Activision Blizzard facing lawsuit from shareholder over going independent
Last week's announcement of Activision Blizzard separating from Vivendi might have made you unhappy, but it didn't make you as unhappy as Todd Miller. He's filed suit against Activision, the board of directors at Activision, and former parent company Vivendi on counts of unnecessary waste, breach of fiduciary duties, and unjust enrichment.
Miller stresses that the sale nets an immediate windfall for CEO Bobby Kotick and entrenches him in a position of power within the company while failing to provide any benefit to the company as a whole or the individual shareholders. He also claims that the Activision board members are conflicted due to their previous positions within Vivendi and have no reason to resist this move, resulting in a net detriment for holders of the company's stock. Miller is calling for the purchase order to be rescinded and for Activision to institute controls so that this situation is not repeated in the future.
