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The SEC Launches Activision Blizzard Investigation

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According to a report by the Wall Street Journal, the US SEC (Securities and Exchange Commission) has launched "a wide-ranging investigation into Activision Blizzard", including its handling of the sexual misconduct and workplace discrimination accusations.

The report is based on the word of people familiar with the investigation and documents viewed by The Wall Street Journal and claims that Activision Blizzard, as well as several of its senior executives (including CEO Bobby Kotick) have been subpoenaed by the SEC. The main goal of the investigation is to determine "whether Activision and its executives properly disclosed allegations of workplace harassment and gender-pay issues, and whether any of that information should have been shared earlier with investors and other parties". The agency is asking for documents - minutes from Activision Blizzard board meetings, personnel files and separation agreements, as well as CEO Bobby Kotick's communications with senior executives within the company in relation to the sexual harassment or discrimination complaints by employees.

The investigation itself has been confirmed by an Activision spokesperson, saying that it concerns “the company’s disclosures regarding employment matters and related issues,” that the subpoenas are for current and former employees, and that the company is cooperating with the investigation fully.

This comes following the recent lawsuit by the California's Department of Fair Employment and Housing, which accuses the company of discrimination, sexual harassment and more after a 2-year long investigation, and was recently amended by adding temporary workers and claims of investigation tampering.

You can read more on the story over on the Wall Street Journal, although it requires a subscription.

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11 minutes ago, Lithari said:

ffs, more??

well a lot of people knew this was coming cause, if you wanna see REAL results and change, making your investors wonder if you were hiding stuff and that you might lose them money, cause the truth is nothing affects change more and there is nothing (some) people care about more, than some (probably rich) person maybe losing their money.

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This was to be expected. Maybe this will get some results. But is anything going to happen to former employees who were accused in that lawsuit? Probably not.

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Logical next step but its nothing that we shouldn't have seen coming it was clear that the stockholders would have wanted more information and since all that lawsuit stuff is not really unexpected. Was only a matter of time and btw. till now this changes nothing at least in terms of new informations this is only an investigation at this point. So hold your doomsayer stuff ^^

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6 hours ago, Nayrusa said:

Logical next step but its nothing that we shouldn't have seen coming it was clear that the stockholders would have wanted more information and since all that lawsuit stuff is not really unexpected. Was only a matter of time and btw. till now this changes nothing at least in terms of new informations this is only an investigation at this point. So hold your doomsayer stuff ^^

I don't practice in the US but by accounting standards in quite a few countries in Europe public companies are REQUIRED to disclose outstanding lawsuits that can result in material expenses as well as make necessary provisions to cover possibly expenses that could result from those lawsuits. Given that if the investigation escalated the resulting expenses could be significant enough in size to be material, a provision would have had to be made in quite a few places in the world were corporate governance is somewhat (but not a lot) more strict.

Edited by Nym85

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10 minutes ago, Nym85 said:

I don't practice in the US but by accounting standards in quite a few countries in Europe public companies are REQUIRED to disclose outstanding lawsuits that can result in material expenses as well as make necessary provisions to cover possibly expenses that could result from those lawsuits. Given that if the investigation escalated the resulting expenses could be significant enough in size to be material, a provision would have had to be made in quite a few places in the world were corporate governance is somewhat (but not a lot) more strict.

All true, but also keep in mind that California is a [guestures vaguely with hands whilst making a face] where companies can just fire people without warning or reason so by those standards alone, it easily might not be the case that companies in CA are required to do anything but whatever the hell they want.

That said, good luck doing that when Shareholders decide to start selling off their stock on account of them finally realising what we've all known LITERALLY SINCE THE THE 1990S about Bobby "Second Most Evil Entity in Videogames" Kotick.

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5 hours ago, Apologised said:

All true, but also keep in mind that California is a [guestures vaguely with hands whilst making a face] where companies can just fire people without warning or reason so by those standards alone, it easily might not be the case that companies in CA are required to do anything but whatever the hell they want.

That said, good luck doing that when Shareholders decide to start selling off their stock on account of them finally realising what we've all known LITERALLY SINCE THE THE 1990S about Bobby "Second Most Evil Entity in Videogames" Kotick.

Employee rights and shareholder rights are very different beasts politically.

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