Activision Blizzard, Inc.
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of those who acquired Activision Blizzard, Inc. (“Activision Blizzard” or the “Company”) (NASDAQ: ATVI) securities from August 4, 2016 through July 27, 2021, inclusive (the “Class Period”). Investors have until October 4, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Activision Blizzard is a video game holding company based in Santa Monica, California. The Company was formed by a merger between Activision, Inc. and Vivendi Games. The Company is a developer and publisher of interactive entertainment content and services. It develops and distributes content and services across various gaming platforms. Activision Blizzard has popular games like Call of Duty, World of Warcraft and Diablo under its umbrella.
On July 20, 2021, California’s Department of Fair Employment and Housing (“DFEH”) filed a lawsuit against the Company alleging rampant sexual harassment and gender discrimination. On July 21, 2021, Bloomberg Law revealed that the DFEH had filed a lawsuit against Activision following a lengthy two-year investigation into the Company's practices. On this news, Activision Blizzard’s share price declined by $0.70 per share, or approximately .77% per share, from $91.17 per share to close at $90.47 per share on July 22, 2021.
The lawsuit alleged throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) Activision Blizzard discriminated against women and minority employees; (2) Activision Blizzard fostered a pervasive “frat boy” workplace culture that continues to thrive; (3) numerous complaints about unlawful harassment, discrimination, and retaliation were made to human resources personnel and executives which went unaddressed; (4) the pervasive culture of harassment, discrimination, and retaliation would result in serious impairments to Activision Blizzard’s operations; (5) as a result of the foregoing, the Company was at greater risk of regulatory and legal scrutiny and enforcement, including that which would have a material adverse effect; (6) Activision Blizzard failed to inform shareholders that the DFEH had been investigating Activision Blizzard for harassment and discrimination; and (7) as a result, Defendants’ statements about Activision Blizzard’s business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
If you purchased or otherwise acquired Activision Blizzard securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at firstname.lastname@example.org, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.