We report on TeV gamma-ray observations of Markarian 421 made with the Whipple Observatory's 10m telescope over the period April 1994 to June 1996 and summarize the results of contemporaneous multiwavelength observations. These observations indicate possible correlations in the TeV gamma-ray, X-ray, extreme ultraviolet, and optical flux. No significant correlated increases in the > 100 MeV flux have been observed during the TeV flares. The EGRET fluxes and OSSE upper-limits, however, provide useful constraints on the shape of the spectral energy distribution. The broadband spectrum for Mrk 421 determined from nearly simultaneous data taken in three separate epochs is presented. We will concentrate on the period in May of 1996 when two dramatic outbursts of TeV gamma-rays were detected during which the gamma-ray flux reached the highest levels ever recorded (a factor of ~20 greater than typical levels) with variability timescales < 1 hr. During this period extensive optical observations were made with the CfA's 1.2 m telescope (McEnery and Buckley 1997) and frequent XTE exposures were also obtained (Schubnell 1997). The XTE all sky monitor was operational for most of the 1996 season, and these results will also be presented. These data can be used to infer constraints on the Doppler factor of the jet (delta > 9) and on the size and location of the emission region (R < 10^(-4) pc). Assuming that the gamma-ray emission arises from inverse Compton scattering from high energy electrons, the gamma-ray and X-ray spectra provide an upper limit on the magnetic field strength in the emission region. Proton induced cascade models require a much larger magnetic field to satisfy the observed variability timescales. Comparisons of the amplitude of variability in the gamma-ray and X-ray bands provide a means of distinguishing between Comptonization of synchrotron photons or ambient infrared photons.