In a surprise move earlier this year, Bungie and Activision split up, allowing Bungie to go independent once again with the Destiny IP in hand. At the time, investors called for a third-party investigation into the situation and now, a class-action lawsuit is being pursued.
Kuznicki Law PLLC, a California-based law firm, is currently seeking share holders to join a class action lawsuit against Activision. Those participating will need to have purchased shares between the 2nd of August 2018 and the 10th of January 2019- just one day before the split was made official.
The complaint alleges that Activision made “materially false and/or misleading statements” to share holders prior to the break up with Bungie. The complaint also says that Activision failed to disclose that the termination of the Bungie partnership with imminent, which would have had a “significant negative impact” on revenues.
Activision was never thrilled with Destiny’s sales, which came to a head after Destiny 2: Forsaken launched. At the time, Activision executives expressed disappointment, meanwhile Bungie seemed pleased with the work it was doing. A recent SEC filing notes that Destiny 2 generated $164 million throughout 2018.
KitGuru Says: Everyone was caught off guard by the Bungie/Activision split. It looks like investors were as in the dark about the situation as the rest of us. We’ll have to wait and see how the situation plays out and how Activision responds.