Activision Blizzard settles SEC charges for $35 million
Activision Blizzard, one of the world’s largest video game publishers, has settled with the Securities and Exchange Commission (SEC) for $35 million. The SEC had accused Activision Blizzard of providing misleading information to investors when it reported its earnings in 2018 and 2019. The SEC alleged that Activision Blizzard had reported net revenue of $1.1 billion in 2018 and $1.2 billion in 2019, when in fact the revenue was only $950 million and $1.1 billion, respectively. The settlement includes a $35 million penalty and $400,000 in disgorgement payments. The SEC also said that Activision Blizzard agreed to “cease and desist from committing or causing any violations and any future violations” of federal securities law. In a statement, Activision Blizzard said that it was pleased to have resolved the matter and that it had “taken steps to enhance its disclosure practices and internal controls.”
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