Activision Blizzard Sued By Shareholder

Activision Blizzard has been sued by one of it’s shareholders, namely Todd Miller. Apparently, the reason behind this lawsuit is Activision Blizzard’s purchase of 85 percent majority stake in Activision, which belonged to Vivendi before the purchase.

According to the report, Miller has filed a lawsuit against Activision, Vivendi, and the board of directors. The list also includes Bobby Kotick (CEO). Miller mentioned reasons like ‘breach of fiduciary duties, waste of corporate assets and unjust enrichment’ in the report. The report also mentioned the purchase of 172 million shares for $2.34 billion by Kotick and his investors. According to Miller, the group got a discount of 10 percent (on the company’s closing price), saving them about $644 million. This had “no apparent business purpose … other than to aggrandize defendants Kotick and (co-chairman) Kelly and provide billions of dollars’ worth of Activision stock to the insider investor group at a discounted price,” stated Miller.

Miller wants the court to “overturn” the purchase and “prevent future one-sided self-dealing.”

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