A judge in Delaware Chancery Court has ruled against a shareholder who sued Disney for documents regarding its opposition to Florida’s so-called Don’t Say Gay law. The decision came as a separate, …
Plaintiff Kenneth Simeone called Disney’s decision to oppose the controversial bill negligent since it created a backlash that harmed the stock and business. Judge Lori Will ruled, however, that there’s no evidence of wrondoing and that the plaintiff was a tool of his attorneys, who solicited him to bring the case and drove it forward. “The court must determine whether the plaintiff has demonstrated a proper purpose to inspect books and records.
“The plaintiff and his counsel may disagree with Disney’s position on HB 1557 [The Parental Rights In Education Bill]. But their disagreement is not evidence of wrongdoing.” “There is no indication that the directors suffered from disabling conflicts. Nor is there any evidence that the directors were grossly negligent or acted in bad faith. Rather, the board held a special meeting to discuss Disney’s approach to the legislation and the employees’ negative response. Disney’s public rebuke of HB 1557 followed.”
“The plaintiff has not provided a credible basis from which to infer possible wrongdoing,” the judge said.
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