The suit takes aim at former CEO Bob Chapek's lofty subscriber growth and profitability targets for Disney+. The entertainment giant faces a host of litigation dealing with efforts to boost subscriptions for its streaming service.
stock hovers at its lowest levels in nearly a decade, the company was hit with another lawsuit alleging it misled investors about the success of Disney+ by concealing the true costs of operating the platform.
Disney is being accused of lying about the extent of its losses to hit lofty subscriber growth targets and claiming that the streaming service was on track to achieve profitability by the end of 2024. Investors detail a scheme to “inappropriately shift costs” by debuting content created for Disney+ on legacy platforms to move marketing and production costs.
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