Ex-CEO Bob Chapek Hit with Massive Lawsuit over Lies & More

One of the company's shareholders has filed a lawsuit against the company, as well as the former CEO, the former executive Kareem Daniel, the current CFO Christine McCarthy, and the company itself, alleging that the defendants violated securities law by making false statements about Disney+ and the overall health of the streaming business.

The lawsuit was filed on May 12 in the United States District Court for the Central District of California by the Local 272 Labor Management Pension Fund. It seeks a lead plaintiff for a class action representing purchasers of Disney shares between December 10, 2020 and November 8, 2022. During that time period, the company significantly missed earnings guidance and the stock took a major hit after an already turbulent year.

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