GameStop Investor Brings Suit Over CEO’s $35 Billion Pay Package

A GameStop Corp. investor moved to halt a vote on a $35 billion pay package for the company’s chief executive officer until proper disclosures are made to shareholders.

The lawsuit came in response to the board’s decision to grant CEO Ryan Cohen stock option awards that could lead to a multibillion-dollar windfall if certain aggressive milestones are met. Stockholders are set to vote on the pay package July 7.

The proposed class action, filed in Delaware’s Chancery Court on Monday, says GameStop’s board repeatedly and illegally changed the procedures around the stockholder vote before issuing a misleading proxy statement aimed ...