Activision Blizzard Shareholders Sue Over Microsoft Acquisition
One alleges the game publisher's board of directors is seeking significant and immediate benefits, according to Polygon.
Some Activision Blizzard shareholders are unhappy with the Microsoft buyout plan.
Two Activision Blizzard shareholders on Thursday filed lawsuits against the game publisher in the wake of Microsoft's planned acquisition, as previously reported by Polygon. It follows Microsoft announcing a $68.7 billion agreement to buy the company in January.
Kyle Watson alleges in his suit that the plan isn't in the best interest of Activision Blizzard or its shareholders. His lawyers claim that the board of directors is looking to "procure for themselves and senior management [...] significant and immediate benefits," Polygon noted.
It also alleges that Activision Blizzard's SEC filing is "materially misleading and incomplete," and violates the Securities Exchange Act.
"We disagree with the allegations made in this complaint and look forward to presenting our arguments to the Court," an Activision Blizzard spokesperson said in a statement emailed to CNET.
Shareholder Shiva Stein also filed suit against Activision Blizzard, making similar allegations to Watson's. Stein is among the most "prolific" securities plaintiffs in the US, according to Reuters, with half of the suits she filed last year being voluntarily dismissed.
Activision Blizzard CEO Bobby Kotick and the company have been the subject of investigations due to allegations of workplace sexual misconduct, according to The Wall Street Journal.