NEW YORK, Feb. 04, 2019 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Activision Blizzard, Inc. (“Activision” or the “Company”) (NASDAQ: ATVI ) of the March 19, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Activision stock or options between August 2, 2018 and January 10, 2019 and would like to discuss your legal rights, click here : www.faruqilaw.com/ATVI . There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com .
CONTACT: FARUQI & FARUQI, LLP 685 Third Avenue, 26 th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. rgonnello@faruqilaw.com Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of all those who purchased Activision securities between August 2, 2018 and January 10, 2019 (the “Class Period”). The case, Mohamad Labade v. Activision Blizzard, Inc. et al, 19-cv-00423 was filed on January 18, 2019, and has been assigned to Judge Manuel Lawrence Real.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) the termination of Activision Blizzard and Bungie, Inc.’s (“Bungie”) 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.
Specifically, on January 10, 2019, Activision Blizzard and Bungie announced the end of their business relationship, which began on April 29, 2010 and allowed Activision exclusive rights to publish and distribute video games developed by Bungie for the next ten years. That same day, in a 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.”
On this news, the Company’s share price fell from $51.35 per share on January 10, 2019 to $46.54 per share on January 11, 2019—a $4.81 or 9.34% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Activision’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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