A lawsuit was filed by a current investor in shares of Activision Blizzard, Inc. (NASDAQ:ATVI) over alleged breaches of fiduciary duties and NASDAQ:ATVI stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 08/06/2013 -- An investor, who currently hold shares of Activision Blizzard, Inc. (NASDAQ:ATVI), filed a lawsuit against over alleged breaches of fiduciary duties by certain directors of Activision Blizzard, Inc. in connection with a $8.2 billion deal to buy back Vivendi SA’s stake.
If you purchased shares of Activision Blizzard, Inc. (NASDAQ:ATVI) and currently hold any of those NASDAQ:ATVI shares, you have certain options and you should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges that the deal from July 26 to buy back Viveni SA’s stake in Activision Blizzard, Inc. for over $8 billion enriches certain company insiders at the expense of public investors in Activision Blizzard, Inc. The plaintiff says that by buying back billions of dollars of discounted stock from Vivendi SA certain insiders are getting a staggering windfall of more than $600 million.
More specifically, the plaintiff claims that Activision Blizzard, Inc. will buy back buy 439 million of Vivendi SA's shares for $5.83 billion, and an investor group headed by Activision Blizzard CEO’s will pick up 172 million shares in a private sale for $2.34 billion, which is a 10 percent discount on Activision Blizzard 's closing price the day before the deal was announced. The plaintiff alleges that while the investor group stands to score an immediate paper windfall of $664 million the private sale does not benefit Activision Blizzard, Inc. in any way.
Activision Blizzard, Inc. reported that its annual Total Revenue rose from over $4.27 billion in 2009 to over $4.85 billion in 2012 and that its respective Net Income increased from $113.00 million to over $1.14 billion.
Shares of Activision Blizzard, Inc. (NASDAQ:ATVI) grew from $8.76 per share in early 2009 to as high as $18.40 per share on July 30, 2013.
On August 5, 2013, NASDAQ:ATVI shares closed at $17.73 per share.
Those who purchased shares of Activision Blizzard, Inc. (NASDAQ:ATVI) and currently hold any of those NASDAQ:ATVI shares, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego