Activision hit by rod: shareholder sues company over incomplete deal with Microsoft deal

According to the plaintiff, the power of attorney sent by Activision Blizzard to shareholders was “substantially incomplete”.

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A shareholder in Activision Blizzard has sued the company due to its recently announced sale for $ 68.7 billionKyle Watson, a shareholder, claims that the agreement entered into by the company is objectionable and unfair for a number of reasons.

Watson filed the lawsuit in California, alleging that Activision Blizzard’s board of directors was trying to gain a “significant and immediate benefit” from the planned sale to Microsoft instead of first considering what the company’s general interest would be.

The lawsuit also alleges that Activision Blizzard’s statement to the Securities and Exchange Commission on February 18 was “highly misleading and incomplete,” but Watson also claims that the company’s board of directors did not establish a board of independent directors that would have monitored the conduct of the transaction, taking into account both the advantages and disadvantages.

In fact, the statement issued on 18 February outlined a precise timetable for the transaction and contained several pieces of information stating that several other companies have tried to acquire Acitivision Blizzardin fact, it has even been described that CEO Bobby Kotick will receive a very serious payoff.

Watson now wants Activision Blizzard to issue a new statement “not containing false allegations,” and since then the company’s spokesman has responded to the plaintiff’s allegations, stating that they will reject the allegations in the lawsuit and not stagger if the case will go to court, they will also line up their counter – arguments, the GameSpot.

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