SEC Investigating Activision Blizzard for Alleged Insider Trading
Activision Blizzard and its CEO, Bobby Kotick are not only in hot water for the sexual assault allegations within the company, but they are now being investigated by the DOJ and the SEC for potential insider trading. Days before Activision agreed to be purchased by Microsoft for $95 a share, three media moguls, Alexander von Furstenberg, Barry Diller, and David Geffen, purchased Activision stock for $40 a share, which has now generated over $59 million in profits.
David Rosenfield, Partner and Chair of White Collar Defense and Investigations, states, “There could be a legitimate explanation for the stock purchases, such as, after meeting with Kotick, von Furstenberg was so impressed with Kotick and Activision that he decided to invest in the company and recommended that both his father and Geffen do so as well. Since the three investors are each multi-billionaires, they certainly didn’t need to engage in an insider trading scam because they were short of money. If insider trading charges are brought and proven, given the large profits obtained, those involved will likely face substantial jail time, fines, and penalties.”
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