LOS ANGELES (AP) — Sylvester Stallone has filed a lawsuit alleging that a former business manager told him not to unload more than $7 million in Planet Hollywood stock while telling others that the restaurant chain was headed for bankruptcy.
The lawsuit filed Thursday in Superior Court claims Stallone asked Kenneth Starr, who worked for him between 1997 and 2001, whether he should sell nearly 3 million shares of Planet Hollywood stock.
Stallone said Starr told him "he would be sending the wrong message to the market" if he sold the stock, the lawsuit said.
When the star of "Driven" and "Cliffhanger" finally sold the shares in March 2000, he received less than $300,000.
Stallone has asked for $7.3 million in damages and attorneys' fees.
"This suit is completely groundless," Starr's spokesman Dan Klores said.