Shares of Activision-Blizzard were down 11% the day after a report revealed that three shareholders are under investigation for possible insider trading. The company, which has been in trouble due to declining sales and heavy debt loads, said it will cooperate with any investigations as necessary. Experts say there is no reason to believe that this could lead to an investor lawsuit yet.
Activision-Blizzard shareholders are under investigation for possible insider trading. The three shareholders are the CEO Bobby Kotick, CFO Spencer Neumann and Activision Publishing CEO Eric Hirshberg.
Gosh, amidst all of the other scandals rocking Activision-Blizzard, you know what we haven’t gotten? A good old insider trading scandal! Maybe in all of the horrid behavior around this company that’s the one sin that no one has committed, and so we can take heart that at least Bobby Kotick and the people in his orbit wouldn’t try to – oh, wait, never mind, here’s the insider trading bit, courtesy of a report from no less than The Wall Street Journal. Businessmen David Geffen, Alexander von Furstenberg, and Barry Diller are all under investigation for buying over $100M worth of Activision-Blizzard stock right before the buyout from Microsoft was formally announced
Of course, those under investigation (by the US Justice Department, no less) argue that it’s all a big coincidence, that they didn’t obtain any insider knowledge, that they’re completely innocent, and that we’ll all laugh about it afterwards. Barry Diller does not seem to be the kind of guy who would swindle Tinder’s co-founders, and despite having to pay a small fine for a past breach of filing regulations, he appears to be trustworthy. Yep. Everything is excellent in this place. It’s all a bunch of nonsense.
The “way2play integrity line” is a game where players must guide an egg through a number of obstacles. The game was released on the Google Play Store in March 2018 and it has been under investigation for possible insider trading since then.
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