Activision (ATVI) Alert: Johnson Fistel Investigates Proposed Sale of Activision to Microsoft; Are Shareholders Getting a Fair Deal?
SAN DIEGO- Globe Newswire —January 18, 2022
Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of Activision Blizzard, Inc. (NASDAQ: ATVI and “Activision”) breached their fiduciary duties in connection with the proposed sale of the Company to Microsoft Corp. (NASDAQ: MSFT).
On January 18, 2022, Activision announced that it had signed a definitive merger agreement with Microsoft. Under the agreement terms, Activision shareholders will receive $95.00 in cash for each share owned.
Recently, the Activision board of directors, along with certain officers, have been named as defendants in multiple lawsuits alleging, among other things, they failed to properly oversee the Company in light of significant sexual harassment and discrimination claims by employees. It appears that the Activision board may have been motivated to sell the Company to Microsoft in order to escape personal liability arising from these lawsuits.
Moreover, CEO Bobby Kotick is continuing on with the acquired Company; Kotick is one of the members of management accused of wrongdoing. We intend to investigate why the directors approved the deal and seek damages on behalf of shareholders if warranted.
The investigation also concerns whether the Activision board failed to satisfy its duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for Activision shares of common stock. Nationally recognized Johnson Fistel is investigating whether the proposed deal represents adequate consideration. One Wall Street analyst has a $125.00 price target on the stock.
If you are a shareholder of Activision and believe the proposed buyout price is too low or you’re interested in learning more about the investigation or your legal rights and remedies, please contact lead analyst Jim Baker (email@example.com) at 619-814-4471. If emailing, please include a phone number.
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About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York, and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit https://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.