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Activision Blizzard, Inc. (NASDAQ: ATVI) Investor Securities Class Action Lawsuit 01/18/2019

  • If you purchased shares of Activision Blizzard, Inc. (NASDAQ: ATVI), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Activision Blizzard, Inc.
Security
NASDAQ: ATVI

Case Name
Activision Blizzard Shareholder Class Action Lawsuit 01/18/2019
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Central District of California

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

April 9, 2020 - The case was dismissed.

March 23, 2020 - The court granted the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint. An amended complaint was not filed.

January 21, 2020 - A motion to dismiss the consolidated amended complaint was filed.

January 7, 2020 - An amended consolidated complaint was filed.

October 17, 2019 - The court granted the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint.

September 25, 2019 - A motion for reconsideration of the dismissal was filed.

September 11, 2019 - The court denied the defendants' motion to dismiss.

August 9, 2019 - A motion to dismiss the consolidated complaint was filed.

July 10, 2019 - A consolidated complaint was filed.

January 18, 2019 - An investor in shares of Activision Blizzard, Inc. (NASDAQ: ATVI) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Activision Blizzard, Inc. in connection with certain allegedly false and misleading statements made between August 2, 2018 and January 10, 2019.

Santa Monica, CA based Activision Blizzard, Inc. develops and distributes content and services on video game consoles, personal computers (PC), and mobile devices. Activision Blizzard, Inc. reported that its annual Total Revenue rose from over $6.6 billion in 2016 to over $7.01 billion in 2017 and that its Net Income decreased from $966 million in 2016 to $273 million in 2017.

On January 11, 2019, Activision Blizzard, Inc disclosed that it would be separating from its design and development partner Bungie, Inc. ( Bungie ) and that Bungie will assume full publishing rights and responsibilities for the Destiny franchise. Bungie had developed the Destiny franchise with Activision as publisher. In the first five days of the Destiny franchise's release, it sold $325M at retail. Shares of Activision Blizzard, Inc. (NASDAQ: ATVI) declined from $51.49 per share on January 10, 2019 to $44.47 per share on January 11, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of Activision Blizzard, Inc. (NASDAQ: ATVI) common shares between August 2, 2018 and January 10, 2019, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between August 2, 2018 and January 10, 2019, the Defendants made false and/or misleading statements and/or failed to disclose that the termination of Activision Blizzard and Bungie’s partnership, giving Bungie full publishing rights and responsibilities for the Destinyfranchise, was imminent, that the termination of the two companies’ relationship would foreseeably have a significant negative impact on Activision Blizzard’s revenues, and that as a result, Activision Blizzard’s public statements were materially false and misleading at all relevant times.