RM LAW, P.C. announces that a class action lawsuit has been filed on behalf of all persons or entities that purchased Activision Blizzard, Inc. (“Activision Blizzard” or the “Company”) (NASDAQ: ATVI) between August 2, 2018 and January 10, 2019, inclusive (the “Class Period”).
Activision Blizzard shareholders may, no later than March 19, 2019, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Activision Blizzard and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The Complaint alleges that throughout the Class Period Defendants made materially false and misleading statements and/or failed to disclose that: (1) the termination of Activision Blizzard and Bungie’s partnership, giving Bungie full publishing rights and responsibilities for the Destiny franchise, was imminent; (2) the termination of the two companies’ relationship would foreseeably have a significant negative impact on Activision Blizzard’s revenues; and (3) as a result, Activision Blizzard’s public statements were materially false and misleading at all relevant times.
On January 10, 2019, Activision Blizzard and Bungie announced the end of their business relationship. That same day, in an Securities and Exchange Commission filing, Activision Blizzard stated that Bungie “would assume full publishing rights and responsibilities for the Destiny franchise. Going forward, Bungie will own and develop the franchise.” Following these announcements, the Company’s stock price fell $4.81 per share, or 9.37%, to close at $46.54 on January 11, 2019.
If you are a member of the class, you may, no later than March 19, 2019, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.