Shareholders of MSG Networks Inc. have taken legal action against the Dolan family and the rest of the company’s leadership, claiming the company was seen as a drainable cash source in a deal that undercut share values.

The complaint publicly filed by Grant & Eisenhofer attorneys Thursday evening in the Court of Chancery heavily criticizes the stock-for-stock sale of MSG Networks to Madison Square Garden Entertainment Corp., made with the Dolans as controlling shareholders in both companies.