February 26, 2015
Activision: Shareholder Challenging $275 Million Settlement
This Reuters article provides an interesting summary of some of the issues relating to the proposed settlement – and the expected objection – in the In re Activision Blizzard settlement announced last November. In addition to an objection by a shareholder, other notables include:
– Plaintiffs’ attorneys fee request of $72.5 million, which I believe would be the second largest (at least M&A) fee award by the Delaware Chancery
– Per the proposed settlement, the addition of two independent directors to Activision’s board
– An objection to the settlement being filed by another plaintiffs attorney firm seeking to require that a portion of the $275 million settlement be dividended out to Activision’s stockholders