Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Central District of California on behalf of shareholders of Activision Blizzard, Inc. who purchased shares between August 4, 2016 and July 27, 2021.
Activision Blizzard and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On July 20, 2021, the California Department of Fair Employment and Housing filed a lawsuit against the Company alleging violations of the state’s Equal Pay Act as well as the Fair Employment and Housing Act based on disturbing incidents of sexual harassment and assault. On July 27, 2021, Bloomberg reported that thousands of current and former employees of the Company had signed a petition in protest of the Company’s “abhorrent and insulting” response to the lawsuit and had planned walkout and work stoppage the following day, resulting in the Company’s CEO sending a letter to employees 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.”
On this news, shares of Activision fell $5.89, or over 6%, to close at $84.05 on July 27, 2021, on unusually heavy trading volume.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until October 11, 2021 to request that the court appoint them lead plaintiff.