Stallone sues ex-manager over Planet Hollywood shares

Sylvester Stallone has filed a lawsuit for more than $7m against a former business manager.

He says Kenneth Starr gave him bad advice over whether to sell shares in Planet Hollywood stock.

He claims Starr told him not to offload the stock while telling others the restaurant chain was going bankrupt

The lawsuit filed in the Superior Court in Los Angeles claims Stallone asked Kenneth Starr, who worked for him between 1997 and 2001, whether he should sell nearly three 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.

When Stallone finally sold the shares in March 2000, he received less than $300,000.

Stallone has asked for $7.3 million in damages and legal fees.

Starr's spokesman Dan Klores said: "This suit is completely groundless."