Roy Disney, Stanley Gold Sue The Walt Disney Company... - Press Release 5/9/05
Article from PRNewswire available at Yahoo! News - 5/9/05
Roy Disney, Stanley Gold Sue The Walt Disney Company, Certain Directors for Fraud, Breach of Duty of Disclosure Regarding Board's Public Statements About Search for Eisner's Replacement As CEO
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BURBANK, Calif., May 9 /PRNewswire/ -- Roy E. Disney and Stanley P. Gold today filed suit in Delaware Chancery Court against The Walt Disney Company and certain members of the Board of Directors of the Company alleging that the Board made false statements to the Company's shareholders about its CEO search in order to induce shareholders to vote for the incumbent Board at the 2005 meeting and to induce Messrs. Disney and Gold not to run an alternate slate of directors at that meeting.
In addition to The Walt Disney Company, the two former Disney Directors sued Robert A. Iger, Michael D. Eisner, Judith L. Estrin, John S. Chen, Aylwin B. Lewis, Monica C. Lozano, George J. Mitchell and Leo J. O'Donovan, S.J., for fraud and breach of the duty of disclosure in connection with the Board's public statements about the search for a replacement for outgoing CEO Michael Eisner.