The New York City Employees' Retirement Fund and the teachers' and firefighters' pension funds are suing Activision Blizzard, Inc. (ATVI) for underpricing the company shares as Activision Blizzard prepares to be taken over by Microsoft Corporation (MSFT).1
The deal—which prices the maker of Call of Duty, World of Warcraft, Diablo, and other games at $95 per share—is believed to undervalue the company. Shareholders are now asking Activision Blizzard to disclose certain records under a legal provision called the 220 complaint, which entitles shareholders to examine certain company records and shareholder ledgers.
New York City officials claim that the initial proxy statement filed to report the sale omitted some material information such as Activision Blizzard's projections and sales process, which made the statement incomplete and misleading.
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