Activist investor Blackwells Capital is making headlines by suing Disney over its alleged cozy relationship with shareholder ValueAct Capital. The lawsuit, filed in Delaware Chancery Court, accuses ValueAct of potentially being paid to side with Disney in a proxy fight against activists.
Blackwells, along with Trian Fund Management, is pushing for new voices on Disney’s board as the annual shareholder meeting approaches. The lawsuit seeks information to determine if there has been any misconduct, mismanagement, or breaches of fiduciary duty.
A Disney spokesperson has dismissed the claims as “baseless” and a “desperate attempt” by Blackwells to garner attention. Shareholders have until Tuesday to cast their votes in the board elections, with results to be announced at the upcoming meeting.
This legal battle is expected to be the most significant Disney shareholder meeting in two decades. The outcome could have far-reaching implications for the media giant and its stakeholders. Stay tuned for updates on this developing story.
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