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Kessler Topaz Meltzer & Check, LLP: Investor Class Action Filed Against Activision Blizzard, Inc. for Securities Fraud Violations

Notice is hereby given that a class action lawsuit has been filed on behalf of those who purchased or acquired Activision Blizzard, Inc. (“Activision Blizzard”) (NASDAQ: ATVI) securities between August 4, 2016 and July 27, 2021, inclusive (the “Class Period”).

Activision Blizzard investors may receive additional information about the case by clicking the link "Submit Your Information" above.  If you are a member of the class described above, you may no later than October 4, 2021 move the Court to serve as lead plaintiff of the class, if you so choose.


Activision Blizzard is one of the world's largest video game publishers.

The Class Period commences on August 4, 2016, when Activision Blizzard filed a Form 10-Q for the quarterly period ended June 30, 2016.  Throughout the Class Period, the defendants represented that Activision Blizzard’s culture is one that is free of unlawful bias, harassment, intimidation, and discrimination of any kind. 

The truth began to emerge on July 21, 2021, when Bloomberg Law reported that the California Department of Fair Employment and Housing (“DFEH”) filed a lawsuit against Activision Blizzard.  The article stated, in relevant part, that “[a] two-year investigation by the state agency found that the company discriminated against female employees in terms and conditions of employment, including compensation, assignment, promotion, and termination. Company leadership consistently failed to take steps to prevent discrimination, harassment, and retaliation.”

In response to the DFEH lawsuit, Activision Blizzard stated “[t]he DFEH includes distorted, and in many cases false, descriptions of Blizzard’s past.  . . . The picture the DFEH paints is not the [Activision] Blizzard workplace of today.”

Then, on July 26, 2021, more than two thousand former and current Activision Blizzard employees signed a petition condemning Activision Blizzard’s response to the lawsuit as “abhorrent and insulting.” The petition read, in relevant part, that Activision Blizzard’s “statements make it clear that our leadership is not putting our values first. Immediate corrections are needed from the highest level of our organization.”

On July 27, 2021, Activision Blizzard employees planned a walkout and work stoppage to support the petition against Activision Blizzard, to be held the following day. That same day, Robert A. Kotick, Activision Blizzard’s Chief Executive Officer, sent an internal email apologizing for the company’s “tone deaf” response to the DFEH lawsuit and promising “swift action to be [. . .] compassionate[,] caring [and] to ensure a safe environment.”

Following this news, the price of Activision Blizzard shares fell $5.89, or over 6%, to close at $84.05 on July 27, 2021.

The complaint alleges that throughout the Class Period, the 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, Activision Blizzard 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, the 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.

A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case.  Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.

If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP:  James Maro, Esq. (484) 270-1453; toll-free at (844) 887-9500; or via e-mail at info@ktmc.com.  If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.
 

Please complete this form relating to your transactions for Activision Blizzard, Inc. (NASDAQ: ATVI) securities between August 4, 2016 and July 27, 2021, inclusive (the “Class Period”).

You may also contact James Maro, Esq. (484) 270-1453; or toll free at (844) 887-9500; or you may submit your information via email at info@ktmc.com; or you may click here to print a PDF of this form.
 

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# of Shares
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# of Contracts
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Exercise Price
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Did you purchase shares of Activision Blizzard, Inc. prior to the Class Period?
Are you a current or former employee of Activision Blizzard, Inc.?
The submission of this form does not create an attorney-client relationship, nor an obligation on the part of Kessler Topaz or you to file a lead plaintiff motion in this matter. Any information you submit will be maintained as confidential. If Kessler Topaz, in its sole discretion, believes that you might be an appropriate lead plaintiff candidate, Kessler Topaz will contact you to discuss the matter and whether to establish an attorney client relationship. By signing this form you are authorizing us to contact you regarding this case and/or future cases.
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