Walt Disney Company (NYSE: DIS) Investor Securities Class Action Lawsuit 02/20/2004

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Company Name(s): 
Walt Disney Company
Case Name: 
Walt Disney Company Shareholder Class Action Lawuist 02/20/2004
Case Status: 
Case Dismissed
Affected Securities
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
Class Period Begin: 
Class Period End: 
Court of Filing: 
U.S. District Court for the Central District of California
Deadline To File for Lead: 
Case Dismissed: 

June 15, 2004 - The court dismissed the case without prejudice.

June 14, 2004 - Lead plaintiff filed a notice of voluntary dismissal.

May 25, 2004 - Lead plaintiff and lead counsel were appointed.

April 20, 2004 - Lead plaintiff motion was filed.

February 20, 2004 - An investor in shares of Walt Disney Company (The) (NYSE: DIS) filed a lawsuit in the U.S. District Court for the Central District of California against Walt Disney Company (The) over alleged violations of Federal Securities Laws.

The complaint charges defendants with violating the federal securities laws by failing to disclose that Comcast Corporation's CEO had approached Walt Disney Company (The) with an offer to merge Walt Disney Company (The) and Comcast Corporation. The complaint charges that each defendant violated Section 10(b) of the Securities Exchange Act of 1934 (the "Exchange Act") and SEC Rule 10b-5 by omitting to disclose the offer from Comcast Corporation and charges Walk Disney Company (The)'s CEO with violating Section 20(a) of the Exchange Act. The complaint alleges that after the public learned about the Comcast Corporation merger proposal on February 11, 2004, the price of Walt Disney Company (The)'s common stock increased significantly.