LOS ANGELES, July 31, 2006 (PRIMEZONE) -- The law firm of Zimmerman, Levi & Korsinsky, LLP has filed a shareholder lawsuit in the Central District of California against certain members of the board of directors and certain executive officers of Activision, Inc. (Nasdaq:ATVI) ("Activision" or the "Company"). If you are a shareholder or employee of Activision holding Activision shares in the Company's stock option plan, this lawsuit may affect you.
The complaint alleges that certain current and prior officers and directors manipulated the prices of executive and director stock option grants (a.k.a. back-dated stock options). Such practice of awarding stock options to executives and directors at artificially low prices is alleged to have violated the Company's internal documents (such as the Company's stock option plan), as well as state laws governing officer and director fiduciary duties and/or federal laws governing securities and taxation. In addition, the practice resulted in lower payments to the Company when the stock options were exercised, resulted in Activision under-reporting compensation expenses, and permitted directors, officers and/or executives to unjustifiably reap millions of dollars which should be disgorged and returned to Activision's corporate coffers.
If you wish to obtain more information about this lawsuit, please contact the law firm of Zimmerman, Levi & Korsinsky, LLP, or you may visit us at www.zlk.com.
Zimmerman, Levi & Korsinsky, LLP is investigating over fifty companies that either received a letter of inquiry from the Securities and Exchange Commission ("SEC"), have been contacted by U.S. Attorney's Offices, are being investigated by the Justice Department and/or the Internal Revenue Service, have announced internal investigations and/or have otherwise been noted (in media or public reports), concerning their stock-option grant practices. For a list of these companies please visit www.zlk.com.
Zimmerman, Levi & Korsinsky, LLP has experience representing employees who suffered losses from purchases of their employer's stock in their 401(k) plans. If you purchased Activision stock through your Company's retirement account and have information or would like to learn more about these claims, please contact us.
Zimmerman, Levi & Korsinsky, LLP is a national law firm involved in many shareholder lawsuits and substantial litigations. For more information about this lawsuit or if you have any questions concerning your rights or interests with respect to this litigation, please contact us.