Activision Blizzard’s board is facing its call of duty. The $50 billion gaming company’s share price has lost roughly a tenth of its value since the Wall Street Journal reported on Tuesday that Chief Executive Bobby Kotick was aware of allegations of sexual harassment and assault earlier than previously known. The further the stock falls, the greater the chances of an activist barging in to demand a sale.
- Activision Blizzard’s share price fell on Nov. 16 after the Wall Street Journal reported that the video game publisher’s chief executive, Bobby Kotick, knew about allegations of sexual harassment and assault earlier than previously known.
- Activision shares were down more than 10% from their Nov. 16 peaks by 1100 EDT the following day and were trading at $64.41 on Nov. 17. - The Activision board said in a statement on Nov. 16 it remained “confident that Bobby Kotick appropriately addressed workplace issues brought to his attention.” - “The goals we have set for ourselves are both critical and ambitious. The board remains confident in Bobby Kotick’s leadership, commitment and ability to achieve these goals,” the statement added.
- Activision is under investigation by multiple regulators including the U.S. Securities and Exchange Commission about sexual misconduct dating back years. The company said in October that it had fired more than 20 employees following allegations of sexual harassment and discrimination at the workplace, with 20 more individuals facing other forms of disciplinary action.Reuters Breakingviews is the world's leading source of agenda-setting financial insight.
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