Today's Hard|Forum Post
Today's Hard|Forum Post

Monday August 05, 2013

Activision Shareholder Sues Over Stock Buyback

Well it sure didn't take long for the lawsuits to start flying, did it? What do you think? Does this guy have a case or what?

The CEO of Activision Blizzard is buying back billions of dollars of discounted stock from Vivendi, giving insiders - but not Activision - a "staggering windfall" of more than $600 million, a shareholder claims in a derivative lawsuit. Todd Miller filed a shareholder derivative complaint in Superior Court against Activision, its 11-man board of directors, and Vivendi, the entertainment and publishing conglomerate, alleging breach of fiduciary duties, waste of corporate assets and unjust enrichment.