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Stock impact report

Judge Sides With Disney in Refusing Fund Demand for Proxy Files [BNN Bloomberg (Canada)]

Walt Disney Company (The) (DIS) 
Last walt disney company (the) earnings: 2/4 04:05 pm Check Earnings Report
Company Research Source: BNN Bloomberg
Blackwells Capital, which sued to get the records, couldn't show there were “legitimate issues of wrongdoing,” so it should be blocked from seeing the internal files, Delaware Chancery Court Magistrate Judge Selena Molina said Tuesday. Her recommendation won't become final until it is affirmed by a chancery court judge. Blackwells sought details of Disney's financial ties to ValueAct before the activist backed the company's director candidates in the proxy fight. ValueAct managed more than $350 million of Disney pension monies over a 10-year period before stepping down in 2023. The judge's decision may foreclose a potential lawsuit by New York-based Blackwells – a Disney investor — over questions about whether Disney offered inducements to ValueAct to win its proxy support. Disney has acknowledged it had an information-sharing agreement with ValueAct during the proxy battle. Blackwells officials allege Disney executives failed to properly disclose financial ties to ValueAct bef Show less Read more
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