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Update
- A federal judge dismissed claims for now that Activision Blizzard hid an investigation into its workplace culture from investors.
- The judge has given shareholders a chance to amend their complaint.
- Investors claimed in the Activision Blizzard class action that share prices sunk after it was revealed the company was being investigated for an allegedly toxic work environment.
- The judge determined that investors had not adequately alleged that the company had made false or misleading statements about its workplace.
- The judge also ruled investors’ claims revolving around the #MeToo movement and post-hoc assessments fell short.
- Investors have been given 30 days to file an amended complaint.
(08/04/2021)
Activision Blizzard Stock Class Action Overview:
- Who: An investor that lost money on Activision Blizzard stock and has filed a class action lawsuit against the gaming company.
- Why: Activision Blizzard allegedly hid claims of discrimination from investors, inducing them to purchase stock at inflated prices.
- Where: The class action lawsuit was filed in California federal court.
Investors are looking to recoup damages after Activision Blizzard stock prices plummeted in the aftermath of allegations the gaming company created a toxic work environment, according to a class action lawsuit filed in California federal court Tuesday.
Lead plaintiff Gary Cheng wants to represent Activision Blizzard investors nationwide who purchased stock between 2016 and 2021. Cheng accuses the gaming company of hiding allegations of discrimination and harassment from investors who allegedly suffered heavy losses in recent weeks as the toxic workplace scandal unfolded.
Activision Blizzard, the maker of several blockbuster games, including Call of Duty, StarCraft, World of Warcraft, Guitar Hero Live, and the Candy Crush Saga, was accused of creating a “frat boy” culture in the workplace in a lawsuit filed by a California employment agency in July.
The company issued a sharp statement refuting the allegations, sparking an employee protest of the toxic workplace.
The president and the director of the human resources department have since left and investors claim the company failed to disclose allegations of discrimination and harassment that resulted in “the precipitous decline” of Activision Blizzard stock in late July.
“[A]s a result, defendants’ statements about Activision Blizzard’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times,” states the class action lawsuit.
Cheng seeks to represent those who purchased Activision Blizzard stock between August 2016 and July 27, 2021.
A number of major companies are facing legal action by employees and investors due to claims they failed to protect workers from toxic work environments. L Brands, the parent company of Victoria’s Secret, Bath & Body Works, and Pink, recently inked a $90 million agreement to end multiple investor lawsuits filed after accounts of cultures of sexual harassment and misogyny at its multiple companies.
Did you purchase Activision Blizzard stock and/or work at the company? We want to hear about it! Tell us about your experience in the comment section below.
The plaintiff is represented by Laurence M. Rosen of The Rosen Law Firm PA.
The Activision Blizzard Stock Drop Class Action Lawsuit is Cheng v. Activision Blizzard Inc. et al., Case No. 2:21-cv-06240, in the U.S. District Court for the Central District of California.
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7 thoughts onActivision Blizzard Stock Class Action Lawsuit Dismissed by Judge
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