NEW YORK–(BUSINESS WIRE)–$ATVI #activision—Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international securities and consumer rights litigation firm, continues investigating whether certain directors and officers of Activision Blizzard, Inc. (“Activision”) (NASDAQ: ATVI) breached their fiduciary duties to Activision and its shareholders. If you are an Activision shareholder, you may contact attorney Joe Pettigrew for additional information toll-free at 844-818-6982 or [email protected].
Scott+Scott is investigating whether members of Activision’s Board of Directors (the “Board”) made false and/or misleading statements, as well as failed to disclose material adverse facts, about Activision’s business, operations, prospects, and financial health. On April 29, 2010, Activision announced that its wholly owned subsidiary, Activision Publishing, Inc., entered into an agreement with Bungie, Inc. (“Bungie”), giving Activision exclusive rights to publish and distribute video games developed by Bungie for the next 10 years. This partnership resulted in the financially successful Destiny franchise, a series of science fiction-themed video games. As late as November 8, 2018, Activision filed a quarterly report with the U.S. Securities Exchange Commission listing Destiny as among Activision’s “key product franchises” and stating that it had “established a long-term alliance with Bungie to publish its game universe, Destiny.” During an earnings call held on the same day, Activision was asked about the “health of the Destiny franchise,” but failed to mention any rift between itself and Bungie that could lead to a premature split of the partnership.
On January 10, 2019, Activision and Bungie announced the end of their business relationship and that Bungie would “assume full publishing rights . . . for the Destiny franchise. Going forward, Bungie will own and develop the franchise.” On this news, Activision’s stock fell close to 10%.
What You Can Do
If you are an Activision shareholder, you may have legal claims against Activision’s directors and officers. If you wish to discuss this investigation, or have questions about this notice or your legal rights, please contact attorney Joe Pettigrew toll-free at 844-818-6982 or [email protected].
Scott+Scott has significant experience in prosecuting major securities, antitrust, and consumer rights actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, California, and Ohio.