Paramount Skydance Corp. (PSKY) announced Wednesday that Jeff Shell has elected to step down as the company President and a member of its Board of Directors to focus on the lawsuit regarding violation of certain SEC disclosure rules.
In a statement, the company responded to the allegations raised in a recently filed civil complaint that Shell, PSKY's President, had violated certain SEC disclosure rules.
Paramount said its Board of Directors, in its complete and thorough review of the allegations, found that these allegations do not establish a securities law violation. Shell promptly notified the firm of these accusations and is taking forceful legal action.
Calling the claims against PSKY and its named Board members and stockholders frivolous and baseless, Paramount said the company and its named Board members will respond in the proceedings.
In the overnight trading, Paramount Skydance shares were gaining around 0.65 percent, at $10.89, after closing Wednesday's regular trading 0.73 percent lower.
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