Walt Disney Company ("Disney"), together with its subsidiaries, engages in the film and episodic television content production and distribution business.

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

NOTE: The Class Action was filed on behalf of all sellers of Disney's securities during the Class Period.

On May 28, 2004, the Court entered the Order signed by U.S. District Judge Ronald S.W. Lew granting the motion to appoint Florence Appel and Carol Donegan as lead Plaintiffs and for appointment of co-lead Counsel. On June 14, 2004, the Plaintiffs filed a notice of voluntary dismissal of the class action. The next day, the Court issued the Order dismissing the matter without prejudice. The Order was entered on June 18, 2004.