A new lawsuit against Disney contends that the woke corporation’s reaction to Florida governor Ron DeSantis’s parental rights bill caused “swift and severe…financial repercussions.”
Investor Kenneth Simeone filed a “books and records”complaint in a Delaware court this week, which seeks documentation from the company leading up to and in the aftermath of former CEO Bob Chapek’s decision to speak out publicly against DeSantis’s Parentakl Rights in Education Act, misleadingly slurred in corporate media as the “Don’t Say Gay” bill.
DeSantis had initially warned Chapek not to publicly comment – and indeed, Disney’s initial response was tepid – but the recently-ousted CEO caved to his own internal woke mob, sealing the backlash against the formerly family-friendly company.The New York Post provided additional details of the court action.
The 22-page suit filed late Friday from investor Kenneth Simeone demands that Disney turn over its internal records about its opposition to the law limiting instruction on sexual orientation or gender identity in elementary schools.
By criticizing the law, Disney lost control over tax and improvement issues on the Orlando-based theme park, the suit said.
“The financial repercussions from Disney’s actions, and resulting harm to the company and its stockholders, have been swift and severe,” Simeone alleged in court papers.
Just over a week ago, DeSantis confirmed that he would be pushing forward with the removal of tax breaks and incentives for Disney. This decision leaves Disney facing potentially billions of dollars of additional operating costs.
Stating that Disney has screwed over investors is putting it mildly for the woefully woke company. The American Tribune previously reported that share prices of Disney had fully halved during the past year, a direct response to company decisions to stand behind its dogma and in the face of parents and families. Additionally, its market cap fell by 46% throughout the summer.
The New York Post reviewed the storyline that has so far culminated in Simeone’s initial lawsuit. :
In late March, DeSantis moved quickly to sign the bill into law. Weeks later, DeSantis signed legislation that would eliminate Disney’s special-municipal district, called “Reedy Creek,” which the company had operated in the state since the late 1960s.
The dissolution of Reedy Creek means that Disney lost control of decisions about taxation, infrastructure improvements for the theme park and its surrounding areas, and could be on the hook for billions in additional debt.
Amazingly, for all of the trouble Disney is encountering, there doesn’t appear to be a cessation of horrible decision making. After infuriating families over its decision to support the transgender movement and sexualizing of children, thus wreaking havoc on its own bottom line, it continues to double down on content less and less people seem to want.
Disney recently released its uber-woke “gay teen romance” – replete with disabled family pets to boot – and is predicted to lose an astounding sum of money. The costly $180-million film project netted an estimated $20 over the five-day Thanksgiving holiday weekend, all but ensuring it will not recoup the upfront expenditures.
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