Blackwells Capital upped the pressure on Walt Disney in a long-running boardroom battle, suing the entertainment giant on Thursday for information that may point to possible disclosure violations in dealings with hedge fund ValueAct Capital.
Disney called the claims “baseless” and said the lawsuit is a “desperate attempt to gain attention for their slate of director candidates.” Blackwells’ suit centres around a relationship between the entertainment company and ValueAct Capital and an information-sharing agreement the two signed earlier this year. The suit said Blackwells wants to inspect books and records to “investigate its credible suspicion of wrongdoing regarding Disney’s dealings and disclosures related to ValueAct.”
Earlier this month the firm’s chief investment officer and co-chief executive, Mason Morfit, backed re-electing Disney CEO Bob Iger and the entire Disney board, keeping the two hedge funds’ contenders out.
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