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The Original Major
Catalysts for the ACTIVISION Weekly
The Original Major
Catalysts for the Activision Weekly
months, Activision Blizzard, Inc. (NASDAQ:ATVI) has been
embroiled in allegations of equal pay violations, sexual discrimination and
sexual misconduct. Last month, the company said it had fired more than 20
employees following allegations of sexual harassment and discrimination.
Activision Blizzard Inc. stock dropped to its lowest close in more than
a year Tuesday, and a further 3% yesterday, following a report that Chief
Executive Bobby Kotick knew about sexual harassment and misconduct at the
videogame publisher for years, which reportedly prompted employees to stage a
Activision Blizzard shares fell to $64.20, the lowest closing price for
the stock since May 1, 2020. Shares are down nearly 15% over the past 12
months, versus a 29.1% rise in the S&P 500 index, and a 34% gain in the
tech-heavy Nasdaq Composite Index.
About Activision Blizzard.....
Blizzard, Inc develops and distributes content and services on video game
consoles, personal computers (PC), and mobile devices.
operates through three segments: Activision Publishing, Inc; Blizzard
Entertainment, Inc; and King Digital Entertainment.
publishes, and sells interactive software products and entertainment content
for the console and PC platforms through retail and digital channels, including
subscription, full-game, and in-game sales, as well as by licensing software to
third-party or related-party companies; and offers downloadable content.
The Major Catalysts for
the Activision Weekly Options
1. Sexual Misconduct News Report…..
The Wall Street Journal reported that Kotick knew about multiple reports of
sexual misconduct, including alleged rapes and that the company reached
out-of-court settlements without informing the board. Employees planned another
walkout Tuesday in light of the report, calling for Kotick to be replaced,
according to Bloomberg News reporter Jason Schreier.
follow-up tweet, Schreier said the walkout was already under way by the close
of markets Tuesday.
In July, the
California Department of Fair Employment and Housing sued Activision Blizzard
alleging the company turned a blind eye for years to a “frat boy” workplace
where female employees were subject to “constant sexual harassment.” The
company has been in full damage control mode since executives’ perceived
tone-deaf response to those, leading to a previous employee walkout.
statement, Activision Blizzard defended Kotick, but did not deny any specific
instances included in the Journal’s reporting, such as the approval of
out-of-court settlements without board knowledge.
2. The Cause
of the Walkout.....
subpoenaed Kotick into how the company handled reports of misconduct and
disclosed them to the public. A former employee lawyer alleged that her client
was raped in 2016 and 2017 by her male supervisor after pressuring her to
consume too much alcohol in the office and at work events.
employee accused Dan Bunting, a co-head of Activision's Treyarch studio, of
sexually harassing her in 2017. Bunting reportedly quit after WSJ questioned
reached an out-of-court settlement with the woman, who also had reported one of
the incidents to the police. Kotick did not inform the issue to company's
In July, the
California Department of Fair Employment and Housing prosecuted Activision for
allegedly ignoring complaints by multiple female employees of harassment,
discrimination, and retaliation. Kotick refuted the allegations and did not
inform the board either.
board questioned Kotick's discretion, he defended that any cultural issues were
centered at the Blizzard Entertainment unit, which he said he had resolved
supervisor Javier Panameno was also fired following harassment allegations.
Since the California lawsuit, Activision has received more than 500 reports
from current and former employees alleging harassment, sexual assault,
bullying, pay disparities, and other issues.
In the past
two earnings reports, Kotick has stressed repeatedly that Activision Blizzard
is changing its ways. Earlier in November, Kotick acknowledged the company
fired more than 20 employees over the past quarter related to allegations of
sexual harassment, and that it is waiving arbitration requirements for future
claims of harassment and discrimination. Kotick also said the company plans to
increase the number of women and nonbinary employees by 50% within the next
five years, so that they comprise about one-third of the workforce.
the company spent most of its earnings conference call with analysts discussing
a zero-tolerance policy for “discrimination,
harassment or unequal treatment of any kind.”
and Shareholders Thoughts.....
the article was published on Tuesday, more than a hundred employees staged a
walkout to demand Kotick’s resignation. The board said it’s standing by Kotick,
but partners and shareholders have raised questions about his handling of the
crisis. Sony Group Corp.’s PlayStation chief Jim Ryan criticized Activision’s
response in an email to staff Wednesday, Bloomberg reported. When asked for
comment, the California State Teachers’ Retirement System, which owns more than
a million shares in Activision, said in a statement that it recognizes that
sexual harassment and misconduct incidents can result in “significant” risks to
its portfolio holdings and that it continually monitors its holdings to address
month, Activision Blizzard shares experienced their worst day in 13 years after
announcing game delays that prompted Wall Street downgrades as newly installed
co-head at Blizzard Jen Oneal suddenly stepped down after being on the job for
three months. The Journal report said that Oneal stepped down after emailing
the company’s legal team a month into the new position saying she lacked faith
that leadership could turn Activision Blizzard’s culture around. Oneal also
said in the email that she had been sexually harassed earlier in her career at
the company, earned less than male counterpart Mike Ybarra, and that she wanted
to discuss her resignation.