Friday, February 25, 2022
Another lawsuit has been filed against Activision Blizzard in the wake of Microsoft's recent acquisition. The latest lawsuit brought against the company has been launched by two shareholders, the first of which was filed by Kyle Watson in California.
Watson's lawsuit claims that Microsoft's acquisition of Activision is “unfair for a number of reasons”, one being the board looking to "procure for themselves and senior management [...] significant and immediate benefits". The lawsuit adds that the acquisition plans aren't in Activision Blizzard's “best interest”, and nor does it consider the interests of Watson and fellow shareholders.
Furthermore, Watson adds that Activision Blizzard's filing of a preliminary proxy statement with the US Securities and Exchange Commission also proved “materially deficient”, devoid of the data required for shareholders to form an "intelligent, informed and rational decision of whether to vote in favour of the proposed transaction".
Shareholder Shiva Stein filed the second lawsuit, making similar claims to the one filed by Watson. According to a report from Polygon (via Eurogamer), Stein is "one of the most 'prolific' securities plaintiffs in the United States", responsible for the filing of “124 securities lawsuits” between 2018 and 2020, half of which were voluntarily dismissed.
In response to the lawsuits, an Activision Blizzard spokeperson issued the following statement: “We disagree with the allegations made in this complaint and look forward to presenting our arguments to the Court”.
Meanwhile, Activision Blizzard is still under investigation for a number of allegations of workplace abuse and sexual misconduct at the company, which CEO Bobby Kotick allegedly had express knowledge of.
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