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In re Activision Blizzard, Inc. Stockholder Litigation
Delaware Court of Chancery
124 A.3d 1025 (2015)
- Written by Matthew Celestin, JD
Facts
Vivendi S.A. held a controlling share of stocks in Activision Blizzard, Incorporated (Activision). Activision executed a transaction to restructure its stockholder base, in which Vivendi divested its controlling equity position. Another Activision stockholder filed a class action, challenging the transaction and alleging that the board of directors (defendants) breached their fiduciary duties by failing to secure a higher price. The parties reached a proposed settlement agreement, but other shareholders (the objectors) (plaintiffs) objected, and issues arose regarding whether the class action dealt with derivative claims or direct claims.
Rule of Law
Issue
Holding and Reasoning (Laster, J.)
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