Activision Blizzard’s capitalization falls by 4 Billion USD following lawsuit against them on women rights: A state discrimination and sexual harassment lawsuit has sparked a storm of controversy within one of the world’s largest video gaming firms. Activision Blizzard was sued by the California Department of Fair Employment and Housing last week, alleging that the firm created a “recruiting tool for harassment and discrimination against women.”
Activision Blizzard, an American firm, had its stock drop 6%. The Nasdaq stock exchange’s official website published information about it. The value of an Activision Blizzard share declined from $ 90 to $ 84.05. on July 27. The company’s market capitalization dropped by around $ 4 billion (almost $300 billion). The total value of the studio’s shares had decreased to $ 65.4 billion at the time of publication.
Last Monday, the California Department of Fair Employment and Housing filed a lawsuit against Activision Blizzard, the publisher of Call of Duty and World of Warcraft, alleging sexual harassment and assault, as well as a workplace in which women faced unequal pay and punishment. In a statement released last week, Activision labeled the charges “false and distorted,” and Fran Townsend, executive vice president of corporate affairs, addressed a letter to employees reaffirming that stance.
About Activision Blizzard
Activision Blizzard Entertainment is the publisher of some of the most popular video games, including the Call of Duty series, World of Warcraft, Starcraft, and Overwatch. Blizzard was acquired by Activision in 2008, and the subsidiary now has its own headquarters in Irvine, California.