Activision Blizzard shares drop after report CEO allegedly knew about sexual misconduct

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  • Shares of Activision Blizzard fell more than 6% on Tuesday following a report that alleged CEO Bobby Kotick was aware of allegations of sexual misconduct at the company.
  • The Wall Street Journal reported Tuesday that Kotick failed to notify the board of directors about the allegations, including alleged rape.
  • The news comes as the videogame company faces a series of investigations over its workplace practices, including how it handled allegations of sexual misconduct and discrimination.

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Shares of Activision Blizzard fell more than 6% on Tuesday Wall Street Journal reports alleged CEO Bobby Kotick Knew about allegations of sexual misconduct at the videogame company.

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According to the report, Kotick failed to inform the board of directors about the allegations on several occasions, including the alleged rape, the Journal reported.

An Activision spokesperson told Businesshala in a statement that the WSJ’s report was “inaccurate” and that the company’s CEO had a “misleading view.”

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An Activision Blizzard spokesperson said, “We are disappointed by the Wall Street Journal report that presents a false and misleading view of Activision Blizzard and our CEO.” “Instances of sexual misconduct that were brought to their attention were acted upon.”

The news comes as the video game company faces a series of investigations over its workplace practices, including how it handles allegations of sexual misconduct and discrimination.

In July, the California Department of Fair Employment and Housing filed a lawsuit alleging that the company has a “frat boy culture” that is “a breeding ground for harassment and discrimination against women.”

Blizzard president Jay Allen Brack left the company shortly after the news. He was mentioned in the lawsuit as being aware in early 2019 that employees were leaving the company because of sexual harassment.

As of the end of Monday, Kotick owned 4,094 Activision shares worth $285 million, according to FactSet. His compensation package in 2020 was valued at over $154 million.

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