Las Vegas gambler RJ Cipriani sued Jeff Shell for $150 million, alleging he leaked confidential information|World Economic Forum|CC BY-NC-SA 2.0

Paramount Skydance said Wednesday that President and board member Jeff Shell is stepping down amid allegations he violated SEC disclosure rules.

He took the role overseeing daily operations after the Paramount–Skydance merger last year.

Las Vegas gambler RJ Cipriani sued Shell for $150 million, alleging he leaked confidential, market-moving information and backed out of a deal for months of unpaid crisis communications work.

Shell denies any wrongdoing, and Paramount dismissed Cipriani’s accusations as “baseless.”