I have been following activision/blizzard (atvi) stocks through e-trade. Aside from the stock prices, there was a shareholder report put out stating that acrivision/blizzard was under investigation (by Pomerantz law firm) for securities fraud and unethical business practices.
Does anyone know what this means and how it might affect world of Warcraft going forward?
It may be related to the Bungie split, and possible securities transactions that took place by those that knew about the split before it was announced public. I don’t think it would have any impact on game play / design though!
The unethical business practices are likely related to the Ex-Hearthstone Esports worker quitting over racial and gender discrimination towards them. I believe he was leading towards a federal complaint or lawsuit or whatever. All in all, it’s not behavior a company should associated themselves with, and the supposed victim does seem very genuine.
If it gets big and a bunch of corporate fraud is uncovered in an investigation it could definitely have an impact on World of Warcraft, though unlikely.
Any sort of source would be incredibly useful for people to investigate.
This is pretty common. Anytime you see a company stock drop 20% or more in a short period these are gonna pop up. Basicaly the law firm gets people to pay them to “investigate” or sue whatever company. Most of the time it never goes anywhere. Just lawyers being shady.
I think the announcement was about a law firm that is investigating whether any securities fraud had occurred. Based on the fact pattern alone, I am only assuming that it is related to potential insider trading (given that the Activision price went down post the announcement). Who knows though.
Probably just people trying to dig for something.
Until we get more than rumors and speculation, I’m not putting any stock in it having any effect at all.
Seems like more people just trying to drum up controversy.
The company “investigating” is an ambulance chasing class action lawsuit company that is current “investigating” around 200-300 companies. From Wendy’s to Boeing.
Their “investigation” is based around trying to get people to tell them how many stocks of Acti-Blizz they owned, how many they sold, and when. If anything to try to find a rich backer or to find other people to investigate.
As of right now, its a non-issue.
The only people that do any investigations that actually matter, are the SEC and FBI. Neither have done anything. Especially as no claims have been filed by anyone.
No, since that would be incredibly unrelated. That would be Human Resources stuff.
https://www.marketwatch.com/press-release/shareholder-alert-pomerantz-law-firm-investigates-claims-on-behalf-of-investors-of-activision-blizzard-inc---atvi-2019-01-11
Securities fraud investigation.
Yeah, it’s related to the separation of Bungie. Someone might have dumped stock knowing that the separation announcement would cause the share price to take a nosedive. I dunno.
It was a shareholder report on e-trade.
SEC is going to have fun with that is Trump ever opens the government ever again.
Oh, I thought it was semi-related, my bad.
Literally just google it.
It means very little to the game, and as far as the company is concerned, probably very little. This is apparently a law firm that specializes in pushing the class action button, and its not the federal trade commission or security exchange investigating.
Nothing. It means nothing, and it won’t affect WoW in any way.
The OP asked a question. I’m not going to hunt down their source for them, I’m sorry.
I’m getting really tired of this expectation that others have to do the work for people after they make a claim.
Good luck OP.
It means some law firm is looking to get rich by pushing a class-action lawsuit. However, it is a civil matter and won’t affect World of Warcraft.
I told you I got it from a shareholder report on e-trade. Not sure what more you want from me.
IIRC upper management dumped 10’s of millions worth of stock in December. Which could be normal options exercising, but it could also be insider information of the Bungie split.
If they were dumping stock on insider information, further depressing it’s price, shareholders will want compensation.