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Disney Investor Blackwells Capital Sues The Company As Shareholder Vote Nears Close; Media Giant Calls Allegations “Baseless” And “Desperate”

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Activist Disney investor Blackwells Capital is suing the media giant over what it sees as an inappropriately cozy relationship with another shareholder, ValueAct Capital.

In the lawsuit filed Thursday in Delaware Chancery Court (read it here), Blackwells lays out concerns about whether ValueAct has been paid to take a pro-Disney position in a brewing proxy fight with activists.

Blackwells and Trian Fund Management have agitated for fresh voices on Disney’s board of directors ahead of Wednesday’s annual shareholder meeting, when ballots in board elections officially will be tallied.

The lawsuit requests “books and records in order to determine whether wrongdoing, mismanagement, or breaches of fiduciary duty, including potential violations of disclosure obligations under the federal securities laws, have taken place.” Blackwells also maintains that ValueAct managed Disney pension funds from 2013to 2023, a fact that Disney neglected to disclose when proclaiming ValueAct’s support. RELATED: Disney And Ron DeSantis Allies Reach Settlement Over Theme Park District As Mouse House Board Battle Looms The Blackwells complaint is rooted in a January 3 announcement by Disney.

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