02:49 PM EDT, 06/17/2024 (MT Newswires) -- (Eliminates quote in the third paragraph.)

GameStop ( GME ) shares were falling nearly 13% Monday afternoon after its highly anticipated shareholder meeting lasted only 15 minutes with no fireworks and only a handful of details about the retailer's future actions, according to an audio webcast.

Chief executive Ryan Cohen told shareholders during brief remarks that an unspecified number of stores will close as the retailer works to lower operating expenses.

Monday's shareholder meeting was delayed from last Thursday after running into "unprecedented demand" and other technical problems that prevented many investors from logging onto the livestream.

Shareholders Monday voted for all five director nominees, including Cohen, to the board. They turned down a proposal from New York City employees and teachers seeking more demographic and skills information about individual board members.

Price: 25.03, Change: -3.67, Percent Change: -12.78