Activision Blizzard Inc. shareholders came up short in alleging the video game maker improperly failed to disclose two investigations into alleged sexual harassment, the Ninth Circuit said Friday.
The suit fails because the investors didn’t adequately show fraudulent intent on the part of then-CEO Robert Kotick, the appeals court said in an unpublished opinion. A three-judge panel of the US Court of Appeals for the Ninth Circuit heard arguments only last week.
Its ruling affirmed the lower court’s dismissal of the proposed securities class action against the company, now a Microsoft Corp. unit.
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The investors alleged that public filings ...
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