Jeff Shell is leaving his position as president of Paramount Skydance Corp. after a lawsuit accused him of Securities and Exchange Commission violations.

The company said it did not find an SEC violation. Paramount added in a statement that the claims were “baseless” and said Shell is taking “forceful legal action.”

“Consistent with Mr. Shell’s commitment to prioritizing PSKY’s success, he has elected to transition from his positions as President of PSKY and a member of PSKY’s Board of Directors to focus on this lawsuit,” the company said in its statement. “PSKY is grateful for Mr. Shell’s many contributions and to have relied on him as a valued advisor.”

Shell did not immediately respond for comment.

His future at Paramount has been in question since the company beat Netflix in a bidding war in February to acquire Warner Bros. Discovery. The acquisition of WBD will bring in many new executives, and Shell, who was not involved in deal talks, didn’t have a defined role at a combined company, CNBC reported last month.

Shell came under scrutiny after gambler and whistleblower R.J. Cipriani filed a $150 million lawsuit alleging him of sharing confidential information in violation of SEC rules.

Shell previously left his role as NBCUniversal CEO in 2023 after he admitted to having an “inappropriate relationship” with an employee.

— CNBC’s Alex Sherman contributed to this report.