SANTA MONICA, Calif. August 6 - A lawsuit has been filed against publisher Activision Blizzard by shareholder Todd Miller over the company's recent purchase of Vivendi's 85 percent majority stake in Activision, Courthouse News Service reported on August 2.
According to the lawsuit, which targets Activision and its board of directors, alleges that the company "[breached] fiduciary duties, [wasted] corporate assets and [commited] unjust enrichment".
The lawsuit also targets CEO Bobby Kotick and his investor group for their purchase of 172m shares for $2.34B. According to the claim, the purchase had "no apparent business purpose... other than to aggrandize defendants Kotick and [co-chair] Kelly and provide billions of dollars' worth of Activision stock to the insider investor group at a discounted price", a $644m discount apparently.
Miller requested that the court overturn the purchase.
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