Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $500,000 In Activision Blizzard, Inc. To Contact The Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Activision Blizzard, Inc. (“Activision” or the “Company”) (NASDAQ:ATVI) of the March 19, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Activision stock or options between August 2, 2018 and January 10, 2019 and would like to discuss your legal rights, please fill out the form below. There is no cost or obligation to you. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
The lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of all those who purchased Activision securities between August 2, 2018 and January 10, 2019 (the “Class Period”). The case, Mohamad Labade v. Activision Blizzard, Inc. et al, 19-cv-00423 was filed on January 18, 2019, and has been assigned to Judge Manuel L. Real.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) the termination of Activision Blizzard and Bungie, Inc.’s (“Bungie”) partnership, giving Bungie full publishing rights and responsibilities for the Destinyfranchise, was imminent; (2) the termination of the two companies’ relationship would foreseeably have a significant negative impact on Activision Blizzard’s revenues; and (3) as a result, Activision Blizzard’s public statements were materially false and misleading at all relevant times.
Specifically, on January 10, 2019, Activision Blizzard and Bungie announced the end of their business relationship, which began on April 29, 2010 and allowed Activision exclusive rights to publish and distribute video games developed by Bungie for the next ten years. That same day, in a Securities and Exchange Commission filing, Activision Blizzard stated that Bungie “would assume full publishing rights and responsibilities for the Destiny franchise. Going forward, Bungie will own and develop the franchise.”
On this news, the Company’s share price fell from $51.35 per share on January 10, 2019 to $46.54 per share on January 11, 2019—a $4.81 or 9.34% drop.
Activision, Inc. (ATVI)
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Filed on 01/23/2019
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