Disney management in soup over stakeholder lawsuit
Disney seems to be in a bit of soup after a shareholder filed a lawsuit alleging violations of security law. The suit has been filed against ex-CEO Bob Chapek, executives Neil Young and Kareem Daniel, current CFO Christine McCarthy, and the company. The complainant alleged that Disney+ violated security law by misleading statements about the streamer and affecting the health of the streaming business.
More about the complaint
The complaint was filed on May 12 at the US District Court of Central District of California and it stated, "A class action representing purchasers of Disney shares between December 10, 2020 and November 8, 2022, when the company dramatically missed earnings guidance and the stock took a major hit after an already bumpy year." A Disney spokesperson has confirmed the same.
