18 SEC filing is “materially misleading and incomplete,” violating the Exchange Act.

The SEC filing, called a 14A, includes information necessary before shareholders vote in agreement.Įlsewhere in the filing, Watson’s lawyers allege that Activision Blizzard’s Feb. The lawsuit calls into question potential conflicts of interest, specifically that the deal “is not in the best interest” of Activision Blizzard, Watson, nor company stockholders, and “will produce lucrative benefits for the officers and directors.” It also referenced the “golden parachute” that some executives, like CEO Bobby Kotick, would receive should he be fired. Watson’s lawyers called Activision Blizzard’s plan for the sale, outlined in a recent Securities and Exchange Commission (SEC) proposal, “unfair for a number of reasons” - one of which, lawyers said, is that the board is looking to “procure for themselves and senior management significant and immediate benefits.” The lawsuit, filed by shareholder Kyle Watson, was filed in California on Thursday.

An Activision Blizzard shareholder filed a lawsuit against the game publisher and its board of directors over alleged Securities Exchange Act violations in its proposed plan for its sale to Microsoft.

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