Jeff Shell is resigning from his role as President of Paramount Skydance Corp. after a lawsuit accused him of Securities and Exchange Commission violations.
Shell faced scrutiny after gambler and whistleblower R.J. Cipriani filed a $150 million lawsuit, accusing him of disclosing confidential information in violation of SEC rules.
Paramount issued a statment about Shell, saying the claims were “baseless.”
“PSKY’s Board of Directors followed standard practice and, with the assistance of independent counsel, conducted a complete and thorough review of the allegations raised in a recently filed civil complaint that Mr. Shell, PSKY’s President, had violated certain SEC disclosure rules. The facts demonstrated that these allegations do not establish a securities law violation. Mr. Shell promptly notified PSKY of these accusations and is taking forceful legal action. PSKY and its named Board members will respond in the proceedings to the frivolous and baseless claims against PSKY and its named Board members and stockholders. Consistent with Mr. Shell’s commitment to prioritizing PSKY’s success, he has elected to transition from his positions as President of PSKY and a member of PSKY’s Board of Directors to focus on this lawsuit. PSKY is grateful for Mr. Shell’s many contributions and to have relied on him as a valued advisor.”
Shell’s future at Paramount has been uncertain since the company outbid Netflix in February to acquire Warner Bros. Discovery.
By CEO NA Editorial Staff
