Get ready for a smackdown.

In one corner, a dashing defense duo from K&L Gates. In the other, powerful plaintiffs counsel still jockeying for the lead role.

Alas, I doubt any of them will be wearing singlets, hoods or kneepads, but the securities fraud litigation against World Wrestling Entertainment Inc. could be a donnybrook.

The media and entertainment company was hit with multiple securities fraud suits in the Southern District of New York in March after the company's stock price plunged 60% between February of 2019 and February of 2020, falling from a high of more than $100 a share to around $40. 

Plaintiffs blame WWE's deteriorating relationship with Saudi Arabia—which they say "spiraled out of control" and culminated in a near hostage situation involving WWE wrestlers—and the company's failure to secure a favorable broadcasting deal with the desert kingdom.

At the same time, plaintiffs allege WWE's CEO, defendant Vincent K. McMahon, "sold more than 3.2 million WWE shares for over $261 million in gross insider trading proceeds."

Lawyers from Labaton Sucharow; Block & Leviton; Pomerantz; Robbins Geller Rudman & Dowd; Kahn Swick & Foti; Levi & Korsinsky; and Glancy Prongay & Murray all jumped in the ring to sue WWE for securities fraud, alleging that defendants "engaged in a scheme to deceive the market and a course of conduct that artificially inflated the price of WWE securities."

U.S. District Judge Jed Rakoff will appoint lead plaintiffs counsel next week, though several firms representing smaller shareholders have already bowed out.

A shareholder derivative action filed by lawyers from Gainey Mckenna & Egleston against WWE officers and directors is also pending in the District of Connecticut.

WWE is represented by K&L Gates partner Jerry McDevitt, who in his law firm bio details a long list of prior work for the wrestling giant. Among his wins—prevailing before the Delaware Supreme Court in a contract fight with USA Network; defeating sexual harassment charges brought by a former female performer in the Eastern District of New York, and scoring a defense verdict in proceedings before the American Arbitration Association in a case involving claims by an ex-performer that he was totally disabled as a result of post-concussion syndrome.

Rounding out the defense team is partner Stephen Topetzes, who has extensive class action and securities law experience.

In the best wrestling tradition, McDevitt trash-talked his opponents. "As we have maintained since the first lawsuit was filed in SDNY regarding the WWE's dealing in Saudi Arabia, the allegations are based on internet gossip and outright fabricated fables that are completely divorced from reality," he wrote in an email. "The subsequent cases are just plagiarized versions of that first case. We will be moving to dismiss all of the suits when our first responses are made."

Still, the complaints lay out a fascinating tale of WWE's ill-fated involvement with Saudi Arabia. 

The wrestling company in recent years allegedly entered into a strategic relationship with the kingdom, viewing it "as a critical emerging market and key to the company's growth plans and financial success in the face of flagging domestic fan engagement" wrote Robbins Geller name partner Samuel Rudman in a complaint filed on March 6.

This included a multi-year television distribution rights agreement with the Saudi-controlled direct broadcaster Orbit Showcase Network and a 10-year partnership with the Saudi General Sports Authority to host live events in Saudi Arabia, according to the complaint.

But WWE got pushback from some fans and the media, who objected to Saudi Arabia's dismal record on human rights. "These critical voices reached a crescendo following the October 2, 2018 murder of journalist Jamal Khashoggi, widely believed to be carried out at the direction of the Saudi government," Rudman wrote. 

At the same time, "conservative elements of the Saudi government disliked WWE's portrayal of women and what they viewed as the questionable morality reflected in WWE programming and live shows."

According to the complaint, "By at least early 2019, tensions in the relationship between WWE and the Saudi government had reached a breaking point. The Saudi government had refused to make millions of dollars in payments owed to WWE." Also, the Orbit Showcase Network allegedly rebuffed WWE's efforts to renew their agreement, which was terminated in March of 2019.

The plaintiffs claim WWE failed to properly disclose these adverse developments, and instead "represented that WWE had continued to bolster its relationship with Saudi Arabia and was making significant progress on the renewal of the critical media agreement and its business initiatives in the country."

In October of 2019, WWE reported disappointing financial results and revealed that the Saudi Arabia media rights deal had been indefinitely delayed.

From there, the WWE/ Saudi Arabia relationship only got worse. 

"The dispute spiraled out of control, culminating in a decision by WWE to cut a broadcasting feed of a live event held in the country," Rudman wrote. "In retaliation, the Saudi government temporarily refused to allow several WWE wrestlers to leave the country in what was later described as akin to a 'hostage situation' under the pretense of mechanical airplane issues."

In January, WWE ousted two of its longest serving senior executives, and in February, amidst more subpar financial results, it revealed "that the vaunted Saudi media rights deal had been completely excised from the company's financial forecasting," Rudman wrote.

Cue the lawsuits. Or as WWE breakout star Dwayne "The Rock" Johnson might put it, get ready to "check into SmackDown Hotel."