Entwistle & Cappucci LLP and Saxena White P.A. File Securities Class Action Lawsuit Against Activision Blizzard, Inc. and Related Defendants

BOCA RATON, Fla., May 01, 2026 (GLOBE NEWSWIRE) -- Entwistle & Cappucci LLP and Saxena White P.A. have filed a securities class action lawsuit (the “Class Action”) in the U.S. District Court for the District of Delaware against Activision Blizzard, Inc. (“Activision” or the “Company”) and certain members of the Company’s Board of Directors (the “Board”) (collectively, “Defendants”). The Class Action asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and U.S. Securities and Exchange Commission (“SEC”) Rule 10b-5 promulgated thereunder, on behalf of a class (the “Class”) consisting of all sellers of Activision common stock from January 18, 2022—the announcement date of the acquisition (the “Merger”) of Activision by Microsoft Corporation (“Microsoft”)—to October 13, 2023 (excluding those that tendered their Activision common stock in the Merger), and were damaged thereby. The Class Action filed by Entwistle & Cappucci and Saxena White is captioned The Arbitrage Fund v. Activision Blizzard, Inc., et al., No. 1:26-cv-00489 (D. Del.).

The Class Action seeks to recover damages on behalf of investors that were damaged as a result of allegedly false and misleading statements and omissions of material facts arising from an alleged scheme by Activision, the Company’s former Chief Executive Officer and member of the Board Robert Kotick (“Kotick”), and the Company’s former Chairman of the Board Brian Kelly (“Kelly”). Kotick and Kelly allegedly locked in huge profits on their stock holdings, options and other incentives by hastily negotiating Activision’s sale to Microsoft, to the detriment of the Company’s public shareholders.

Among other things, the Class Action alleges that widespread sexual harassment and discrimination allegations against Activision and its executives emerged starting in July 2021, resulting in numerous state and federal regulatory investigations and multiple employee walkouts. In response, Defendants Kotick and Kelly allegedly orchestrated a rushed corporate Merger—at a price that did not reflect the Board’s internal valuation of the Company, in order to guarantee hundreds of millions of dollars in profits from their existing equity in Activision—before allegations of the workplace harassment threatened their positions and the Company’s ongoing business relationship with Microsoft. As part of this scheme, Defendants allegedly made a series of material misstatements and omissions of material facts, beginning with the January 2022 announcement of the Merger through the close of the transaction, which misrepresented the motive, process and fairness of the Merger, and failed to disclose significant incentives to Microsoft in connection with the transaction.

If you sold Activision common stock during the Class Period and were damaged thereby, you are a member of the “Class” and may be able to seek appointment as lead plaintiff. If you wish to apply to be lead plaintiff, a motion on your behalf must be filed with the U.S. District Court for the District of Delaware no later than June 30, 2026. The lead plaintiff is a court-appointed representative for absent members of the Class. You do not need to seek appointment as lead plaintiff to share in any Class recovery in the Class Action. If you are a Class member and there is a recovery for the Class, you can share in that recovery as an absent Class member.

You may contact Robert N. Cappucci, Esq., a Partner at Entwistle & Cappucci (rcappucci@entwistle-law.com), or Marco A. Dueñas, Esq., a Senior Attorney at Saxena White P.A. (mduenas@saxenawhite.com), to discuss your rights regarding the appointment of lead plaintiff or your interest in the Class Action. You also may retain counsel of your choice to represent you in the Class Action. You may inquire about actively joining the Class Action at www.entwistle-law.com and www.saxenawhite.com.

About Entwistle & Cappucci LLP
Entwistle & Cappucci is a national law firm providing exceptional legal representation to clients in the most complex and challenging legal matters. Our practice encompasses all areas of litigation, corporate transactions, bankruptcy, insurance, corporate investigations and white-collar defense. Our clients include public and private corporations, major hedge funds, public pension funds, governmental entities, leading institutional investors, domestic and foreign financial services companies, emerging business enterprises and individual entrepreneurs.

About Saxena White P.A.
Saxena White, with offices in Florida, New York, California and Delaware, is a leading national law firm focused on prosecuting securities class actions and other complex litigation on behalf of injured investors. Currently serving as lead counsel in numerous securities fraud class actions nationwide, Saxena White has recovered billions of dollars on behalf of injured investors.

CONTACT INFORMATION:
Robert N. Cappucci, Esq.
rcappucci@entwistle-law.com
Entwistle & Cappucci LLP
230 Park Avenue, 3rd Floor
New York, New York 10169
Tel.: (212) 894-7200
www.entwistle-law.com

Marco A. Dueñas, Esq.
mduenas@saxenawhite.com
Saxena White P.A.
10 Bank Street, Suite 882
White Plains, New York 10606
Tel.: (914) 200-3263
www.saxenawhite.com

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