Shane McMahon is facing a lawsuit that was filed against Ideanomics, the company where he serves as Vice Chairman of the Board. Due to his role in the company, he was named in the filing.
Ideanomics describes itself as “a global company focused on facilitating the adoption of commercial electric vehicles and developing next-generation financial services and Fintech products.”
Since 2010, the son of Vince McMahon has served as company director. He had previously served as Vice Chairman & CEO.
The lawsuit comes from shareholders and is against McMahon in addition to several members of the executive team. The shareholders are accusing them of breaches of their fiduciary duties, unjust enrichment, abuse of control, gross mismanagement, waste of corporate assets, and a violation of Section 14(a) of the Securities Exchange Act of 1934.
The lawsuit outlines Shane’s role with Ideanomics and notes how Shane loaned the company $3 million at one point. McMahon owned around $2.1 million worth of company stock as of November 2019.
You can see the filing, courtesy of HeelByNature: