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Activision Blizzard hit with lawsuit by shareholder

Activision Blizzard is at the center of a new putative lawsuit instigated yesterday by shareholder Douglas M. Hayes of the company, it was revealed in an SEC filing from the firm.

The "Hayes v. Activision Blizzard" suit will attempt to stop a stock sale that would give the company's co-chairman Brian Kelly, CEO Bobby Kotick and majority stockholder Vivendi control of the video game maker, claiming the company's board of directors and general partners violated provisions by failing to submit matters relating to stock for approval by a majority of its stockholders.

Additionally, the suit states both the board of directors and Vivendi breached its duties by approving the purchase of 172 million shares of the company's common stock to ASAC for $2.34 billion, while claiming both Kotick and Kelly "usurped a corporate opportunity from the company" and will be "unjustly enriched through the private sale."

The complaint seeks an injunction against the transaction, a rescission of the private sale and an order to Kotick, co-chairman and general partners to state the amounts they have "allegedly been unjustly enriched."

Polygon has reached out to the company for comment and will update with more information as it comes.

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