Activision Blizzard now also sued by shareholders. Blizzard has quite the shitstorm going and it doesn’t stop. Now another lawsuit is coming their way – this time from shareholders.
They claim that the publisher did not inform them about the ongoing problems and accuse Blizzard of being “false and misleading”. A new lawsuit was filed against Blizzard yesterday. The lawsuit, filed on behalf of shareholders, accuses Blizzard of keeping the reasons and problems of the first lawsuit secret so that its stock value would not drop.
No room to breathe for Activision Blizzard
News of the lawsuit was announced on the same day that Blizzard announced its second quarter results – and it’s no surprise that stock prices dropped heavily after the California Department of Fair Employment and Housing filed a lawsuit against the company.
Since the lawsuit, stock prices have fallen consistently, and the shareholders who filed the lawsuit claim that they would not have invested if they had known the details. At the same time, they accuse Blizzard executives of trying to sweep things under the rug. The plaintiffs in Blizzard’s latest lawsuit can be anyone who traded in the company’s stock between Aug. 4, 2016, and July 27, 2021.
The latest lawsuit not only targets Activision Blizzard, but also one CEO and 2 CFO’s. According to the Rosen Law Firm, which filed the suit on behalf of the plaintiffs, three executives were “instrumental in disseminating false information.”