New York City files lawsuit against Activision Blizzard for misconduct related to Microsoft acquisition
Update 11:53 am PT: Activision Blizzard issued a statement in response to the New York lawsuit, which it shared with IGN:
“We disagree with the allegations made in this complaint and look forward to presenting our arguments in court.”
Original story: Several New York funds have joined forces to file a complaint against Activision Blizzard, alleging that CEO Bobby Kotick and the board of directors may have breached their fiduciary duty and damaged the company’s value in their dealings with Microsoft.
As reported by Axios, the lawsuit was filed May 2 by New York’s employee, board of education and teacher pension schemes, as well as city fire and police pension funds — all of which own shares in Activision Blizzard. The plaintiffs claim their right to view various records held by Activision Blizzard to determine whether any wrongdoing occurred during the acquisition process and cite a number of concerns to support their claim.