Five New York City employee pension groups that have stock in Activision Blizzard, an embedded video game maker, sue Activision, and say the company failed to turn over financial records as groups try to determine whether Activision is fair in its planned sales. Whether to get the price. For Microsoft.
A lawsuit filed in Delaware state court says New York groups are asking whether Activision harmed its shareholders by agreeing to sell Microsoft for about $ 70 billion, or about $ 95 per share, according to pension groups. Depreciation but they can’t find the corporate records they want to review, the lawsuit claims, because Activis has refused to return them all.
These groups “seek access to certain books and records to investigate the board’s independence and disinterest,” the lawsuit says, referring to Activision’s board of directors.
The complaint comes from groups including the New York City Fire Department Pension Fund and the Teacher Retirement System for New York City, and was dated April 26. It was reported on Wednesday by Axios.
Pension funds are questioning whether Bobby Cotick, chief executive of Activision, negotiated a quick and low-value deal with Microsoft late last year, with little oversight by the board, so that he and his company could face any personal consequences for treating sexual misconduct. Complaints against officers.
“Kotik was aware of the credibility of numerous misconduct by senior company officials – but did nothing to address them or prevent further offenses,” the lawsuit said. “So Kotik, along with other board members, faced a strong possibility of liability for breach of trust duty.”
An Activision said the company “disagrees with the formulation made in this complaint and is eager to present our arguments in court.”
The New York lawsuit seeks legal action against Activision, creating popular games such as Call of Duty and Overwatch. Last summer, the California employment agency sued Activision, accusing it of promoting a toxic and sex work environment in which women were regularly harassed. In response, employees protested and top officials were forced, although Mr. Kotik stayed.