Disney, Ex-CEO Bob Chapek, CFO Hit With Shareholder Suit Over Streaming Losses
To paraphrase Neil Young, Bob Chapek is gone from Disney but not forgotten.
A shareholder is suing the former CEO along with former executive Kareem Daniel, current CFO Christine McCarthy and the company itself alleging violations of securities law for misleading statements about Disney+ and the health of the streaming business.
Filed on May 12, the suit by Local 272 Labor Management Pension Fund, filed in U.S. District Court for the Central District of California, seeks a lead plaintiff for 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. ---More...
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