Activision, Inc.
Ticker Symbol:
Nasdaq: ATVI
Practice:
Securities Fraud & Shareholder Litigation
Phase:
Current On February 8, 2008, Chimicles & Tikellis LLP filed a class action lawsuit in the Court of Chancery of Delaware against Activision, Inc. (“Activision” or the “Company”) and its Board of Directors asserting claims for breaches of fiduciary duty against the directors of Activision in connection with the sale of voting control of Activision to Vivendi S.A. (“Vivendi”) without obtaining a control premium.
Agreements between Activision and Vivendi resulted Vivendi’s acquisition of 52% voting control of Activision in the form of newly issued Activision common stock in a merger of Vivendi’s video game unit with Activision, forming “Activision Blizzard,” and the simultaneous purchase by Vivendi of additional newly issued Activision shares. The transactions shifted control of Activision away from its public shareholders and into the hands of Vivendi. Plaintiff alleges that control was shifted to Vivendi without the payment of a control premium, to which Activision’s stockholders were legally entitled as a result of unreasonable and disloyal conduct by Activision’s Board of Directors.
The Complaint, as amended December 23, 2008, sought, among other things, to recover for Activision shareholders damages caused by Defendants’ fiduciary duty breaches.
On July 24, 2009, the Court of Chancery issued an Opinion dismissing the case. Plaintiff appealed that ruling and the Supreme Court of Delaware heard argument on the appeal on January 13, 2010. On that same day, the Supreme Court of Delaware ordered a hearing en banc on the appeal on a priority basis.
If you wish to discuss this Action further, have any questions concerning your rights or interests or need additional information on this Action please contact the attorneys below.
| Attachment | Size |
|---|---|
| Second Amended Complaint (December 23, 2008) | 7.07 MB |
Attorneys to Contact:
Pamela S. Tikellis (PamelaTikellis@chimicles.com)
Robert J. Kriner, Jr. (RobertKriner@chimicles.com)
A. Zachary Naylor (ZacharyNaylor@chimicles.com)
P.O. Box 1035, 222 Delaware Ave, Suite 1100, Wilmington, DE 19801 Phone: 302-656-2500