Activision Blizzard is being sued once again, this time in a class-action lawsuit claiming that the company made "false and misleading" statements to shareholders in regard to an ongoing investigation, and eventual lawsuit, by the California Department of Fair Employment and Housing.
The lawsuit, filed in California's Central District and brought by the Los Angeles-based Rosen Law Firm, alleges that Activision Blizzard failed to properly inform shareholders about the two-year investigation and is now seeking appropriate damages for those who have recently acquired Activision Blizzard stock.
In light of the state's lawsuit accusing Activision Blizzard of fostering a "frat boy" culture rife with sexual discrimination and harassment, the suit alleges that statements about the company's business operations were in violation of federal securities law. The lawsuit goes on to state that "as a result of Defendants’ wrongful acts and omissions, and the precipitous decline in the market value of the Company’s common shares, Plaintiff and other Class members have suffered significant losses and damages."
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