Activision Blizzard sued by shareholder over Vivendi buyback

Todd Miller, an Activison Blizzard shareholder, has filed a lawsuit over Activision’s recent purchase of Vivendi’s majority stake in the firm.

GamePolitics reports Miller filed the suit against Activision, CEO Bobby Kottick, and the rest of the company’s board of directors for a breach of fiduciary duties, waste of corporate assets and unjust enrichment."

Miller also claims Kotick’s investor group’s purchase of 172 million shares for $2.34bn granted a 10 per cent discount on Activision’s closing price – saving the organization $644 million.

"[The transaction served] no apparent business purpose … other than to aggrandize defendants Kotick and [co-chairman] Kelly and provide billions of dollars’ worth of Activision stock to the insider investor group at a discounted price."

Miller is requesting that the court overturn the purchase, as well as force Activision to take measures that "prevent future one-sided self-dealing."