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The Walt Disney Company was sued by Blackwells Capital, one of its investors, as the end of the voting for Disney board members drew near. The investor filed a lawsuit against the mass media and entertainment company over alleged ties to ValueAct Capital.
Less than a week before the shareholders closed the voting for Walt Disney's board, Blackwell's lawsuit, filed on Thursday, March 28, heated up the fight for seats. The investment service company is pushing for three spots on the board.
The Lawsuit Against Disney
The filing of the suit in a Delaware court is seen as putting pressure on Disney. The Blackwells alleged that the entertainment firm may have violated disclosure laws in its dealings with ValueAct Capital, a hedge fund company.
As per Reuters, Blackwells Capital is squeezing on Walt Disney amid the long-running boardroom battle. The suit is said to be the latest episode in a clash over who gets to sit on Disney's board and be one of the executives to provide guidance related to business and when the company makes decisions.
Disney's Response to the Suit
Disney said the Blackwells' allegations are baseless and a "desperate attempt to gain attention for their slate of director candidates." It was said that the latter and Trian Fund Management, another investment firm, are trying to convince other investors to vote for their director candidates as Disney already supports its own directors.
Meanwhile, Deadline reported that the shareholders have started casting their votes for board candidates. They now have until 11:59 p.m. on Tuesday next week to cast ballots. The results will be announced at the upcoming meeting, which will be conducted online and livestreamed via Disney's investor relations website.
Photo by: Coolcaesar/Wikimedia Commons (CC BY-SA 4.0)
