Shareholder sues Activision Blizzard over buyback from Vivendi
Activision Blizzard shareholder Todd Miller has filed a lawsuit over the company's recent purchase of Vivendi's 85 percent majority stake in Activision, Courthouse News Service reported this week.
Miller's lawsuit against Vivendi, Activision and its board of directors, including CEO Bobby Kotick, alleges a "breach of fiduciary duties, waste of corporate assets and unjust enrichment," the report states.
The lawsuit also recalls Kotick's investor group's purchase of 172 million shares for $2.34 billion. Miller claims the sale granted the group a 10 percent discount on Activision's closing price and saved them $644 million, a move that served "no apparent business purpose ... other than to aggrandize defendants Kotick and [co-chairman] Kelly and provide billions of dollars' worth of Activision stock to the insider investor group at a discounted price."
Miller requests that the court overturn the purchase and force Activision to take measures that "prevent future one-sided self-dealing."
