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The New York City Employees’ Retirement System (NYCERS) is suing Activision Blizzard over the speed of the Microsoft acquisition.
Axios has reported on the lawsuit. The reason that NYCERS has filed the suit has to do with the role played by Activision CEO Bobby Kotick.
“Given Kotick’s personal responsibility and liability for Activision’s broken workplace, it should have been clear to the Board that he was unfit to negotiate a sale of the Company. But it wasn’t.”
The suit also alleges that the haste of the Microsoft acquisition allows “Kotick and his fellow directors a means to escape liability for their egregious breaches of fiduciary duty.”
Furthermore, NYCERS, which owns shares in Activision Blizzard, stated that the $95/share offer undervalues the company.
The suit calls for the company to turn over a host of documents concerning the Microsoft buyout. As well as documents pertaining the offers of the five other potential buyers that Activision Blizzard claimed to have received.
Part of the suit is also concerned with Kotick specifically. And with what he knew of the various misconduct allegations at the company during the time of the buyout. As per the Axios report, Activision Blizzard has faced a number of lawsuits. These include one discrimination suit from California; a federal harassment suit, which has been settled, but is facing appeals; and a purported class action suit.
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