Barrios, Wilson). Beyond that, the shareholder is accusing Vince of bylaw changes that would "impose his will on the board and WWE."

The suit notes that Vince's move to "take complete personal control over any major corporate decision" by "adding his cronies to the board" is a violation of Delaware law. WWE and a spokesperson for Vince did not respond to a request for comment.

Despite speculation, Vince has insisted that his WWE return is strictly business, and he is only back to assist with pursuing a sale of the company.

"WWE is entering a critical juncture in its history with the upcoming media rights negotiations coinciding with increased industry-wide demand for quality content and live events and with more companies seeking to own the intellectual property on their platforms," Vince wrote in a statement upon his WWE return. "The only way for WWE to fully capitalize on this opportunity is for me to return as Executive Chairman and support the management team in the negotiations for our media rights and to combine that with a review of strategic alternatives. My return will allow WWE, as well as any transaction counterparties, to engage in these processes knowing they will have the support of the controlling shareholder."

Stay tuned to ComicBook.com for updates on this lawsuit.