Activision Hit With Investor Suit Over $8B Vivendi Buyback

Law360, New York (August 2, 2013, 7:59 PM EDT) -- An Activision Blizzard Inc. investor hit the company's board of directors with a derivative suit in California state court Thursday, claiming an $8.2 billion deal to buy back Vivendi SA's controlling stake enriches company insiders at the expense of shareholders.

Todd Miller, suing on behalf of Activision, is alleging breach of fiduciary duties, waste of corporate assets and unjust enrichment. Vivendi and Activision announced a deal on July 26 for Vivendi to shed 85 percent of its stake in the California video game publisher in an...
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