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Activision Blizzard, Inc. Class Action Lawsuit - ATVI

Company Name
Activision Blizzard, Inc.
Stock Symbol
ATVI
Class Period
August 4, 2016 to July 27, 2021
Motion Deadline
October 2, 2021
Court
Central District of California
4 days left to seek lead plaintiff status

Case Summary

The Activision Blizzard class action lawsuit charges Activision Blizzard, Inc. (NASDAQ: ATVI) and certain of its top executives with violations of the Securities Exchange Act of 1934 and seeks to represent purchasers of Activision Blizzard publicly traded securities between August 4, 2016 and July 27, 2021, inclusive (“Class Period”).  The Activision Blizzard class action lawsuit was commenced on August 3, 2021 in the Central District of California and is captioned Cheng v. Activision Blizzard, Inc., No. 21-cv-06240.

If you wish to serve as lead plaintiff of the Activision Blizzard class action lawsuit, please provide your information by clicking here.  You can also contact attorney Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at jcaringal@rgrdlaw.com.  Lead plaintiff motions for the Activision Blizzard class action lawsuit must be filed with the court no later than October 4, 2021.

CASE ALLEGATIONS: The Activision Blizzard class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) Activision Blizzard discriminated against women and minority employees; (ii) Activision Blizzard fostered a pervasive “frat boy” workplace culture that continues to thrive; (iii) numerous complaints about unlawful harassment, discrimination, and retaliation were made to human resources personnel and executives which went unaddressed; (iv) the pervasive culture of harassment, discrimination, and retaliation would result in serious impairments to Activision Blizzard’s operations; (v) as a result, Activision Blizzard was at greater risk of regulatory and legal scrutiny and enforcement, including that which would have a material adverse effect; (vi) Activision Blizzard failed to inform shareholders that the California Department of Fair Employment and Housing (“DFEH”) had been investigating Activision Blizzard for harassment and discrimination; and (vii) consequently, 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.

On July 21, 2021, Bloomberg Law reported that the DFEH filed a lawsuit against Activision Blizzard.  The article states, in relevant part: “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,” and that “Company leadership consistently failed to take steps to prevent discrimination, harassment, and retaliation.” 

On July 26, 2021, more than 2,000 former and current Activision Blizzard employees signed a petition condemning Activision Blizzard’s response to the lawsuit as “abhorrent and insulting.”  Then, 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.  Also on July 27, 2021, Activision Blizzard’s CEO, defendant Robert A. Kotick, sent an internal email apologizing for Activision Blizzard’s “tone deaf” response to the DFEH lawsuit and promising “swift action to be . . . compassionate, caring [and] to ensure a safe environment.”  On this news, the price of Activision Blizzard shares fell more than 6%, damaging investors.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Activision Blizzard securities during the Class Period to seek appointment as lead plaintiff in the Activision Blizzard class action lawsuit.  A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.  A lead plaintiff acts on behalf of all other class members in directing the Activision Blizzard class action lawsuit.  The lead plaintiff can select a law firm of its choice to litigate the Activision Blizzard class action lawsuit.  An investor’s ability to share in any potential future recovery of the Activision Blizzard class action lawsuit is not dependent upon serving as lead plaintiff.

ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 lawyers in 9 offices nationwide, Robbins Geller Rudman & Dowd LLP is the largest U.S. law firm representing investors in securities class actions.  Robbins Geller attorneys have obtained many of the largest shareholder recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.  The 2020 ISS Securities Class Action Services Top 50 Report ranked Robbins Geller first for recovering $1.6 billion for investors last year, more than double the amount recovered by any other securities plaintiffs’ firm.

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