Polygon has reported that an Activision Blizzard shareholder has filed a lawsuit against the game publisher and their board of directors over the sale of the game developer to Microsoft. The lawsuit alleges that the company viloated provisions of the Securities Exchange Act.
The lawsuit states a multitude of complaints including several conflicts of interest, referencing ‘lucrative benefits’ for Directors and Officers at the game developer, as well as the ‘Golden Parachute’ for the CEO.
Kyle Watson, the shareholder filing the suit, is looking for the court to order Activision Blizzard to release a new SEC preliminary proxy statement that includes more facts, as well as “rescissory damages” should the transaction go through.
This latest action comes on the heels of ongoing industry scrutiny, another lawsuit filed in 2021 alleging negligence in sexual harassment and discrimination reports, as well as another hearing related to “union-busting” accusations being held by the National Labor Relations Board.
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