Activision Blizzard sued by shareholder

Activision Blizzard Bobby Kotick Moon Face

Activision Blizzard is being sued by a shareholder in an attempt to block an inside stock sale by the giant game publisher that would give officers control of the company.

Shareholder Douglas M. Hayes has reportedly filed a lawsuit against CEO Bobby Kotick, co-chairman Brian Kelly, and Vivendi, because a stock sale would “unjustly enrich Kelly, Kotick, and the other participants”.

The goal of the lawsuit is to give non-Vivendi shareholders a chance to vote on the proposed deal.

In July, Activision Blizzard forked out approximately R79-billion to buy back its shares from parent Vivendi, separating itself from the giant media company.

Bobby Kotick and Brian Kelly purchased a further 172 million Company shares for approximately $2.34 billion.

Source: Bloomberg

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