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GameStop Shareholder Files Lawsuit to Block $3.5B CEO Pay Package Ahead of July 7 Vote

2026-06-17 05:30:39

According to Bloomberg, a GameStop shareholder filed a class-action lawsuit seeking to block a shareholder vote on a $3.5 billion stock option award for CEO Ryan Cohen, citing improper disclosure and procedural irregularities.

The lawsuit alleges the company's board repeatedly modified voting procedures related to Cohen's ability to vote his 9.3% stake and how abstentions are counted. The shareholder vote is scheduled for July 7, with Cohen entitled to the full $3.5 billion in stock options if the company achieves a $10 billion market capitalization and $10 billion EBITDA.

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