Activision Blizzard has lost nearly $8 billion in market value amid the growing fallout from a workplace discrimination lawsuit (ATVI)
By: Business Insider
July 27, 2021 at 15:31 PM EDT
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Since the lawsuit was announced on Friday, Activision Blizzard has seen as much as $7.7 billion erased from its market value.
The lawsuit against Activision Blizzard alleges equal pay violations, sex discrimination, and sexual harassment. The company "allegedly fostered a sexist culture and paid women less than men despite women doing substantially similar work, assigned women to lower level jobs and promoted them at slower rates than men, and fired or forced women to quit at higher frequencies than men," the lawsuit said.
Additionally, the lawsuit detailed allegations that women at Activision Blizzard were subject to constant sexual harassment, "including groping, comments, and advances."
Employees at Activision Blizzard are now planning a walkout for Wednesday, according to The Verge, and more than 2,600 current and former employees signed a petition calling Activision Blizzard's response to the lawsuit "insulting and abhorrent."
In Activision Blizzard's response to the lawsuit, the company called California's lawsuit, "irresponsible behavior from unaccountable State bureaucrats that are driving many of the State's best businesses out of California."
Employees in the walkout are issuing four demands, including an end to forced arbitration clauses in employee contracts, new hiring and promotion processes to increase representation, publishing salary and promotion data for all employees, and allowing a diversity, equity and inclusion task force to hire a third party to audit executive staff.