Disney Slapped with Lawsuit After Allegedly Misleading Investors About Billion Dollar Losses
There is more bad news for Disney.
The Hollywood Reporter reported that the company is facing a lawsuit from investors over claims that they were misled about the financial health of the company’s troubled streaming service, Disney+.
Among the concerns of the investors is the company’s stock price, which is currently at its lowest level since 2014.
According to Forbes, the lawsuit alleged Disney executives “repeatedly misled investors” about the company’s losses and that these “wrongful acts and omissions” brought about the “precipitous decline in the market value” of Disney’s share price.
Among their complaints is that the company’s executives, including former CEO Bob Chapek, his right-hand Kareem Daniel and former CFO Christine McCarthy,
