NEW YORK (TheStreet) -- The Walt Disney Co. (DIS) , DreamWorks Animation (DWA) , and Sony (SNE) have been named as defendants in a class action lawsuit accusing the companies of allegedly entering into a "no poaching" agreement regarding each other's workers, the Los Angeles Times reports.
The lawsuit was filed on Monday in San Jose and the defendant, a former DreamWorks employee, has accused the companies of working together in order to "deprive thousands of workers" of better earnings and positions at other companies.
The companies have also been accused of colluding to fix worker wages and entering into a non-solicitation agreement with one another, The Times added.STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
"We believe this complaint is utterly without merit and intend to defend against it vigorously," Disney said to the Times.
Shares of Disney are down by 0.51% to $90.1 at the start of trading on Tuesday.
Shares of DreamWorks are lower by 1.03% to $22.69, and shares of Sony are up 0.10% to $19.22.
Separately, TheStreet Ratings team rates DISNEY (WALT) CO as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:
"We rate DISNEY (WALT) CO (DIS) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its solid stock price performance, impressive record of earnings per share growth, compelling growth in net income, revenue growth and notable return on equity. We feel these strengths outweigh the fact that the company shows weak operating cash flow."